The number of Chinese millionaires will more than double by the end of the decade, putting it behind only the United States, according to statistics from WealthInsight.
The London-based research firm, which tracks global high-net-worth individuals, forecasts millionaires in China will increase to 3.3 million in 2020 from 1.3 million in 2012, pushing the country past Germany and Japan.
The company also forecasts Indian millionaires will surpass 1 million in 2020, pushing the country’s ranking to fifth from 11th last year.
In a separate study, HSBC reports that some 80% of mainland Chinese expect their lives to become more internationalised in the next five to 10 years, with respondents expressing a desire to study overseas and travel more.
Some 77% of respondents say they will increase international travel and 68% will either study overseas themselves or send their children abroad.
The US is the top destination for overseas study at 56%, followed by the UK (39%), Canada (38%), Australia (32%), Singapore (31%) and France (29%).
However, HSBC notes that many mainland residents’ financial plans are not adequate enough to fulfil their objectives, and that they should therefore seek professional financial advice.
Some 70% of respondents said they will eventually manage wealth and investments internationally.
And while mainland Chinese are increasingly capturing investment opportunities overseas, the asset classes they choose are limited – one third of their investments outside of China are in foreign currency deposits and the take-up rate of other investments is below 12%.
Some 70% of respondents said they will eventually manage wealth and invest internationally. Personal foreign currency exchange and settlement, and cross-border remittances and transfers are most important for mainland investors, the HSBC survey says.