Investor Presentaiton

Fast Growing Mass Affluent and Middle Class in China UHNW HNW Mass Affluent and the rising middle class China's middle-class population* is expected to expand from 300 million in 2019 to 660 million in 2025, representing 46% of the total population in China in 2025. The Mass Affluent** is a key segment to wealth managers. The Mass Affluent space is projected to show CAGR of over 7% from 2020 to 2025, and account for 39% of total client assets across APAC. ■ The two wealthiest cities Guangzhou and Shenzhen had roughly 394 and 527 UHNWIs in 2018, respectively. Hong Kong has 3,010 UHNWIS. *National Bureau of Statistics put out an official definition for people earning a monthly income of RMB 2,000 (US$295) to RMB 5,000 (US$740) constituted as 'middle income' earners in China **Mass affluent segment is defined as those having wealth between US$100,000 and US$1 million Sources: Transformation of world management in Hong Kong by PwC 2020 March

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