March 19th - Hurun Research Institute recently released the "2023 Hurun Wealth Report," which reveals the current number of wealthy families in China, their regional distribution, and their demographic profile.
According to the report, as of January 1, 2023, China had 5.14 million "affluent families" with assets of 6 million or more, a decrease of 41,000 households from the previous year, or 0.8%.
There were 2.08 million "high-net-worth families" with assets worth 10 million or more, a decrease of 27,000 households from the previous year, or 1.3%.
The number of "ultra-high-net-worth families" with assets exceeding 100 million CNY reached 133,000, down 5,200 households from the previous year, or 3.8%.
There were also 88,000 "international ultra-high-net-worth families" with assets of 30 million US dollars, a decrease of 4,100 households from the previous year, or 4.5%.
Beijing still has the highest number of ultra-high net worth families (UHNWFs) with assets worth hundreds of millions of CNY, though it has decreased by 1,000 households from last year to 19,400 households, a reduction of 4.9%.
Guangdong ranks second, with a decrease of 840 households from the previous year to 17,300 households, a reduction of 4.6%.
Shanghai ranks third, with a decrease of 770 households from the previous year to 16,830 households, a reduction of 4.4%.
Zhejiang ranks fourth, with a decrease of 500 households from the previous year to 13,800 households, a reduction of 3.5%.
Hong Kong ranks fifth, with a decrease of 600 households from the previous year to 11,400 households, a reduction of 5.0%.
In the composition of "ultra-high net worth households" with assets over RMB 100 million, 79% are business owners, a 4% increase from the previous year. Among them, business assets account for 71% of their total assets, while real estate accounts for 13% of their total wealth.
Professional investors account for 14%, a 2% decrease from the previous year. Cash and stocks account for 80% of their total wealth, while real estate investment accounts for 20%.
Real estate investors account for 7%, a 2% decrease from the previous year. Real estate investment accounts for more than 70% of their total wealth.
