The authoritative global high-net-worth population research institution Hurun Research Institute released the (2024 Hurun Wealth Report). This is the 16th consecutive year that Hurun Research Institute has published this report. The report reveals the number of wealth families in China, their regional distribution, and demographic profiles. It announces the number of families with total wealth of 6 million yuan, 10 million yuan, 100 million yuan, and over 30 million dollars, as well as the corresponding number of families with investable assets. This report covers a total of 108 cities in 34 provincial-level administrative regions in China, including Hong Kong, Macao, and Taiwan, aiming to comprehensively reveal the scale and distribution changes of wealth families in China.
In 2022, the total wealth of ultra-high-net-worth individuals globally shrank by 10%, with an average decline of over 10% in Europe and America. The number of high-net-worth families in China decreased for the second time in 15 years, with total wealth declining by 3.6%.
"The total wealth of affluent families in China with assets over 6 million reaches 150 trillion yuan. Among them, the total wealth of ultra-high-net-worth families with assets exceeding 100 million yuan amounts to 87 trillion yuan, accounting for 58% of total wealth, which has increased from 56% last year."
"China is迎来 a wave of wealth transfer. In the next 10 years, it is expected that 20 trillion yuan of wealth will be transferred to the next generation; within 20 years, this number will increase to 45 trillion yuan; and within 30 years, the total amount of wealth transfer will reach 79 trillion yuan."
"Total wealth represents confidence. The average high-net-worth family in China has 4.4 members, living in a 270-square-meter residence, owning 2 cars and 4 watches. They prefer to collect jewelry, Chinese paintings, fine wines, and luxury watches, enjoy 24 days of vacation a year, and are keen on travel and gourmet food, according to the (2024 Hurun Report on High-Net-Worth Individuals in China)."
"Investable assets represent investment strength. The preferred investment object for China's high-net-worth population in the coming year is gold. Their overseas assets account for 16% of investable assets, with Hong Kong and Singapore being the most popular overseas investment destinations, according to the (2024 Hurun Report on High-Net-Worth Individuals in China)."
China wealth family scale
As of January 1, 2024, the number of affluent families (assets over 6 million) in China has slightly decreased to 5.128 million households, a year-on-year decrease of 0.3%, that is, a reduction of 14,000 households, of which families with 6 million in investable assets number 1.846 million.
The number of high-net-worth families (assets over 10 million) is 2.066 million, a year-on-year decrease of 0.8%, reducing by 17,000 households, of which families with 10 million in investable assets number 1.089 million.
The number of ultra-high-net-worth families (assets over 100 million) is 130,000, a year-on-year decrease of 1.7%, reducing by 2,200 households, of which families with investable assets over 100 million amount to 78,000.
The number of international ultra-high-net-worth families (assets over 30 million) is 86,000, a year-on-year decrease of 2.3%, reducing by 2,000 households, of which families with investable assets over 30 million number 54,000.
The number of affluent families in mainland China (excluding Hong Kong, Macao, and Taiwan) has slightly decreased to 4.142 million households.
The number of high-net-worth families (assets over 10 million) is 1.678 million.
The number of ultra-high-net-worth families (assets over 100 million) is 110,000.
The number of international ultra-high-net-worth families (assets over 30 million) is 73,000.
Distribution of affluent families
Beijing continues to have the most affluent families with assets over 6 million, totaling 728,000 households, a decrease of 1,900 from the previous year, a decline of 0.26%, of which 275,000 families have investable assets over 6 million. Guangdong ranks second with 703,000 affluent families.
Shanghai ranks third with 624,000 affluent families.
Zhejiang ranks fourth, with 549,000 affluent families.
Hong Kong ranks fifth with 524,000 affluent families.
Distribution of high-net-worth families
Guangdong continues to lead in the number of high-net-worth families with assets over 10 million, despite a decrease of 2,400 households from last year, with a total still reaching 298,000, of which 168,000 families have investable assets over 10 million.
