China Family Wealth Concentrated in Beijing, Shanghai and Hong Kong

China family wealth has reached RMB145tr (USD20.2tr), with Beijing, Shanghai and Hong Kong remaining the country's leading centres for affluent households, according to a report by Bank of East Asia and the Hurun Research Institute.

The findings underline the concentration of wealth in China's major financial hubs and reinforce the importance of the Greater Bay Area as a key market for private banks, family offices and wealth managers.

Hong Kong recorded around 521,000 affluent households, a decline of 2,400 from a year earlier, including approximately 180,000 households with investable assets of at least RMB6m.

Across the Greater Bay Area, there were about 1.23 million affluent households, including 501,000 high-net-worth households and 28,000 ultra-high-net-worth households.

The report suggests that despite softer economic conditions, the Greater Bay Area continues to be one of Asia's most significant centres for wealth creation and cross-border investment, offering substantial opportunities for institutions serving wealthy Chinese families and entrepreneurs.