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China is the second largest wealth management market in Asia with significant wealth creation driven by unprecedented economic growth in recent years. Reports state that in 2007, the number of High-Net-Worth Individuals (HNWIs) in China reached nearly 350,000 in 2006, up almost 8% from 2005. In terms of HNWI wealth in Asia-Pacific, about one-fifth resides in China. In China, the level of sophistication and experience with more complex products is lesser than in advanced markets. However, as the businesses and the numbers of wealthy Chinese grow, expand and mature, there will be a marked change in the product offering, services levels and channels of offering. The Chinese wealth management market would continue to liberalize, and there will be increased competition from both local and foreign banks in China.
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