China by 2029 could overtake the United States in the number of super-rich people whose individual wealth exceeds $ 100 million, according to The Boston Consulting Group (BCG) study “Global Wealth 2021: When Customers Take the Initiative”, which is at the disposal of RIA News”.
“If the annual growth rate of invested wealth there remains at the current 13% level, the assets of the super-rich in China will be $ 10.4 trillion by 2029, more than in any other market in the world,” the study said.
It is noted that the total invested assets of the world’s super-wealthy last year amounted to $ 22 trillion, or 15% of the world’s wealth.
BCG experts predict that the United States will closely follow the PRC. The expected well-being of people in this category will be $ 9.9 trillion by 2029.
They also found that the portrait of the super-rich person is changing: a segment of the younger generation between the ages of 20 and 50 is growing. Researchers attribute this to the fact that young people have longer investment horizons and are more willing to take risks. In addition, today’s super-rich often seek to use their capital for public benefit, in addition to generating a stable income.
It is noted that many private wealth managers are not yet ready to provide services to these new super-rich.
At the same time, the share of women in the super-rich segment is now 12%, most of them live in the United States, Germany and China, said Anna Zakrzewski, managing director and partner of BCG. In her opinion, the segment of the younger generation will also be a significant driver of future growth over the next decade or so.
“To capitalize on the opportunities for the next wave of growth, managers must be able to offer personalized service, whether it’s a customer in the simple needs segment or in the ultra-rich,” Zakrzewski said.
The United States is still leading in the number of billionaires, with 724 people. China ranks second with 698 people. Over the past year, a record 210 new billionaires have emerged in China. India is in third place (140), followed by Germany (136) and Russia (117).
On April 28, it became known that last year the number of billionaires in Beijing reached 100, while there were 99 in New York. Thus, the city became the world capital of billionaires for the first time. During the year, 33 new billionaires appeared in the Chinese capital, while only seven in New York. At the same time, 21 million people live in Beijing, which is 2.5 times more than the population of New York (8.4 million).