The Hurun Research Institute released the Hurun Wealth Report 2019 in Shanghai on Tuesday, which provided a detailed analysis of "rich families", "high net-worth families" and their geographical distribution in China. This is the 11th consecutive year in which Hurun has released the report.
A "rich family" is defined as a family with a net worth of more than 6 million yuan ($853,711), while a "high net-worth family" has a net worth of at least 10 million yuan.
As per the report, the wealth of the "rich families" in China totaled 128 trillion yuan, 1.3 times as much as the yearly GDP of this area. Wealth from the Chinese mainland accounts for 80 percent.
As of Dec 31, 2018, the number of rich families in China had reached 4.94 million, up 60,000 from the previous year. And the number in the Chinese mainland had reached 3.92 million.
Let's take a look at the top 10 cities for China's "rich families".
No 10: Tianjin
Number of families: 64,100
A street view of Tianjin. [Photo/VCG]
No 9: Taipei
Number of families: 69,600
The skyline of Taipei. [Photo/VCG]
No 8: Foshan
Number of families: 73,000
A bird's-eye view of Foshan. [Photo/VCG]
No 7: Ningbo
Number of families: 95,900
The skyline of Ningbo. [Photo/VCG]
No 6: Hangzhou
Number of families: 124,100
A night view of Qianjiang New Town in Hangzhou, capital of East China's Zhejiang province, July 3, 2018. [Photo/VCG]
No 5: Guangzhou
Number of families: 162,000
The Canton Tower stands tall over Guangzhou, South China's Guangdong province, on Aug 9, 2018. [Photo/IC]
No 4: Shenzhen
Number of families: 170,000
Skyscrapers border the lush green landscaping in Shenzhen's central business district. [Photo/IC]
No 3: Hong Kong
Number of families: 551,000
A night view of Hong Kong. [Photo/VCG]
No 2: Shanghai
Number of families: 602,000
High-rise buildings and skyscrapers dominate the skyline of the Huangpu River and the Lujiazui Financial District in Pudong, Shanghai, on July 12, 2018. [Photo/IC]
