The latest Hurun Wealth Report indicates that the greater China region is now host to at least 4.6 million households with assets worth over 6 million yuan (approx. USD$920,000).
The Hurun Wealth Report 2017 provides a break down of the scale and geographic distribution of the wealthiest households across the greater China region, which is defined as encompassing mainland China, Macau, Hong Kong and Taiwan.
According to the report as of 1 January 2017 there were 4.6 million households in the greater China region with assets worth over 6 million yuan, for an increase of 274,000 compared to the outset of 2016, and a year-on-year rise of 6.3%.
80% of these households are situated in mainland China, while the combined wealth of the 4.6 million households is equal to 125 trillion yuan, or 1.5 times the total GDP of the greater China region.
The number of high net-worth households across greater China with assets of at least 10 million yuan (approx. $1.53 million) reached 1.86 million, for an increase of 147,000 compared to the start of 2016, or a year-on-year increase of 8.6%.
The number of super- high-net worth households with multi-million yuan in assets was was 121,000, for an increase of 12,000, or 10.5%, compared to the preceding year, while the number of “international super high net-worth households” with assets of at least USD$30 million was 79,000, for an increase of 8,300 households, or a percentage rise of 11.8%.
The latest edition of the Hurun report marks the first time that wealthy households in Macau, Hong Kong and Taiwan have been included.
“With the addition of Hong Kong, Macau and Taiwan, this report is the world’s first comprehensive report on the number of high net-worth households in the greater China region,” said Hurun.
“Nine years ago when we released our first wealth report, the purchasing power of Hong Kong, Macau and Taiwan’s high net-worth households far exceeded that of China’s major cities, and the global purchasing power of Chinese around the world was dominated by Hong Kong, Macau and Taiwan.
“Today, however, they’ve been surpassed by the mainland.”
According to the report Beijing is host to the largest number of 6 million yuan households, multi-million yuan households and USD$30 million super-rich households, while Guangdong province lays claim to the largest number of 10 million yuan households.
Shanghai has seen the most rapid growth in 6 million yuan and 10 million yuan households, with year-on-year increases of 9.8% and 12.2% respectively.