Private banking enters a golden age

Sector evolves rapidly as high net worth individuals' objectives shift from wealth creation to preservation

As the country's financial regulator tightens its grip on the once sprawling wealth management market, the pace of development of the private banking sector targeting high-end customers has picked up, reflecting the maturing investment philosophy of high net worth individuals who each hold average investable assets of 6 million yuan ($870,000).

Statistics from the China Banking Association showed that the 27 members of the private banking commission had attracted 705,900 clients by the end of 2018, up 21 percent from a year earlier. The total assets under management also surged 21 percent year-on-year to more than 11 trillion yuan.