As reported on March 21, the "China Will Database White Paper" 2023 has been officially released, shedding light on some compelling figures.
According to the data, as of December 31, 2023, the China Will Database had received will consultations from a whopping 478,850 individuals, with the number of registered and stored wills reaching 311,868.
From 2016 to 2023, the annual number of individuals drafting wills hovered around 40,000. In 2023, however, it reached its peak, surpassing 60,000 for the first time.
Concurrently, the average age of individuals drafting wills has been steadily decreasing. Over the past decade, it has dropped from 77.43 years to 67.82 years.
Remarkably, out of the more than 300,000 wills, a surprising 524 were from individuals born after 2000 (Generation Z). The majority of these young will-makers were university students, with a smaller number being young professionals.
Over the past three years, the average household assets of individuals drafting wills have exhibited a significant upward trend. From 6.27 million CNY ($931,000) in 2021, it surged to 7.44 million CNY ($1.1 million) in 2023, representing an impressive 18.8% increase.
Certainly, real estate remains a significant asset category within the estate plans of individuals across various age groups. In 2023, real estate was present in approximately 99.78% of individuals' wills in the senior population, while it accounted for 97.14% of testamentary documents belonging to middle-aged and younger adults.
However, for individuals born after 1990 (known as the "90s generation"), bank deposits surpassed real estate as the predominant asset type mentioned in their wills. Additionally, virtual assets such as Alipay accounts, WeChat accounts, QQ accounts, and gaming accounts have emerged as notable property categories.
