Underinvested, underinsured and over here – China’s wealthy on the move
By Will Grahame-Clarke, 11 Jun 18
China’s private wealth is growing at a break neck pace with four of its eastern provinces as wealthy as Portugal, according to analysis from Legal & General Investment Management (LGIM).
“With a middle class the size of America’s, the scale of China is often underappreciated,” said Shaunak Mazumder, global equities fund manager at LGIM.
“Despite slowing GDP growth, a dramatic shift in the underlying mix of goods and services of unprecedented proportions is underway.”
As recently as 2000, for example, over 1.1 billion of China’s 1.3 billion population had a GDP per capita of less than $2,500 (£1,860, €2,124).
By 2017, this number had fallen to just 137 million, with the rest of the population becoming several times richer on average.
Click through the gallery to read more about the opportunities for advisers and wealth managers in China.
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