Second-tier cities in China already represent more than 30 percent of the country's HNW individual wealth, compared with about 20 percent for first-tier cities. Second-tier cities in the Yangtze River Delta Region (including cities such as Wuxi, Nanjing and Hangzhou) and the Pearl River Delta Region (with cities such as Dongguan, Guangzhou and Foshan) represent about 70 percent of China's HNW individual wealth. Second- and lower-tier cities will continue to grow in share, said the Minsheng and McKinsey survey.
The survey, which polled 700 interviewees with investable assets of more than 6.5 million yuan in 29 cities, also discovered the average Chinese HNW individual is still not aware of private banking services. As many as 45 percent of those interviewed say they have only a basic understanding or less of private banking services.
"I think private banking services are no different from retail services. It is just the same bank offering the same products to different people. If you have more money, they will give you more benefits, such as an expensive ticket to a concert," said Chang Li, a 42-year-old restaurant owner in Ningbo, in East China's Zhejiang province.
"I think the VIP banking services are enough for me and I don't need anything extra, or a free gift during Spring Festival," said Chang.
Feedback
RSS
