Abstract
Overviewm
Introduction
This report focuses on the onshore liquid wealth of affluent customers in
China and in china's largest and most affluent cities. The report offers
access to key statistics from Datamonitor's proprietary Global Wealth Model,
providing a clear picture of the scale, composition and direction of the
developing wealth management landscape on a regional basis.
Scope
- This report looks at the Chinese wealth market on a national scale, sizing
the market and highlighting the barriers to entry.
- The report analyses the four major cities of Beijing, Shanghai, Guangzhou
and Shanzhen in detail, sizing their affluent populations.
- The report includes analysis of other 'tier II' cities - Taiyuan, Wenzhou,
Ningbo and Hangzhou.
- The report forecasts the market to 2009.
Highlights
The Chinese market presents an interesting problem for wealth managers and
private banks. It seems to represent a huge opportunity that cannot be
overlooked, yet at the same time restrictions in the market mean that it is
impossible for a foreign institution to offer anything approaching a wealth
management proposition.
Despite the fact that it is Shenzhen which has the largest proportion of
affluent individuals, it is Shanghai that is seeing its affluent population as
a percentage of total growing at the fastest rate.
It is interesting to note that Citigroup paid USD67 for a 4.6% stake in
Shanghai Pudong Development Bank in 2003 and is now proposing to increase that
stake to 20% for a further investment of USD800m. This is 12 times the price
for three times the stake, giving an indication of the rising value of the
Chinese bank's stock.
Reasons to Purchase
- Find out which cities are the most affluent and how big an opportunity
they represent.
- Find out what is restricting the growth of the wealth management business
and what competitors need to focus on in the meantime.
- Find out how big the market will be in four years time and which cities
this wealth will be in.
Table of Contents
- CHAPTER 1 EXECUTIVE SUMMARY
- Introduction
- What is this report about?
- Who is the target reader?
- The market opportunity
- At first glance the Chinese market looks to be attractivefor wealth
management
- Economic conditions have been favourable
- The market still has room for growth through development
- The potential wealthy population is large
- The total population pool is massive by global comparisons
- The number of individuals with more than USD100,000 hasgrown rapidly
- Average affluence of the wealthy population has increased
- There are issues to consider for foreign entrants
- Competitive interest is intensifying
- The investment/banking environment hinders growth in themedium-term
- Customer attributes will make things difficult for foreignplayers
- A regional focus
- Wealth managers need to approach China from a regionalperspective
- Wealth differs considerably by region
- National inequality exists
- And regional inequality is very noticeable
- There are four major cities for wealth management
- Savings have grown rapidly in these cities
- And total affluent liquid assets have grown considerably
- There are four further Tier II cities with potential
- Future decoded
- The wealth management opportunity will continue to growdespite the
restrictions placed on foreign competitors
- Macroeconomic growth will continue
- Wealthy individuals will continue to prosper
- CHAPTER 2 INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
- CHAPTER 3 THE MARKET OPPORTUNITY
- At first glance the Chinese market looks to be attractivefor wealth
management
- Economic conditions have been favourable
- Historic growth levels have been spectacular
- The market still has room for growth through development
- The potential wealthy population is large
- The total population pool is massive by global comparisons
- The number of individuals with more than USD100,000 hasgrown rapidly
- Average affluence of the wealthy population has increased
- But there are issues to consider for those looking tooffer wealth
management propositions
- Competitive interest is intensifying
- Foreign players remain restricted in their acquisitions ofChinese
banks
- Investment levels are at an all-time high
- The average value of investment is increasing
- The number of opportunities is decreasing
- The investment/banking environment hinders growth in themedium-term
- Restrictions on securities, banking and insurance products
- No offshore investment permitted
- The domestic investment markets are not favourable
- Customer attributes will make things difficult for foreignplayers
- Property remains the investment vehicle of choice
- Demographic groups will present wealth managers with a'new' market
- CHAPTER 4 A REGIONAL FOCUS
- Wealth managers need to approach China from a regionalperspective
- Wealth differs considerably by region
- National inequality exists
- And regional inequality is very noticeable
- There are four major cities for wealth management
- Savings have grown rapidly in these cities
