Published : 2024-03-20
With economic development, the lives of Chinese people have improved, and there are more and more wealthy families.
Where are these wealthy families located? Which city has the most? And how does Hong Kong rank?
There are more than 5 million "wealthy families" in China
The Hurun Research Institute recently released the "Hurun Wealth Report 2023" (hereinafter referred to as the "Report"), which generally presents the current number and regional distribution of wealth families in China, as well as a portrait of the population, including 108 cities in mainland China.
This is the 15th consecutive year that the Hurun Research Institute has released the "Hurun Wealth Report".
The "Report" shows that as of January 1, 2023, the number of "wealthy families" in China with assets of 6 million yuan has reached 5.14 million, a decrease of 0.8% compared to last year.
The number of "high-net-worth families" with assets of 10 million yuan has reached 2.08 million, a decrease of 1.3% from the previous year; the number of "ultra-high-net-worth families" with assets of 100 million yuan has reached 133,000, a decrease of 3.8% from the previous year
The number of "international ultra-high-net-worth families" with assets of 30 million US dollars has reached 88,000, a decrease of 4.5% from the previous year.
Why the decrease? Hu Run, Chairman and Chief Research Officer of the Hurun Rich List said: "In 2022, the impact of the pandemic coupled with the evolution of international geopolitical landscape, there is a rise in global economic development uncertainty, and the private wealth of major countries worldwide have been hit to varying degrees.
It is the second time in 15 years that China has seen a decline in the number of high-net-worth families, and the total wealth is also 3.6% lower than the previous year.
The total wealth held by ultra-high-net-worth individuals with a net worth of 30 million US dollars or more has shrunk by 10%, with an average shrinkage of several percentage points in Europe and America."
"Wealthy families" are mainly located in Beijing, Shanghai, and Hong Kong
If we look at the distribution of "wealthy families" and "high-net-worth families" with assets of 6 million yuan and 10 million yuan by city, how is it?
The "Report" shows that Beijing is still the region with the most "wealthy families" with assets of 6 million yuan, a decrease of 14,000 from the previous year to 730,000; Shanghai is the second with 626,000 "wealthy families", a decrease of 2.1%; Hong Kong ranks third with 525,000 "wealthy families", a decrease of 2.6%.
The cities with the most "high-net-worth families" with assets of 10 million yuan are still Beijing with 299,000 households ranking first; Shanghai with 265,000 households ranking second; and Hong Kong with 210,000 households ranking third.
If counted by province, Guangdong has become the region with the most "high-net-worth families" with assets of 10 million yuan, a decrease of 8,000 from the previous year to 300,000 households.
More than half of the "high-net-worth families" are business owners
Looking at the composition of the population, among the "high-net-worth families" with assets of 10 million yuan, owners of enterprises account for 52%.
Enterprise assets account for 61% of their total assets, they have 1.8 million yuan in investable assets (cash and some securities), and housing worth more than 5 million yuan.
Following them are executives, mainly including senior executives of large enterprise groups, multinational companies, who are guaranteed a stable high income through company shares, high annual salaries, dividends, etc. This group accounts for 34%, an increase of 4 percentage points from the previous year.
Their wealth consists of 57% in cash and securities, and they average over 7 million yuan in real estate.
Real estate investors account for 6%. Real estate investors mainly refer to wealthy individuals who invest in real estate and own multiple properties. Investment properties account for 58% of their total wealth, the average value is over 10 million yuan, and the proportion of cash and securities is less than 10%.
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