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市場調查報告書

中國資產市場:規模測定與市場機會 2017年

Wealth in China: Sizing the Market Opportunity 2017

出版商 GlobalData 商品編碼 355490
出版日期 內容資訊 英文 40 Pages
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中國資產市場:規模測定與市場機會 2017年 Wealth in China: Sizing the Market Opportunity 2017
出版日期: 2017年03月24日 內容資訊: 英文 40 Pages
簡介

2016年末中國約有10億6,000萬人的成人人口,其中3.8%可稱為資產家。2016年至2020年預計資產家擁有的流動資產擴大為10%CAGR (年度複合成長率) 。

本報告針對中國資產市場調查、提供市場規模推算與預測、未來成長展望、最有潛力顧客分類、HNW (富裕層) 構成評價、海外策略回顧

第1章 摘要整理

第2章 中國資產市場規模測定與預測

  • 中國資產家的2.5%為HNW

第3章 中國資產市場成長促進因素

  • 中國的零售儲蓄、投資受近幾年顯著成長的很強影響
  • 零售存款的成長2016年再次朝上,可是比之前明顯地少
  • 僅管強力成長,中國的個人用國債市場孱弱
  • 強大的股票市場變動性降低成長、但MMF將擴大

第4章 HNW (富裕層)投資趨勢

  • 中國HNW有價證券的38%分配在傳統流動資產
  • HNW資產大部分投資在海外

第5章 附錄

圖表

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目錄

"Wealth in China: Sizing the Market Opportunity 2017" analyzes the Chinese wealth and retail savings and investments markets, with a focus on the HNW segment. The report is based on our proprietary datasets.

Thanks to lower economic productivity, the remarkable wealth growth rates of the past few years will not be repeated in China over the forecast period. Nevertheless, strong predicted retail investments growth - led by strong mutual fund performance - will continue at a faster rate than in the wider region. Between 2016 and 2020 liquid assets held by affluent individuals are forecast to record a compound annual growth rate (CAGR) of 10%, representing a sizable opportunity for wealth managers operating in the country.

Chinese HNW investors allocate a noteworthy proportion of their investments into non-traditional assets, mostly in real estate. However, alternative and commodities investments also constitute an above-average and growing proportion. To gain access to a better range of investment options, HNW investors in China also invest a large proportion of their wealth offshore.

Specifically the report -

  • Sizes the affluent market (both by number of individuals and the value of their liquid assets) using our proprietary datasets.
  • Analyzes which asset classes are favored by Chinese investors and how their preferences impact the growth of the total savings and investments market.
  • Examines HNW clients' attitudes towards non-traditional investments, such as property and commodities.
  • Identifies key drivers and booking centers for offshore investments.
  • Examines the tax landscape in China and future implications for investors.

Scope

  • At the end of 2016, of the approximately 1.06 billion adults living in China 3.8% could be considered affluent.
  • Asset growth is expected to be strongest in the $10m+ asset band, which will record a CAGR of 15.1% between 2016 and 2020, compared to a CAGR of 10.0% for affluent individuals.
  • Deposits continue to dominate China's retail investments market, but mutual fund holdings are forecast to grow at the fastest pace over the next five years.
  • Chinese HNW investors allocate a noteworthy proportion of their investable assets into non-traditional investments; in particular, quasi-real estate investment trusts (REITs) have emerged as a popular type of investment.

Reasons to buy

  • Benchmark your share of the Chinese wealth market against the current market size.
  • Forecast your future growth prospects using our projections for the market to 2020.
  • Identify your most promising client segment by analyzing penetration of affluent individuals in China.
  • Evaluate your HNW proposition by understanding how the Chinese tax system impacts HNW clients.
  • Review your offshore strategy by identifying HNW motivations for offshore investments and their preferred booking centers.

