China’s economic boom of the 1970s spurred by Deng Xiaoping’s economic reforms turned entrepreneurs into millionaires. And although China’s economy has slowed recently, in relative terms it is holding up well.
On the back of its economic growth, China has become the second-largest wealth management market in Asia Pacific. According to research by Boston Consulting Group in conjunction with China Construction Bank, the number of Chinese high-net-worth individuals (HNWIs – those with at least $1 million in investable assets) doubled from 510,000 in 2008 to 1,030,000 by the end of 2010.
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