As a result of the agreement, Credit Suisse’s shareholding is expected to increase from 33.3% to 51% by way of capital injection. Credit Suisse Asset Management enjoys the privileged position of being able to rely on a proven and highly successful partnership in China. China has "one of the largest protection gaps" in Asia for life and health insurance, says the Credit Suisse report. Since the year 2000, total household wealth in China has risen from USD 3.7 trillion to USD 63.8 trillion, a multiple of more than 17. The main feature of these segments is the dominance of China, which accounts for 38% of the total membership, compared to 9% from India, 7% from Latin America, and just 3% from Africa. It was notable not only for the rapid expansion – total wealth grew at an annual rate exceeding 10% – but also for the breadth of coverage. All rights reserved. Effects from the aging population will be felt across a wide range of industries, from health care to insurance, and travel and e-commerce, according to the report, which surveyed 1,500 middle-aged and elderly consumers in China. Global wealth report: The pandemic reshuffles the wealthiest group, Credit Suisse Logo, leads back to the home page, revamp14.Back_x0020_to_x0020_the_x0020_home_x0020_page, 10 characteristics of a post-COVID-19 world. Dong Tao discusses how demographic trends are transforming Chinese consumption, and the potential near-term disruptors to China’s economy. And although the "new world" has not yet overtaken the "old world" as the source of most new millionaires, that prospect is fast approaching. Credit Suisse predicted China will record 2.2% growth for 2020, followed by a sharp jump to 7.1% in 2021. China's progress has enabled it to replace Europe as the principal source of global wealth growth and to replace Japan as the country with the second-largest number of millionaires. Orders for big-ticket medical equipment such as ventilators, dialysis machines and MRI equipment used in hospitals may also increase, according to the report. That sector is set to be worth 340 billion yuan ($49.8 billion), which forms 20% of global sales – up from 17% in 2017, the bank said. Credit Suisse has received final regulatory approval to purchase the shares needed for a majority equity stake in its Chinese securities venture Credit Suisse Founder Securities Ltd (CSFS). "At US$10,000, the middle class has started to emerge in China and they have a lot of ground to make up in insurance coverage," analysts said in the report, adding that China has "one of the largest protection gaps" in Asia for life and health insurance. Got a confidential news tip? (in billion USD). Baby boomers are demanding high-quality medical services, according to the survey findings. "This boomer generation came of age right at the cusp of China's inflection point into what's essentially the greatest growth trend in history. Credit Suisse scooped up a team of specialists off a Hong Kong broker. These baby boomers — defined in the report as those born in the 1960s — are more aware of having their health-care needs covered, and that's set to lead to a "very sharp shift" in trends in the country, said Will Stephens, Asia Pacific head of quantitative and systematic strategy at the bank. For the full year of 2019, Credit Suisse expects a 5.6 per cent growth in Chinese banks’ earnings per share, and a forward 2019 PE multiple of 6.5 times, down from 6.9 times in 2018. This is a wonderfully counter intuitive finding from the new Credit Suisse Wealth Report. All Rights Reserved. Rich Chinese outnumber wealthy Americans for first time: study. Progress – Ideas and solutions from 16 countries. China's baby boomers are set to retire in the coming years, and they're spending in different ways compared to the current retirees, according to a Credit Suisse report. Overall, the number of millionaires shrank by just 1% in the first half of 2020. Credit Suisse said Chinese baby boomers are "the largest cohort in history" in the country, with about 245 million people who were born in the 1960s. Woods added that other regions and … Until late last year, foreign banks had not been allowed to own a majority of a Chinese securities firm. For that purpose, the Swiss bank installed a new unit at the Hong Kong offices that will cater for the needs of such families. A collection of interviews. Most pandemics underline the role that environmental, social, and cultural factors play in their emergence and spread. There're more poor people in America than there are in China. You are about to change the origin location from where you are visiting credit-suisse.com. A director at Credit Suisse is co-founding a new party in Hong Kong to seek reforms and «promote a democratic political system best suited» for the territory. Visit your regional site for more relevant services, products and events. For developed countries and emerging economies alike, inheritances are expected to have significant wealth distribution consequences in the future. The health food sector will be a "key beneficiary," said Credit Suisse, which predicted annual growth at more than 7% for the next few years. China: This century's champion in wealth creation. Our private banking portal offers comprehensive information on all aspects of personal banking, banks, financial operators and institutions. 28th Floor, 8 Century Avenue, Pudong, Shanghai 200120. This Upstart Chinese Brokerage Is Now Bigger Than Credit Suisse Bloomberg News September 14, 2020, 5:00 PM EDT Updated on September 15, 2020, 12:16 AM EDT Other emerging market economies have also made a significant contribution to real global growth since 2008. Since 2008, average real USD wealth growth in Europe has been negative, in part due to the retrenchment of the euro. Swiss bank Credit Suisse has agreed with Founder Securities to increase its shareholding to a majority stake in its Beijing-based Credit Suisse Founder Securities (CSFS) joint venture. Phone: +8621 3856 0288. In 2014, the S.E.C. "I think the key difference here is the sheer scale and size of the current generation of Chinese baby boomers that are going to be retiring over the next 10 years," he said. It was one of the few countries to avoid the impact of the global financial crisis. The Chinese have become wealthier, with gross domestic product per capita soaring from $2,100 to $10,000 in the last 10 years, according to the report. Credit Suisse is one of a string of banks set to profit from the opening of the Chinese financial market. UBS was the first among the foreign banks to make use of the rule change, taking a majority stake of 51 percent in its local unit. The Zurich-based bank is hiring a David Murphy , head of a data-driven analysis team at Asian brokerage CLSA, it said in a statement on Friday. More tellingly, China overtook the United States this year to become the country with most people in the top 10% of global wealth distribution. Credit Suisse (Hong Kong) Limited, Shanghai Representative Office. *The location of origin is defined in your browser settings and may not be identical with your citizenship and/or your domicile. The two middle segments, covering those with the wealth of USD 10,000–100,000 and USD 100,000 to USD 1 million, have expanded significantly this century. Credit Suisse in Hong Kong SAR, China. Credit Suisse (Hong Kong) Limited, Shanghai Representative Office. Credit Suisse is overweight banks and miners, and upbeat on the outlook for pandemic rebound plays such as Qantas and Flight Centre, as it bets … Shan Li, a member of the Credit Suisse board, is one of the three co-founders of a new political party called «Bauhinia,» according to Hong Kong’s Companies Registry. "Though China's adoption of health food is in its infancy, we believe it will follow the trend of developed countries, specifically resembling its Asian neighbours including Japan and Korea, in the long term," the report said. So they have very different consumption patterns, different interests than what we see amongst the current retirees," he told CNBC on Tuesday. 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