Table of Contents

EXECUTIVE SUMMARY

  • 1.1. Wealth growth is slowing but will still outstrip the West
  • 1.2. Key findings
  • 1.3. Critical success factors

2. SIZING AND FORECASTING THE CHINESE WEALTH MARKET

  • 2.1. 2.5% of China's affluent individuals can be considered HNW
    • 2.1.1. Affluent individuals in China account for 3.8% of the total adult population
  • 2.1. Affluent individuals account for 3.8% of the population but hold 81.3% of liquid assets in China
    • 2.1.1. Chinese HNW individuals held $3,666bn in liquid assets in 2016

3. DRIVERS OF GROWTH IN THE CHINESE WEALTH MARKET

  • 3.1. China's retail savings and investments have impressed with remarkable growth in recent years
    • 3.1.1. China's retail investment market is forecast to perform strongly despite weaker economic conditions
    • 3.1.2. As can be expected in developing markets, deposits dominate China's retail investment market
    • 3.1.3. Mutual fund holdings are forecast to grow fastest
  • 3.2. Retail deposit growth picked up in 2016, but will be less pronounced than in the past
    • 3.2.1. Competition from online money market fund providers will have a negative effect on deposit growth
  • 3.3. Despite strong growth rates, China's retail bond market will remain insignificant
  • 3.4. Strong stock market volatility will limit growth of direct equities, while money market funds expand
    • 3.4.1. The Chinese stock market had a good start into 2017
    • 3.4.2. Money market funds are growing in popularity, shielding funds from the vagaries of the stock market

4. HNW INVESTMENT PREFERENCES

  • 4.1. Chinese HNW individuals allocate 38% of their portfolios outside traditional liquid assets
    • 4.1.1. Chinese HNW investors allocate an above-average proportion of their wealth into property
    • 4.1.2. Alternatives and commodities have become an integral part of the typical HNW portfolio in China
  • 4.2. A significant proportion of HNW wealth is invested offshore
    • 4.2.1. Despite maintaining a closed capital account, a significant amount is leaving the country every year
    • 4.2.2. Access to a better range of investment options prompts Chinese individuals to invest offshore
    • 4.2.3. Tax is a limited driver for offshore investments
    • 4.2.4. The US is the single most important booking center for Chinese HNW wealth

5. APPENDIX

  • 5.1. Abbreviations and acronyms
  • 5.2. Supplementary data
  • 5.3. Definitions
    • 5.3.1. Affluent
    • 5.3.2. Domicile
    • 5.3.3. DTC
    • 5.3.4. Exchange of information
    • 5.3.5. FATCA
    • 5.3.6. HNW
    • 5.3.7. Liquid assets
    • 5.3.8. Mass affluent
    • 5.3.9. Mass market
    • 5.3.10. Onshore
    • 5.3.11. Residency
    • 5.3.12. TIEAs
  • 5.4. Methodology
    • 5.4.1. GlobalData's 2016 Global Wealth Managers Survey
    • 5.4.2. Global Wealth Model methodology
    • 5.4.3. Global Retail Investments Analytics methodology
    • 5.4.4. Exchange rates
  • 5.5. Bibliography
  • 5.6. Further reading

List of Tables

  • Table 1: Progressive tax rates levied on employment income in China, 2016
  • Table 2: Progressive tax rates levied on business income in China, 2016
  • Table 3: China: adult population segmented by affluent category and asset band (000s), 2010-15
  • Table 4: China: adult population segmented by affluent category and asset band (000s), 2016e-20f
  • Table 5: China: total liquid wealth segmented by affluent category and asset band ($bn), 2010-15
  • Table 6: China: total liquid wealth segmented by affluent category and asset band ($bn), 2016e-20f
  • Table 7: Chinese Yuan-US dollar exchange rate, December 31, 2015 and December 31, 2016

List of Figures

  • Figure 1: Affluent individuals represented 3.81% of the population in 2016
  • Figure 2: The affluent population holds 81.3% of retail liquid assets in China
  • Figure 3: While lower than in the past, retail savings and investment growth is forecast to remain strong
  • Figure 4: Deposits account for 76.4% of the Chinese retail and investment market
  • Figure 5: Mutual funds are forecast to grow at impressive rates
  • Figure 6: Deposit growth is inextricably linked to wage growth
  • Figure 7: Retail bond holdings are negatively correlated to the Shanghai Composite Index
  • Figure 8: Stock market performance was weak throughout 2016
  • Figure 9: There is a strong correlation between stock market performance and retail equity holdings
  • Figure 10: China's total fund industry is dominated by money market funds
  • Figure 11: A good chunk of Chinese HNW wealth is held in non-traditional investments
  • Figure 12: Chinese HNW individuals hold 35% of their assets offshore
  • Figure 13: Asset diversification and investment options remain the biggest motivations for offshore investment
  • Figure 14: The largest proportion of Chinese HNW offshore wealth is booked in the US
  • Figure 15: The largest proportion of Chinese HNW offshore wealth is booked in the US
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