The number of HNW and mass affluent people in China is set to surpass 56m in 2022 - up 16.5m on 2018, according to a global wealth data provider, writes Cormac Sibley.

China is on track to have the largest mass affluent and HNW population in Asia by 2022 and could even become the world’s largest affluent country in 10 years time.

China could have almost as many mass affluent and HNW individuals as the UK has people in 10 years.

Affluent individuals in China recorded an average annual growth rate of 9.2% between 2014 and 2018, rising from 28.35m in 2014 to 40.13m in 2018, says Global Data.

Despite the recent trade dispute with the US, there is still steady growth in the number of affluent Chinese people. It is the second largest affluent population in the region and third largest globally behind the USA and Japan.

Together, China and Japan make up more than two-thirds of the region’s affluent population. However, growth in China is expected to overshadow Japan. While the number of affluent individuals in Japan is forecast to record annual growth of 2% between 2018 and 2022, China is forecast to enjoy annual growth of 9.7% over the same period.

Wealth analyst at Global Data Shivani Gupta said: “The growth seen (in China) is due to high levels of urbanisation and lots of investment deals showing positive economic growth.

“The growth of the affluent population in China is expected to be highly pronounced for HNW individuals, who are set to record a (growth rate) of 10% over the next four years, making China one of the most attractive wealth markets globally. This will increase China’s economy causing the country to gain an even bigger affluent population.”