Students are keen to have a chance to speak by raising their hands during a lecture on entrepreneurship at the Central China Normal University in Wuhan, Hubei province. [Photo/China Daily]

The number of China's high net-worth individuals (HNWIs) with investable assets of at least 10 million yuan ($1.6 million) will reach 1.12 million by the end of 2015, according to a new study.

The life insurance market white paper, jointly released by Forbes China and insurance firm AIA on Thursday, shows that the number of HNWIs in China has been increasing by more than 100,000 each year, up from 510,000 in 2011 to 910,000 in 2014.

The report says HNWIs in the Chinese mainland are mostly young and middle-aged entrepreneurs.

The survey also shows that cash, bank deposits and wealth management products continue to top rich people's wealth management portfolios, followed by stocks and real estate, while 33.9 percent of the HNWIs canvassed have chosen life insurance products as a wealth management tool.

Nearly 80 percent of the HNWIs say life insurance products help them shift or lower investment risks, with more than 70 percent having begun to use such products.

More than 60 percent have bought life insurance products covering asset protection, medical and old-age care, while those who have not say they don't need or are "totally unfamiliar" with such products.