Online wealth management. Photo: iStock
Online wealth management. Photo: iStock

The current wealth management market in China has reached US$6 trillion, according to the latest report co-released by BCG and Lufax on Monday, China News Service reported.

It is worth noting that although 34.6% of the wealth management products are sold online in China, which is second only to the US’s 40.7%, there is still much room for the digital wealth management market to develop.

“Although China’s financial technology and online wealth management currently occupy a global position that cannot be ignored, the development of China’s real digital wealth management is still in its infancy,” said He Dayong, BCG global partner and managing director.

The penetration rate of independent Internet third-party wealth management, which better reflects the nature of digital wealth management, is only 10%.

And the majority are cash management and fixed income products, which do not meet the definition of digital wealth management.