Di Yi Cai Jing Zi Xun·2025-11-10 00:07Core Insights - The private banking sector in China continues to experience robust growth, with several banks reporting double-digit increases in the number of private banking clients and assets under management (AUM) [2][3][4] Group 1: Client Growth and Market Dynamics - As of the end of Q3 2025, the number of private banking clients at Ping An Bank surpassed 100,000 for the first time, joining six other banks in the "100,000 club" [2][3] - China now has seven banks with over 100,000 private banking clients, an increase of one from the end of last year, reflecting a growing high-net-worth population and evolving wealth management needs [2][4] - The number of private banking clients at China Merchants Bank reached 191,418, a 13.20% increase from the previous year, maintaining its leading position among joint-stock banks [3][4] Group 2: Asset Management and Performance - Ping An Bank's AUM reached 1.974659 trillion yuan, with a year-on-year growth rate of nearly 20%, indicating strong performance in asset management [3][5] - Other banks, such as Minsheng Bank and Industrial Bank, also reported significant growth in private banking clients and AUM, with increases of 18.21% and 11.39%, respectively [3][4] Group 3: High-Net-Worth Population and Wealth Management Trends - The number of high-net-worth individuals in mainland China, defined as those with a net worth exceeding $10 million, has reached 470,000, accounting for 20% of the global total [4][5] - New economic groups, including entrepreneurs and mid-level managers from technology, manufacturing, and pharmaceuticals, are increasingly becoming private banking clients, driven by stock incentives and wealth repatriation [5][6] Group 4: Technological Advancements and Service Transformation - Banks are leveraging technology to enhance service delivery, with initiatives like AI wealth management tools and digital banking apps improving client engagement and transaction efficiency [6][7] - The shift from a product-centric sales model to a client-centric advisory model is evident, with banks focusing on comprehensive wealth planning and asset allocation strategies [7][8] Group 5: Competitive Landscape and Future Outlook - The competition among private banks is intensifying, with a focus shifting from the number of clients to average AUM and long-term client value [8] - Industry experts predict that banks may start to prioritize high-potential clients while reducing focus on lower-contribution clients, reflecting a strategic shift in client management [8]