SAIF-Charles Schwab 2023 China Rising Affluent Financial Well-Being Index Released


On September 19th, the Shanghai Advanced Institute of Finance (SAIF) and Charles Schwab released the 2023 China Rising Affluent Financial Well-Being Index, the seventh consecutive annual edition. 

The Index focuses on the "rising affluent" - those with annual incomes of RMB 125,000 to 1,000,000 and investable assets under RMB 7,000,000. It tracks changing investment behaviors and financial well-being perceptions of this group driving China's economic growth and consumption. 

In his welcome speech, SAIF Executive Director Guangshao Tu affirmed the Index's significance. He emphasized the rising affluent's importance in shifting household wealth structures and growing financial market participation, enriching China's wealth management industry and markets.

The Index shows a slight drop in rising affluent financial well-being (70.78, down from 72.20). However, most remain confident in their wealth status, stemming from sustained economic growth. Additionally, 41.8% derive confidence from personal financial management skills.

The study found rising affluents gradually shifting investment focus toward long-term financial goals amid changing conditions. As they seek optimal wealth management methods, demand grows for professional investment advice and consultancy. Rising affluents increasingly understand the value of investment consultants, presenting opportunities for financial institutions. 

This year, data reveals a mismatch between rising affluent investment expectations, risk tolerance, market realities, and financial literacy. There is room for improvement.

The Index provides insights into a critical demographic for China's economic and financial development. SAIF and Charles Schwab's continued efforts highlight emerging trends and inform strategies to improve financial well-being.