According to the latest Global Wealth Report released by Credit Suisse, China has profoundly changed the distribution of wealth across Asia Pacific. The distribution of household wealth in the region has transposed upwards remarkably because of the increasing prosperity of the Middle Kingdom.

In the high and ultra-high net worth (UNHW) segments, China added a further 967,000 millionaires between mid-2018 and mid-2019 to reach a total of 4.47 million. Asia-Pacific countries are home to 22,660 (14%) of the world’s UHNW individuals (UHNWIs) while China has 18,130 UHNWIs, an increase of 370 from mid-2018.

By 2024, the number of UHNW individuals in the Asia Pacific region is expected to grow by approximately 21,300, faster than any other region at an average of 8% per annum, to reach a total of nearly 66,000, of whom 42% will be from China.

Inheritances are projected to have greater wealth distribution consequences in the future, particularly in China where the effects of the one-child policy combined with vast new wealth creation, preservation and transfer, both by and to, tech-savvy HNWIs will present many new opportunities for the wider region as a whole.

The strong wealth creation growth in China is driven by a combination of factors: a high rate of savings, the high level of private enterprise and entrepreneurship, easy access to credit and financing, often well guided government policies, healthy private-public sector partnerships and well-educated workforce, which together produce robust investment opportunities.

Much of the growth has been generated in the past decade. The current economic and financial restructuring underway in the country, with a greater focus on services and consumption, small and medium enterprises, inno...

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