(Yicai Global) April 9 -- China's personal investable assets totaled CNY147 trillion (USD21.9 trillion) by the end of last year, and the number of those with over CNY6 million in such resources reached 1.67 million to rank second in the world, a new report shows, but without identifying which country ranked first.

Of every 10,000 people in Beijing, 78 have personal investable assets of at least CNY6 million (USD900,000), making the Chinese capital the most densely populated area for high-net-worth individuals in China, the China Private Bank Report 2019, which Beijing-based China Construction Bank and Massachusetts-based multinational management consulting firm Boston Consulting Group jointly released yesterday, concludes.

As the nation's economy grows, 10 Chinese provinces and cities reached the 50,000 high-net-worth person threshold by the end of last year, and Beijing, Shanghai, Guangdong, Zhejiang and Jiangsu all logged more than 100,000 such moneyed residents.

Shanghai and Guangdong are the second- and third-densest regions for the well-heeled, with 60 and 37 out of every 10,000 people, respectively.

These affluent individuals' total investable assets in Beijing, Shanghai and Guangdong all reached or exceeded 10 percent of the national total. Their aggregate also made up 42 percent of China's.

The number of well-off persons in Hunan, Guizhou, Anhui, Guangxi, Sichuan, Hubei and other provinces is growing at a faster clip than the national average due to rapid economic growth in China's central and southwestern regions.

The majority of China's rich are entrepreneurs. Profits from operating companies have always been the main source of their wealth, and the rewards of running businesses are an even more stable source of wealth after the ups and downs in the domestic stock and realty markets in recent years, the report shows.

Chinese personal investable assets may reach CNY243 trillion in 2023, and the compound annual growth rate will return to about 11 percent, the report predicts.

Editor: Ben Armour