China's wealth management market maintained a healthy momentum this year, as the total wealth among individuals with 6 million yuan (US$947,000) or more in investable assets rose to 62 trillion yuan by the end of 2011, according to the China Wealth Management Market Report released by China Construction Bank and Boston Consulting Group.

The report also found that China has 1.21 million high net worth families with at least 6 million yuan in investable assets by the year's end, totaling 27 trillion yuan. Among them, 35 percent cluster in Beijing, Shanghai and Guangdong Province.

Between 2008 and 2010, the number of high net worth individuals (HNWI) and families grew at a compound annual growth rate of 32 percent and 42 percent respectively, the report said.

In addition, the report indicated that 22 percent of those with more than 50 million yuan in assets have used offshore banking products or services, signaling a rising demand for offshore banking.

China's business press carried the story above on Friday.