Hello, and welcome to the Deutsche Bank Depository Receipts Virtual Investor Conference, DBVIC. I'm pleased to announce that our next presentation will be from Puyi Inc. from China. Before I introduce our speaker, a few points to note. Please submit your questions in the questions box below the slides. Once the Q&A session has ended, don't log out. You will automatically be transferred into the Puyi booth, where you can access additional shareholder materials. On a final note, all today's presentations will be recorded and can be accessed via the Deutsche Bank website, adr.db.com. At this point, I'm very pleased to welcome Irvinal Huang, Vice President of Puyi Inc., which trades on Nasdaq under the symbol P-U-Y-I. Welcome, Irvinal.
Hello, everyone. It's my pleasure to meet you today in this presentation today. We are going to talk about the wonderful opportunity of wealth inheritance of Chinese families. Before we start, I need to remind you to take a look at the disclaimer. Of course, you can check this later for detailed reading. Let's get started. I'm Irvinal. It's my honor to represent Puyi to introduce our business today. We welcome all friends to have great journey with us in the coming 30 minutes. This presentation today is going to focus on four parts. At first, I will introduce Puyi to you with our mission, our history, as well as our management team. Secondly, we will move to the prospects of wealth inheritance in China.
We'll talk about the huge range of clients' needs of inheritance tools and the Great Blue Ocean market we are facing to. In the third part, I will present you our advantages of different approaches with the huge benefit of this golden era. At part four, back to the title of this presentation, I will show you how Puyi can be the leading institution of wealth inheritance for Chinese families. Let's jump into our first topic. Who are we and who are we dedicated to be? Any long-lasting company needs a solid mission to carry on, so do we. Our mission is to accompany advisors with warmth and be the wealth guardian of Chinese families. Simple and clear. The following timeline shows our journey from zero to a listed company.
As you can see, Puyi was founded in 2010 and got fund distribution license that issued by China Securities Regulatory Commission in 2013, and we're listed on Nasdaq in 2019. After years of development, just in this year, we integrated TAMP into iAdvisor app. Meanwhile, we launched the Puyi Institution Master and Puyi family office operation system and put all the applications and platforms together. We generate a full circle of wealth services in China. Generally speaking, it is a big leap year for us in 2022. Let me introduce our management team to you. All of our management team members have years of extensive experiences in fields including bank, insurance, fund house, and even robo-advisor, and have received master and higher degrees in finance. It is a great team combined profession and innovation.
After knowing our history and management team, what is our position in wealth management industry in China? Puyi is a leading wealth management service provider in China for independent advisors and financial institutions. It has become a major multi-division turnkey asset management platform in China. As a comprehensive investment and wealth inheritance advisory, we strive to support independent financial advisors building up their lifetime business and achieving career success. Into the second part. Now, let's take a look at the future of wealth inheritance of Chinese families and why we call it the Great Blue Ocean market. Believing that the golden era of wealth management in China is coming. It is going to be a great opportunity for advisors. Here is a simple fact. Population of coming retirement tide of China. Let's look at the giant group of potential clients we are aiming to.
You can see from the slide, China has experienced a baby boom from 1962 to 1971, which generated the most population growth ever. 260 million of population were born during that time, with the average around 25 million each year. These people will go into their retirement state in the next 30 years. It is a voluminous retirement tide around the world for sure. On the other hand, a large number of families became wealthy in decades along with the era of reform and opening up of China. While this generation stepping into their retirement, wealth inheritance will definitely become their major need and concern, and this population will be our target clients for sure. Here is a question. Do mass population mean huge fortune?
According to the latest China Wealthy Family Report by Hurun, there are 7,325,000 families reach the standard of fortune line with $1 million family asset. As the total asset of these families is around $23 trillion. According to the Global Wealth Report by Credit Suisse in 2019, China has more millionaires than in the United States since 2018. The answer is yes. Mass population do mean more fortune potential in China. We just mentioned the $23 trillion fortune owned by Chinese wealthy families last page. What's the next? There is $2.8 trillion going to be inherited by the next generation in 10 years, $5.9 trillion in 20 years, and $44.3 trillion in 30 years from now on.
As we can see, all the fortune needs to be inherited in the coming 30 years. Imagine that. Since Chinese has a mass fortune needs to be inherited. How? The need of family trust as the tool of inheritance in China keeps booming. From the perspective of the industry, the asset scale of family trusts in China has reached $50 billion by the end of 2021. Compared to 2020, it increased around 30%. We can see that the compound annual growth rate reaches 62.6% from 2018 to 2021. As the perspective of institutional participation, many trust companies have already seized the family trust business as the blue ocean market of China. Even though the needs of family trust is increased, it was still a huge blank needs to be fulfilled.
According to the Whitebook of China Family Office 2021 by Forbes Insights, now in China, only 9.5% of wealthy families have already set up their plan on wealth inheritance. The rest, 23.8% acknowledge family trust as the inheritance tool, and 17.9% have hired professional advisors or institutions to solve inheritance issues. However, still 48.8% of wealthy families have done nothing about it. They are struggling and concerning about inheritance and seeking ways to solve their problems. I mean, what a big blue ocean it is. Coming into the third part about Puyi's advantages. After decades of development, Puyi possesses conditions and advantages of family trust services in China. Our passion is that for any family to have a compatible financial advisor to accompany with.
