On the whole, with the enhancement of residents' awareness of financial management in China, the scale of wealth management industry has expanded rapidly. By the end of 20021,the balance of retail wealth management products of China Merchants Bank exceeded 3 trillion yuan for the first time, up 35% year-on-year, and the growth rate was significantly higher than that of 18% in 2020. At the same time, China Merchants Bank's sales of consignment funds have grown rapidly in the past two years. In 2020, the sales of non-monetary public offering funds will be 6 107 billion yuan, up by178% year-on-year; In 2002 1 year, the sales of non-monetary Public Offering of Fund, represented by China Merchants Bank, still reached 608 billion yuan, which was basically the same as that in 2020.
Structurally, the wealth of China residents presents a pyramid structure, but the middle class is on the rise. China Merchants Bank classifies retail customers with monthly total assets of 500,000 yuan and above as "sunflower" and retail customers with monthly total assets of 6,543,800 yuan and above as private banking customers. Sunflower customers (except private banking customers, the same below) can generally represent the middle class, and private banking customers generally represent high net worth people.
In terms of customer number and asset distribution structure, in 20021year, the number/proportion of private bank customers of China Merchants Bank120,000 /0. 1%, the asset scale/proportion was 3.4 trillion yuan/310.5%, and the number/proportion of sunflower customers was 3.55 million/. The number/proportion of other retail customers (except sunflower)169.33 million /97.9%, and the asset size/proportion10.9 trillion yuan/17.9%. It can be seen that the distribution of financial assets of Chinese residents presents a "pyramid" structure, that is, there is an obvious phenomenon of wealth differentiation, which is also closely related to the income differentiation of residents. In "Olive Society is the Core of * * * Co-prosperity-* * Co-prosperity Series1-20210918", we analyzed the current income level of China.
However, judging from the growth trend, the middle class in China began to rise gradually in recent years. In terms of the number of customers, in 2020, the private banking customers of China Merchants Bank will be 202 1%/22.4%, the sunflower customers will be 18.3%/ 17.0%, and the growth rate of other retail customers will be 22. 1%/9.6% respectively. In terms of customer assets, the growth rate of private banking customers of China Merchants Bank in 20021/2020 was 22.3%/24.4%, sunflower customers were19.1%18.6%, and other retail customers were 20.5%//kloc. In contrast, although the growth rate of customers and assets of Sunflower 202 1 is not as fast as that of private bank customers, it has maintained a steady upward trend in recent years. On the contrary, the growth rate of customers and assets of private banks has slowed down.
The above data in the annual report of China Merchants Bank shows that the middle class in China is rising to a certain extent, which is in line with the policy of "* * * sharing wealth" put forward by our country. We believe that the key to the prosperity of * * * is to build an "olive-shaped" distribution structure, which is big in the middle and small at the two ends, instead of the "pyramid-shaped" distribution structure in the past. Not only does the income distribution of residents need to achieve this structure, but the distribution of residents' financial wealth also needs to be tilted towards the middle class. Therefore, judging from the data of China Merchants Bank's annual report, the rise of the middle class in the future is expected to become the general trend of China's wealth management industry.
Risk warning: individual data is difficult to reflect the overall situation.
This article comes from the financial sector.