Himo Liu
More than five million families in China have net assets of six million yuan (HK$6.56 million), with most of them concentrated in Guangdong, while Hong Kong SAR ranks fifth in China.
A recent report from Hurun Research Institute on cash flow management among high-net-worth families in China reveals that there are 5.18 million households with net assets of six million yuan, 2.11 million households with net assets of 10 million yuan, and 138,000 households with net assets of 100 million yuan.
Guangdong leads with the highest number of high-net-worth families at 307,000, followed by Beijing with 306,000, and Shanghai with 271,000 .
Hong Kong ranks fifth on 215,000, close behind Zhejiang, which is fourth with 216,000.
Chinese Academy of Social Sciences researcher Wang Peng said Guangdong has historically been a prosperous region with substantial wealth accumulation, and the demand for family wealth inheritance and experience has deep roots.
These families are primarily concentrated in Guangzhou and Shenzhen, two first-tier cities that not only harbor a significant affluent population but also boast highly developed financial markets and investment opportunities, attracting numerous high-net-worth families for investment and residence.
The report also indicates that the total wealth of high-net-worth families in China continues to expand, with the total assets growing from 160 trillion yuan in 2021 to 164 trillion yuan in 2022, representing a 2.5 percent increase.
Among families with assets exceeding 10 million yuan, entrepreneurs account for 52 percent, marking a two-percentage-point increase. Of the total wealth of this group, 54 percent is attributed to company assets.
They also possess an average of 3.2 million yuan in cash and securities, as well as real estate valued at over 5.6 million yuan.
Guangdong leads China in high-net-worth households.
