China world's 3rd largest wealth management market

The total amount of individual wealth in China has exceeded 146 trillion yuan ($21 trillion) last year, maintaining an average annual growth rate of 20 percent in the past decade, making China the third-largest wealth management market in the world, a report revealed on Thursday.

The report, namely the guide on asset allocation strategies for the mass affluent, was compiled by Yiren Wealth, the digital wealth management platform under Yiren Digital. According to the report, the total number of the mass affluent in China has exceeded 30 million. These people mainly range from 30 to 55 years old, with more than half having received higher education.

However, as the asset management sector has just begun in China, professional asset allocation services remain rare. Meanwhile, with rising uncertainties in the macro environment, the difficulty of wealth management has been increasing, which, together with lack of knowledge on wealth management among the mass affluent, has led to some difficulties in long-term asset allocation.

In this context, Yiren Wealth will make more efforts to produce tailor-made wealth management for the mass affluent, with a combination of long-term and short-term targets and different types of investments, ranging from cash and fixed-income assets, to funds and insurance.