China has overtaken Japan to emerge as the second-largest wealth market, with an estimated 2.3 million high net worth individuals (HNWI) including almost 26,700 UHNWs in 2019 – though the market remains substantially smaller than the US, according to research company Wealth-X.
The ultra-wealthy in China with a total wealth of $4.2 trillion maintain a significantly higher combined wealth than the 2 million individuals at the ‘lowest’ wealth tier.
Shanghai, Beijing, and Shenzhen are the top 3 cities in China by wealthy population; but, only Shanghai makes it into the top 30 global cities according to Wealth-X’s study.
China now has more than 100 cities with a population of more than one million individuals. In contrast to Tokyo, which is home to 40% of all the country’s ultra-wealthy individuals, Shanghai accounts for just 6% of the total ultra-wealthy population in China.
UHNW individuals in China hold a greater proportion of their wealth in private and public holdings than the global average. This is due in part to its younger population, many of whom are still in the midst of ventures that drive wealth creation, as well as a trend for the wealthy in China to invest their savings into real estate.
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