Chinese millionaire wealth amounted to $ 8.25 trillion in the next five years accounted for more than half of Asia's share
Chinese 28th said Switzerland's largest private bank Switzerland Baer on Wednesday released the latest wealth report said over the next five years China's Millionaire wealth 8.25 trillion (trillion) dollars, a more than 70% this year, and accounted for over half of Asia's Millionaire wealth.
This is Switzerland blossom 11 Asian cities, the fifth of the wealth report, and millionaires (or "high net worth individuals") is defined as excluding their primary residence outside, holding more than $ 1 million persons or more liquid assets.
despite the devaluation of the currency this year, 2017-2020 nominal gross domestic product (GDP) growth rate of about 10% assumptions and the expected appreciation of the Yuan against the US dollar during the period, according to the report, China is still the biggest engine of wealth creation in the region.
Switzerland, President of Julius Baer private banking Asia Miao Kanghong said at a press conference, "as gold, when the Renminbi to become an international reserve currency, and its prospects for the better. "The Bank expected in 2020, the Yuan-dollar exchange rate would be 5.9 in 2014, representing a strong 6.1.
he said, China still has plenty of room to relax monetary policy and financial policy, and stability and promote economic development, high net worth individuals in China in 2020, exceed $ 8 trillion of wealth.
in Hong Kong, expected, high net worth individuals in Hong Kong the next five years will amount to $ 1 trillion of wealth, higher than 42%.
report notes that in recent years, Hong Kong's stock market has been outperforming Singapore stocks also benefited from strong trade and economic ties with China. Therefore, even if the total nominal GDP of Hong Kong rose from 2010 to 2016 42%, high net worth individuals-wealth increases up to 56% over the same period, is not surprised.
in addition, reflects high net worth individuals living in Switzerland blossom lifestyle index, Shanghai is the most expensive of the whole city, Hong Kong and Singapore ranked second and third respectively.
20 items and services covered by the scope of the investigation, 2015 annual increases in the maximum price is jewelry, 5.32%, followed by the piano, a third is a wedding, legal services and boarding school in fourth and fifth respectively.