The number of U.S.-dollar millionaires in China is expected to nearly double in five years, luring private bankers eager to help them invest an expected combined wealth over $7.6 trillion by 2013, Boston Consulting Group (BCG) said on Thursday.
Global wealth declined last year for the first time since 2001, the consultancy said, but the number of Chinese individuals with household financial wealth of more than $1 million may grow to 788,000 by 2013 from 417,000 in 2008.
"We believe that China's wealth market offers an attractive window of opportunity for banks," Frankie Leung, a BCG partner in Hong Kong, told reporters in Beijing.
"How banks should act to capture the opportunities and establish competitive positions would be a key strategic issue to explore."
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