Chinese private wealth market will see a further boom in 2017, with the total investable assets expected to reach 188 trillion yuan（$27.5 trillion), but the growth rate is likely to slow down from previous years, an industry report showed on Tuesday.

The 2017 China Private Wealth Report released by Bain Consulting and China Merchants Bank predicts that the number of high-net-worth individuals (HNWI)—those who are in possession of over 10 million yuan's investable asset—in China will climb to 1.87 million this year, up 18 percent while the asset they hold will amount to 58 trillion yuan, up 19 percent.

The report also forecast that although the private wealth's growth rate may slow down to 14 percent, compared to the average 21 percent growth rate from 2014 to 2016, it will still have sustainable increase to 188 trillion yuan this year.

Liu Xin, a senior member of Bain Consulting, said investment in real estate seems to have a big impact on the slowing growth rate, as well as the tightening regulation and oversight of investment produce fem property, wealth management products and insurance.

By 2016, the number of HNWI in China had topped 1.58 million with total asset rising to 165 trillion, five-fold from a decade ago, and its potential to grow has shown no sign of cooling down.

"This year's results are fascinating as they show the continued and immense surge of wealth creation in China that has continued to flourish from a decade ago. It represents an entirely new frontier with abundant opportunities and challenges for financial services providers," said Jennifer Zeng, a partner at Bain & Company and co-author of the report.

The percentage of HNWIs surveyed with overseas allocation has increased from 19 percent in 2011 to 56 percent in 2017, but the overall percentage of assets allocated overseas has leveled off, according to the report.

Meanwhile, domestic investment has gaining popularity among the new rich, with 35 percent growth rate, contributed by new investment areas such as private fund, asset management products and financial technology (Fintech).