China will have the world's fastest growth rate for high net worth individuals, or HNWIs, who are turning to education-led consumption rather than showing off, a report from Julius Baer Group Ltd indicates.

China will have almost 1.4 million HNWIs, representing a wealth stock of $8.7 trillion, the Swiss private banking group said.

"More HNWIs will emerge in the next few years, supported by China's big economy and stable renminbi exchange rate, despite a possible slowdown in the economic growth rate," said Stefan Hofer, emerging market economist and lead author of the report.