China's private wealth market has seen steady development amid the continued improvement of the country's macro economy, according to a recent report jointly released by China Merchants Bank and market research firm Bain & Company.

In 2020, the investable assets held by Chinese individuals reached 241 trillion yuan ($37.5 trillion), growing at a compound annual growth rate of 13 percent from 2018 to 2020. The total investable assets are expected to reach 268 trillion yuan by the end of 2021.

Last year, the country saw 2.62 million high net-worth individuals with investable assets of more than 10 million yuan, growing at a rate of 15 percent annually from 2018 to 2020. The total number of HNWIs is expected to reach about 2.96 million by the end of 2021.

The average investable assets per capita among HNWIs were about 32.09 million yuan in 2020, with the total investable assets held by HNWIs reaching 84 trillion yuan. By the end of 2021, the investable assets held by HNWIs are expected to reach around 96 trillion yuan.

The mix of China's high net-worth population is becoming more diversified, thanks to the rapid development of new economies and industries such as the internet and new energy. The equity appreciation effect also boosted the growth of new HNWIs, and the proportion of HNWIs under the age of 40 rose to 42 percent.