Financial freedom in China costs 19m yuan says Hurun

Mainlanders need at least 19 million yuan (HK$22.55 million) to achieve financial freedom in first-tier cities such as Shanghai and Beijing, according to a report by Hurun.

The 19-million-yuan threshold amounts to a 120 sq m home in an urban area, two cars, an after-tax household income of 600,000 yuan, and 8 million yuan in financial investments, Hurun said.

In comparison, the threshold for financial freedom is 12 million yuan in second-tier cities and 6 million in third-tier cities.

China has a higher threshold for financial freedom than other countries due to higher housing demand, Hurun said.

For instance, it costs 9 million yuan to achieve financial freedom in Mumbai, Hurun said.

Meanwhile, the number of Chinese families with household assets of 6 million yuan (HK$7.21 million) has surpassed the five million mark for the first time, according to the Hurun Report.

As of December 31, 2019, the number of families with household assets of 6 million yuan - classed as "wealthy" - rose 1.4 percent from a year earlier to 5.01 million. If Hong Kong, Macau, and Taiwan are excluded, the number of families with household assets of 6 million yuan came to 3.99 million yuan, up 1.7 percent year-on-year.

Among all Chinese cities and regions, the number of families with household assets of 10 million yuan grew 2 percent to 2.02 million, while the number of families with assets of 100 million yuan rose 2.4 percent to 130,000 households year on year.