China’s wealthy are more interested in financial sector investments rather than parking money in traditional industries, according to a survey.
In a poll conducted on high-net-worth individuals in the mainland, more than 50 percent of the respondents said they will boost investment in the financial sector while 43 percent said they will maintain the current level of their involvement in the sector, China Daily reported.
Also, more than one-third of the 2,800 individuals surveyed said they expect to enhance their investment in innovative industries such as information technology, biotechnology and alternative energy.
The survey was carried out by consultancy firm Bain & Co. in partnership with China Merchants Bank (CMB).
High-net-worth individuals are defined as having investable assets of more than 10 million yuan (US$1.6 million).
There were more than one million such individuals in China last year, double the figure compared to 2010, according to the China Private Wealth Report 2015 released by CMB and Bain & Co Tuesday.
Less than 10 percent of these individuals expect to increase their investments in traditional manufacturing industries, the survey found.
High-net-worth individuals have shown stronger interest in investing overseas. Nearly 40 percent of them and almost 60 percent of the ultrarich said they have such investments, the report said.
Hong Kong is the top region for overseas investment, followed by the United States and Australia.
Stocks, fixed-income products and properties are the most popular overseas investment products for the super rich.
“Among the newly rich, we are seeing a more aggressive investment style, an openness toward alternative investments and increased focus on wealth creation,” Alfred Shang, a Bain partner and co-author of the report, was quoted as saying.
– Contact us at [email protected]