Mainland to top Japan in millionaire stakes (2)

Wealth: Private banking need rises

Last year, the Chinese mainland accounted for 48.2 percent of total wealth in households in Asia-Pacific, excluding Japan. The region had 20.7 percent of global wealth.

By 2017, according to the report, the mainland's share of Asia-Pacific wealth will rise to 57.3 percent, increasing the region's share of global wealth to 28.1 percent.

In Shanghai, Si Yongrong, 27, will take over her family's construction and stock market business in two years' time. She said she will definitely need a third-party institution to manage the assets and wealth of the business when she takes over.

In a report on mass affluence in China released in March by Forbes China and the Beijing-based wealth management company CreditEase, 28.3 percent of respondents with investable personal wealth of at least $100,000 said they need wealth management services.

Shi Guowei, the research director of Forbes China who wrote the report, said, "Whether they manage their wealth on their own or they select entrusted wealth management, most of these affluent Chinese prefer professional advice from wealth managers, which indicates that institutions have a high chance in this regard."

Xue Ruefeng, general manager of the private banking department at Industrial Bank, said Chinese millionaires' new preference for alternative investment such as art works, fine wine, watches or even private jets, allows private banking to tailor different packages for various customers.