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Tech millionaires keep China's wealth machine humming

Global banks are monitoring new fintech business models emerging there

In 2014, China's high net worth population grew by 17.5 per cent, to 890,000; the elite group's combined wealth came in at US$4.5 trillion, according to Capgemini and RBC Wealth Management. Swiss private bank Julius Baer sees HNWI wealth reaching US$8.2 trillion by 2020.

WANG Feng is the kind of successful technology entrepreneur whom private wealth bankers from Goldman Sachs to Credit Suisse would love to land as a client. He is chairman of Beijing-based Linekong Interactive Group, a Chinese mobile and online game developer valued at about US$194 million - in...