The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Private banking: Banks race to keep up with China’s rich

They are China’s emerging rich: hundreds of thousands of entrepreneurs making money hand over fist. They want that money to work hard for them. And they are the target market for a new domestic industry: private banking. Chris Wright reports.


OFFSHORE BANKS HAVE long targeted China’s ultra-wealthy through desks in Hong Kong, Singapore and Zurich. The arrival of specialist private banking or wealth management divisions in China’s own domestic banks is a newer trend. Now most of the bigger home-grown banks have built businesses in this area, and they expect it to be one of the biggest drivers of growth in coming years.

Just how big is the wealth management opportunity in China? One of the most useful sources of data on this is a report published in October by Boston Consulting Group. It estimates that households own about $2.5 trillion in China, making it the largest market in ex-Japan Asia; if one considers Greater China, including Hong Kong and Taiwan, it accounts for 45% of wealth in the region ex-Japan. BCG says Chinese wealth grew by a 23.4% compound annual growth rate between 2001 and 2006 – the world’s fastest – and at 31.6% in the year running up to the report’s publication, despite the fact that Chinese households have historically put a large proportion of their wealth into cash.

This pace is likely to be sustained.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree