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China's affluent families see wealth decline for second time in 15 years


According to the Hurun Wealth Report, China’s affluent families with assets of at least CNY6m declined by 0.8% to 5.14 million, marking the second decrease in 15 years. Their total wealth also fell by 3.6% to CNY158tr. High net worth and ultra-high net worth families saw decreases of 1.3% to 2.08 million and of 3.8% to 133,000, respectively. This reduction across wealth segments is attributed to the pandemic and global economic uncertainties. Beijing, Shanghai, and Hong Kong were the top cities for affluent residents. The report also highlights gold as the preferred investment, with overseas assets, particularly in Hong Kong and Singapore, making up a significant portion of their investments.

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