"We always say bad news is good news, so it s good then there is expectation for the Fed and other central banks to end the rate hike cycle sooner," Teng said.
More than 3.5m people were stripped of their millionaire status last year as soaring inflation and a collapse in global currencies hit the value of private wealth.
Over the weekend, China inched towards ending a two-month coronavirus lockdown in Shanghai from Wednesday, with city officials introducing an action plan - consisting of 50 policy measures - to revive the country's commercial hub.