- And total affluent liquid assets have grown considerably
- There are four further Tier II cities with potential
- The Tier II cities are close to principal cities
- Ningbo has become attractive for foreign investment
- Hangzhou is the preferred residence of the wealthy
- Wenzhou is home to many private enterprises
- Taiyuan is the coal mining center of China
- CHAPTER 5 FUTURE DECODED
- Wealth management interest will continue to grow despitethe restrictions
placed on foreign competitors
- Macroeconomic growth will continue
- Wealthy individuals will continue to prosper
- Liquid assets will grow at a rate of 10.5% averagedannually over the
2005-2009 period
- The number of wealthy individuals will reach 6.7 millionby the end
of 2009
- CHAPTER 6 APPENDIX
- Data
- Definitions
- AAGR
- CAGR
- Gini index
- Liquid assets
- Liquid asset bands
- Research methodology
- The Global Wealth Model
- The UK sub model
- Asia-Pacific sub model
- Forecasting methodology
- Datamonitor's wealth numbers compared with others' numbers
- Bespoke Wealth Market Sizing
- Further reading
- Datamonitor Asia-Pacific Wealth Reports
- Datamonitor Asia-Pacific Insight Reports
- Datamonitor Global Wealth Service: Competitor Tracking
- Datamonitor Financial Services Consulting
- Asia-Pacific contacts
- List of Tables
- Table 1: Investment in local banking institutions byforeign players in
China is increasing in value, 2001-2006
- Table 2: Underlying macroeconomic factors in China,2005-2009
- Table 3: China's real GDP growth over the last decade,1996-2005
- Table 4: GDP - value added of industry sectors, 2004
- Table 5: Value of liquid assets owned by Chineseaffluent individuals,
2001-2005e
- Table 6: Share of affluent liquid assets and affluentindividuals by
asset band, 2005e
- Table 7: Number of Chinese affluent individuals,2001-2005e
- Table 8: Average savings deposits per capita and averagesalary by city,
2004
- Table 9: Outstanding amount of savings deposits of urbanand rural
residents, 2001-2004
- Table 10: Total retail liquid assets by city and growthrates over the
2000-2004 period
- Table 11: Value of liquid assets, number of affluentindividuals and
affluent population as a percentage of total in four majorcities
- Table 12: Growth of affluent population as a percentageof the total
population in four major cities, 2000-2004
- Table 13: Total retail liquid assets in China,2000-2009f
- Table 14: Liquid assets owned by Chinese affluentindividuals, 2005e-2009f
- Table 15: Number of Chinese affluent individuals,2005e-2009f
- Table 16: Wealth markets that have been modeled usingthe Global Wealth
Model
- List of Figures
- Figure 1: Investment in local Chinese institutions hasincreased rapidly
in the last two years
- Figure 2: Both the Shanghai and Shenzhen stock exchangeshave been on a
steady decline over the last three years
- Figure 3: Average savings per person and averagesalaries vary
dramatically by city across China
- Figure 4: Total savings deposits outstanding of the fourcities have
grown rapidly in recent years
- Figure 5: It is Shanghai's affluent population that hasgrown most
rapidly over the 2000-2004 period
- Figure 6: The major cities of interest are all on ornear the east coast
of China suggesting a wealth management business wouldnot need to stretch
nationwide
- Figure 7: Wealthy individuals will grow in number at anaverage rate of
11.5% over the 2005-2009 period
- Figure 8: Methodology diagram and report structure
- Figure 9: China's real GDP growth has averaged 8.4% overthe last 6 years
- Figure 10: China's services sector is underdevelopedeven compared to
other developing economies
- Figure 11: China's wealthy population has increased insize rapidly over
the last four years
- Figure 12: The more affluent the individuals, the largerthe share of
wealth they own
- Figure 13: Investment in local Chinese institutions hasincreased rapidly
in the last two years
- Figure 14: Both the Shanghai and Shenzhen stockexchanges have been on a
steady decline over the last three years
- Figure 15: Average savings per person and averagesalaries vary
dramatically by city across China
- Figure 16: Total savings deposits outstanding of thefour cities have
grown rapidly in recent years
- Figure 17: Total retail liquid assets of the four citieshave grown at
rates in excess of 15% compounded annually over the2000-2004 period
- Figure 18: Beijing and Shanghai are home to both thelargest number of
affluent individuals and the largest amount of affluentassets, but it is
Shenzhen that has the highest proportion of affluentindividuals
- Figure 19: It is Shanghai's affluent population that hasgrown most
rapidly over the 2000-2004 period
- Figure 20: The major cities of interest are all on ornear the east coast
of China suggesting a wealth management business wouldnot need to stretch
nationwide
- Figure 21: Liquid wealth of affluent individuals willgrow strongly over
the 2005-2009 period
- Figure 22: Wealthy individuals will grow in number at anaverage rate of
11.5% over the 2005-2009 period
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