The majority of respondents showed confidence over the long-term prospects. A general consensus was there would be investment opportunities in the next 3-5 years.
China's leading and pioneering wealth management service provider Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH and HKEX: 6686) and PwC jointly published a white paper on "Wealth Management Sentiment" (WMS) index, tracking the country's High Net-Worth Individuals (HNWIs) in coping with global uncertainty.
2022 was an extraordinary year for global investors in the face of much certainty around cyclical economic shifts, COVID-19 flare-ups, and intensifying geopolitical tensions.
The WMS index, which measures level of confidence and concern by gauging Chinese HNWIs' degree of satisfaction with their wealth management, investment behavior and expectations, showed the sentiment changed to "moderately concerned" in 2022 from "moderately optimistic" three years earlier.
However, the majority of participants showed confidence over the long-term prospects. A general consensus was that there would be investment opportunities in the next 3-5 years.
"HNWIs have entered into a new phase of globalization by adopting a 'dual circulation' strategy with domestic and international wealth planning in parallel,” said Weiguo Wu, CEO of Noah Wealth Management Services, China.
The white paper revealed that increased uncertainty of the external environment was the root cause of the concerns under the unprecedented changes in half a century.
James Chang, Financial Services Leader at PwC China, commented that the shift in sentiment was temporary, as most respondents were still confident in the long-term prospects of the Chinese economy.
"HNWIs are an important force for achieving the goal of common prosperity," Chang said.
"They hold the firm belief that China will catch up with other global economies due to its competitive edge with regard to human capital and innovation. In facing the fluctuations in the investment environment, they have demonstrated resilience, calm and persistence."
The white paper presented a quantitative and qualitative analysis of wealth management sentiment based on roughly 1,000 online questionnaires and more than 20 in-depth interviews.
"Looking forward to 2023, the probability of experiencing another year of devastating debacle is unlikely," said Noah International CIO, Alvin Chua.
"The key to sustainable wealth accumulation is diversification and long-term investing, with prudence and discipline, top reserve wealth as well as to enhance wealth."
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