Beijing ranks second with 296,000 households, Shanghai ranks third with 263,000 high-net-worth families, Zhejiang ranks fourth with 213,000 households, and Hong Kong ranks fifth with 208,000 households.
Top 10 cities for high-net-worth families
Composition of high-net-worth families:
Business owners: 54%
Business owners make up 54% of the high-net-worth population, an increase of 2 percentage points from last year. Their business assets account for 63% of total assets, with an average of 1.6 million in investable assets (including cash and some marketable securities), and housing worth over 5 million.
Golden collar: 34%
The golden collar group mainly includes senior management personnel in large corporate groups and multinational companies, who obtain stable high incomes through company shares, high salaries, and dividends. This group accounts for 34%, unchanged from last year. Cash and marketable securities account for 53% of their wealth, with average property value exceeding 7 million.
Professional stock traders: 7%
Professional stock traders refer to professionals who specialize in stock, futures, and other financial investments. This group accounts for 7% of the high-net-worth population, a decrease of 1 percentage point from last year. In their wealth, cash and marketable securities account for 60%, with an average of over 6 million in self-owned housing.
Real estate investors: 5%
Real estate investors mainly refer to wealthy individuals who invest in real estate and own multiple properties. This group accounts for 5%, a decrease of 1 percentage point from last year. Their investment properties account for 58% of total wealth, with an average value exceeding 10 million, while cash and marketable securities account for less than 10%.
Distribution of ultra-high-net-worth families
Beijing continues to have the most ultra-high-net-worth families with assets over 100 million, although the number has decreased by 400 from the previous year to 19,000, a decline of 2%, of which 11,170 families have investable assets over 100 million.
Guangdong ranks second with 17,100 households, a decrease of 260 from last year. Shanghai ranks third with 16,670 ultra-high-net-worth families, Zhejiang ranks fourth with 13,600 ultra-high-net-worth families, and Hong Kong ranks fifth with 11,100 households.
Top 10 cities for ultra-high-net-worth families
Composition of ultra-high-net-worth families:
Business owners: 80%
Among the ultra-high-net-worth families with assets over 100 million, business owners account for 80%, an increase of 1 percentage point compared to last year. Their business assets account for 73% of total assets, with an average of 16 million in investable assets (including cash and some marketable securities), while real estate accounts for 13% of their total wealth.
Professional stock traders: 14%
The proportion of professional stock traders among ultra-high-net-worth families remains at 14%, unchanged from last year. In their wealth, cash and stocks account for as much as 78%, while real estate investment accounts for 22% of their wealth.
Real estate investors: 6%
The proportion of real estate investors has decreased by 1 percentage point compared to last year, now at 6%. Real estate investment accounts for more than 70% of their total wealth.
Interestingly, we see a conclusion here: in the ultra-high-net-worth (100 million) group, the golden collar has disappeared, and business owners account for 80%. This means that even if you work in a high-level job, you cannot net over 100 million; you may reach tens of millions. However, stock traders account for 14%, indicating that stock trading is possible. In the high-net-worth group, only 7% engage in stock trading. This shows that to truly reach A9, one must rely on investment rather than employment. In essence, business owners invest in their own enterprises, generating significant returns.
Moreover, there are only 4 million affluent families (net assets over 6 million) on the mainland, so don't pay attention to online claims of average incomes of millions; they are either fabricated or forwarded. The key is to work hard to earn money and invest wisely. Currently, Web3 seems to be a relatively easy way to achieve A9 investment in recent years.
Distribution of international ultra-high-net-worth families
Beijing remains the region with the most international ultra-high-net-worth families with assets over 30 million, although the number has decreased by 270 from the previous year to 13,000, a decline of 2%, of which 8,960 families have investable assets over 30 million.
Shanghai ranks second with 118,800 households.
Guangdong ranks third with 11,280 international ultra-high-net-worth families.
Zhejiang ranks fourth, with 9,940 international ultra-high-net-worth families.
Hong Kong ranks fifth with 7,300 households.
Top 10 cities for international ultra-high-net-worth families
Historical data - China wealth family size
