The number of Chinese individuals having 1 million yuan ($151,700) to 5 million yuan worth of investable assets is estimated to reach 12.3 million this year, up from 11.16 million last year, according to a report released by Forbes China and China Pacific Insurance Group on Jan. 8.
In an article published by Shanghai Daily, the report said that the survey was conducted on 4,758 people on the Chinese mainland, which included people working as business owners and senior executives who have chosen investment of medium risk and below. Two-thirds of those surveyed were marginally knowledgeable about investment, the report said.
According to the report, the overall personal investable assets in China have climbed an average compound growth rate of 15 percent during the past three years, reaching 126.7 trillion yuan last year. The value is set to jump to 144.6 trillion yuan this year, in which 12 percent of it will be held by this medium to high affluent group.
The report showed that cash and deposits are still the top choice for this group of wealthy people despite falling interest rates. Next to it, stocks are likely to give way to wealth-management products given the recent volatile market.
The survey further indicated that commercial real estate is expected to be another sought-after asset due to its higher return on investment through long-term rental compared with residential properties.
The report said that although 8.7 percent of the wealthy group have invested overseas in stocks, bonds and properties, they still consider these assets to be more alluring in the future.
In the Hurun Rich List released in October, China overtook the United States in having the most number of billionaires in the world, with 596 Chinese billionaires included in the list.
According to Hurun Research Institute, 242 people were added to China's roster of billionaires for 2015. Chairman and chief researcher Rupert Hoogewerf attributed this to the surge the Chinese stock market experienced earlier this year.
"The growth in the number of billionaires indicates China's growing influence in the international community," Hoogewerf was quoted as saying.
Wang Jianlin, chairman of Dalian Wanda Group, topped the list of the wealthiest people in mainland China, taking the throne from Alibaba CEO Jack Ma.
The wealth of the people in the Hurun Rich List totaled $2.1 trillion, much larger than India's or Russia's GDP.