The number of high net worth families in China shrunk for the second time since 2019, according to a report by Hurun. The pandemic and economic uncertainty were cited as key drivers for the contraction.
In 2023, the number of high net worth families fell 1.3 percent to 2.08 million, according to a report (in Chinese language) published by the Hurun Research Institute. The report defines such families as those with a minimum of 10 million yuan ($1.4 million) in assets. The number of ultra-high net worth families (minimum assets of 100 million yuan) also fell 3.8 percent to 133,000.
Alongside 2019, this marks the second time China has recorded a wealth decline in 15 years. According to Hurun chairman and chief researcher Rupert Hoogewerf, the drop was attributable to the impact of the pandemic and increasing uncertainty in the global economy.
Top Cities
By city, Beijing was home to the highest number of rich families. This was followed by Shanghai and Hong Kong in second and third place, respectively.
Overseas assets accounted for one-sixth of investable assets with Hong Kong and Singapore named as the favored locations.
