Recent data from the Hurun Research Institute reveals a nuanced shift in China's wealth landscape, marking a slight decline in the country's affluent families.
As of January 1, 2023, the number of "affluent households" in China, defined as those possessing assets over 6 million yuan (about US$830k), slightly decreased by 0.8%, totaling 5.14 million households. This decline of approximately 41,000 families from the previous year suggests a subtle yet noticeable shift in China's economic fabric.
The report further categorizes wealth into more refined segments, revealing that the number of "high-net-worth households" - those with assets exceeding 10 million yuan (US$1.38 million) - witnessed a 1.3% decrease, settling at 2.08 million households. This contraction, though marginal, underscores a broader economic recalibration affecting China's wealthy.
More pronounced was the dip among "ultra-high-net-worth households" with assets over 100 million yuan, which contracted by 3.8...
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