Image credit: steven_yu (Pixabay)
China’s Hurun Research Institute released a report recently, revealing the mainland, Hong Kong, Macau, and Taiwan’s number and geographic distribution of China’s affluent and high-net-worth households.
According to the Hurun Wealth Report 2020, more than 2.02 million Chinese families held a household wealth of $1.548 million or more as of the end of 2019, recording a two per cent increase y-o-y. Meanwhile, the “super-rich” households with more than 100 million yuan in financial assets exceeded 130,000, with a 2.4 per cent increase y-o-y.So, the total wealth of China’s affluent families with assets of more than six million yuan amounts to 146 trillion yuan, which is 1.5 times the amount of China’s annual GDP, with mainland households accounting for nearly 90 per cent. Among the regions with the richest residents are Beijing, Guangdong province, and Shanghai.
According to the jingdaily.com, this group of small but influential families are not only a substantial contributor to China’s rapid economic growth, but they also represent the region’s resilient consumption power despite the ongoing COVID-19 crisis and other geopolitical fluctuations.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