After decades of development, Puyi has serviced over 1.5 million clients around the nation by 2022. It was a huge client base as for the business foundation, and kept 38.5% compound annual growth rate of clients in last three years from 2019 to 2021. Most of our clients are facing retirement and inheritance needs. Over 30% of them began to consider family trust as a further inheritance plan and to fulfill their demands. Puyi had delivered hundreds of family trust proposals until September 2022. It was a significant achievement, not only to us, but also in the whole China market. Meanwhile, according to the Global Wealth Report 2019, there are about 1.1% of clients meet the fortune family standard as $1 million. Therefore, we may hold around 16,000 wealthy families as clients in hand.
That is a valuable potential client base. Since we have so many families to service now and after, to deliver better support, Puyi set up 37 branches as service network covering most areas of China. That contains 77.3% of the population. Also, in these areas contribute 74.9% of national GDP in 2021. You may say that our network covers major wealthy families in China. Our network provides both efficiency and customer care experience from online to offline, just in order to fulfill the demands of family trust services, which can be complicated and private. Of course, not only the distribution matters, but also elite consultant teams. In 2020, Puyi set up family office division to provide consulting services and up-to-date industry researches, and it has become the most valuable division of us.
Puyi Family Office contains more than 20 core consultants with certificates and years of experience in wealth management industry. We also have around 300 financial consultants around the nation to provide localized support and services. Of course, we are not fighting alone. Puyi links over 80% of fund houses, portfolio managers, and trust companies of Chinese market. They are all major players in each field. We gather partners up to provide both individual and institutional services. Inspired by LPL Financial in the United States, we are building a moat by huge client base, mature consultant team, solid service network, and multivariate and unique partners. In the fourth part, I'm going to show you our confidence. Why can we lead? We are firmly committed to the financial advisor-centered model, and believe that Chinese wealthy families deserve personalized guardians and lifetime companion from financial advisors.
There are five platforms of our strong technical support for advisors, institutions, and clients. Puyi integrated our technology platforms as a total solution of TAMP model to ensure, enrich, and enable our advisors. Within that, we deliver functions of risk and compliance, financial products, 3R enabling, certificates, and training and operation. In 2021, it was a very first time that China gave out accurate definitions of financial advisors by the People's Bank of China. According to this regulation, there are four stages of financial advisors, from individual advisor to family inheritance advisor. Each stage has different professional requirement and different service ability to deliver, just like a career path for advisors. Family inheritance advisor is at the top level of all advisors. Puyi keeps seeking ways to help advisor to level up and to accomplish their transition from elites to entrepreneurs.
Our opportunity are not only coming from the company's advantages, but also the regulatory reform. First of all, wealth management market in China is being regulated and is competitive. More and more advisors choose to be independent and try to start up their own business. We have chances to recruit more professional advisors from the market. Secondly, it's getting harder and harder to get legal financial related licenses in China. With our license advantage, Puyi has become the representative and competitor in the industry. We can see our opportunity to be the best partner for independent advisors and family offices. Last but not the least, Puyi never slows our development, and we will keep growing with our advisors as their strong supporter and help them to get satisfied and accomplished. You may wonder, how to help the numerous advisors to level up?
Puyi creatively adopts a system of enabling called 3R Enable. There are three main characters in this service circle, which are AR, SR, and FR, and they have different strengths as well as weaknesses. Our goal is to use this 3R model to complement weaknesses of ones with others' strengths and form a friendly enabling system. To strengthen objective financial advisors, which we believe is a fundamental need for every family. We enable our partners to focus on their specialty of creating personal long-term relationship with clients and form the foundation of turning life's aspirations into financial realities. By both inside strengths and outside opportunities, we dedicate to power up in three dimensions. First, is to keep growth of client base. Secondly, we intend to raise the productivity of advisors by 200%.
Third is to enable consultants' support ability from one to 10 to one to 20. We are on our way to be a great company in China. As a listed company, we always keep investors' benefit in mind. Puyi focuses on financial performance by four tactics, which are recruitment of decent advisors, methods to increase productivity, client satisfaction and a long-term relationship, and good reputation for independent advisors. These essential tactics form a loop to achieve continuous improvement. I'm sure you are happy to know this. Before the end of this presentation today, there are something more we want to share. After 40 years of high-speed development, Chinese families wishes for better life and needs of family wealth inheritance grown along with economy. Stepping into an aging society, Chinese wealthy families are seeking ways to ensure, enrich, and inherit family wealth.
Even though different cultures may have different methods, but we all share the same dream around the world. Puyi has developed for a decade and will continue to grow. We are dedicated to combine Chinese traditional value with advanced wealth management philosophy and form the Chinese version of LPL Financial in the United States. To continue delivering the best localized platform solutions and embracing the coming golden inheritance age of China, we welcome all friends to contact us for further information. Thank you for joining this session and wish you have a great day. Hope to see you soon.