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People's Daily Online>>China Society

Wealth gap wider as richest families get even richer

By Lu Nengneng  (Shanghai Daily)

08:19, December 23, 2011

China's wealthy community is expected to show a marked increase this year, widening the gap between the rich and the poor, according to the latest financial study.

The total amount of personal investable assets in the country will rise 14.8 percent to 62 trillion yuan (US$ 9.8 trillion) by the end of the year from 2010's 54 trillion yuan. And the number of families with investable assets of more than 6 million yuan will grow from last year's 1.01 million to 1.21 million, the Boston Consulting Group and China Construction Bank predicted in a joint study yesterday.

The investable assets owned by wealthy families should reach 27 trillion yuan in 2011, compared with 23 trillion yuan in 2010, the study said.

Around 70 percent of such families are concentrated in 10 provinces in China. Up to 35 percent of them live in Shanghai, Beijing and Guangdong Province.

The study was based on surveys among more than 2,100 high-net-worth individuals.

Savings, though still the biggest category, dropped from 61 percent of their asset portfolios in 2008 to 55 percent in 2010 while financial products issued by commercial banks advanced to second spot with relatively high yields and tolerable risks as wealth safety still comes before life quality for China's rich, the study said.

Up to 57 percent and 53 percent of survey participants expressed interest in fixed-income and trust assets respectively. The scale of latter has grown 65 percent annually in China over the past three years, it said.

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