Wealthy individuals 'see education as asset'
China will have the world's fastest growth rate for high net worth individuals, or HNWIs, who are turning to education-led consumption rather than showing off, a report from Julius Baer Group Ltd indicates.
China will have almost 1.4 million HNWIs, representing a wealth stock of $8.7 trillion, the Swiss private banking group said.
"More HNWIs will emerge in the next few years, supported by China's big economy and stable renminbi exchange rate, despite a possible slowdown in the economic growth rate," said Stefan Hofer, emerging market economist and lead author of the report.
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