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Guangdong leads the nation on rich list

(People's Daily Online)    08:20, August 27, 2015
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Guangdong has the highest net household assets investment up to 6 trillion yuan in China. The total amount of net household wealth exceeds 1 trillion yuan in provinces such as Hebei, Sichuan and Henan.

The report shows that in the three years from 2013 to 2015, thanks to higher GDP growth, the demographic dividend factors and the rapid development of capital market, the annual compound growth rate of China's private wealth scales up to 21 percent.

As of the end of 2015, it is expected that the gross Chinese individuals’ assets for investment will reach about 110 trillion yuan, of which, high net worth households take about 41 percent of all household wealth. The total personal investable assets will reach 44 trillion yuan.

In the next five years, China will see a slowdown in the growth rate of private wealth as China's economy entered a new norm. A 13 percent compound annual growth rate (CAGR) is expected along with a steady growth to 196 trillion yuan.

According to BCG Chinese wealth market model, in 2015 the number of high net worth households is predicted to exceed 100,000 in Guangdong, Beijing, Jiangsu, Zhejiang, Shandong and Shanghai, about half of the total number of high net worth families in China.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Gao Yinan,Bianji)

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