In an effort to get a pulse on Chinas private wealth market, U.S.-based
Goldman Sachs, which already has an office in Shanghai, said either one or two employees will be sent there to research the market, and, if necessary, design products for the growing population of rich Chinese.
Although a spokesman for Goldman Sachs declined to comment on the story, this would mark the latest American firm trying to penetrate China before certain restrictions are lifted. Currently, a firm can offer wealth management services only if it has a joint venture partner in China.
In 2003, the number of millionaires in China, in terms of U.S. dollars, grew 12% to 236,000. Throughout the rest of the world, the average increase in number of millionaires was 7.5%.
"Until recently, private wealth management in China was unheard of,"
