The number of dollar millionaires in China is expected to grow to 450,000 by the end of this year, despite the overall decline in global wealth, the Boston Consulting Group (BCG) has said.
BCG Greater China partner Frankie Leung, one of the report's authors, said on Thursday: "China is arguably the most explosive wealth market in the world, as rising income and a high savings rate will continue to spur development."
He said the growing number of people with money to invest could provide a boost to private banks.
"We believe that China's wealth market offers an attractive window of opportunity for banks... How banks should act to capture the opportunities and establish competitive positions would be a key strategic issue to explore", he said.
He also said the number of millionaires in the country is likely to reach 800,000 within four years.
The study suggests a growing imbalance in the country's wealth, with millionaire households numbering one in a thousand households, but accounting for almost 50% of total wealth. Most wealthy Chinese are based in Guangdong, Beijing, Shanghai and other coastal areas.
BEIJING, November 20 (RIA Novosti)
