Yi Tsai · Hurun Wealth Report 2021

Affluent’ families in China with CNY 6mn of family wealth increased by 1.3% to 5.1 million families

‘High Net Worth’ families with CNY 10mn, up 2% to 2.1 million

‘Ultra High Net Worth’ families with CNY 100mn, up 2.5% to 133,000

Total wealth of affluent families in China grew 9.6% to CNY 160tn, of which CNY 49tn or 30% investable wealth.

Over next 10 years, affluent families in China will pass on CNY 18tn of wealth to the next generation, CNY49tn over 20 years, and CNY 92tn over 30 years

Hurun Research Institute, a leading authority on research into wealth creation, releases the Hurun China Wealth Report for the 13th consecutive year 

(14 April 2022, Qingdao, Shandong Province, China) The Hurun Research Institute today, in association with wealth management platform Yi Tsai, today released the Yi Tsai · Hurun China Wealth Report 2021, a comprehensive report into the number of wealthy families in China across 100 geographical regions. The report focused on four wealth levels: affluent, high net worth, ultra high net worth and international ultra high worth families, looking into both their total as well as investable wealth. The report includes the results of a survey into their investing needs and habits. This is the 13th year of the Hurun China Wealth Report.

The Yi Tsai · Hurun China Wealth Report 2021 analyses both ‘Total Wealth’ and ‘Investable Assets’. ‘Total Wealth’ is a measure of confidence, and includes a family’s main residence and unlisted family-owned business, as well as investable assets. ‘Investable Assets’ is of particular interest to financial service providers and includes liquid assets such as equities, funds and cash, and less liquid investments such as investable properties.

The report includes a survey into the investing needs and habits of wealthy Chinese families.  The survey was carried out over four months ending Oct 2021, with 540 respondents from Beijing, Shanghai, Guangzhou, Shenzhen and Qingdao. Respondents were aged 45 and had total wealth of CNY 32 million, equivalent to US$5 million, on average.

Definitions. ‘Affluent Households’ are defined as families with CNY 6mn (equivalent to US$1mn) of family wealth; ‘High Net Worth Households’ are families with CNY 10mn (equivalent to US$1.6mn) of family wealth; ‘Ultra High Net Worth Households’ are families with CNY 100mn (equivalent to US$16mn) of family wealth; and ‘International Ultra High Net Worth Households’ are families with US$30mn of family wealth.

In 2020, China was the only major economy to achieve positive economic growth, growing 2.3% to break through the CNY 100tn mark (equivalent to US$16tn).

Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said: “We are delighted to put out the Hurun China Wealth Report with leading Qingdao-based wealth management platform Yi Tsai. This report is targeted at brands and service providers with products and services for wealthy Chinese families.”

“The Yi Tsai Hurun China Wealth Report is the most comprehensive and detailed analysis of wealth in China. We break down the number of wealthy families four levels of wealth, since each stage has different, across 100 geographical regions in China. We look into both total wealth, which is a measure of their confidence and especially relevant for brands and services selling to them, and investable wealth, which looks at their investment ability and is of particular relevance to financial services providers.”

“Whilst the number of affluent families with CNY 6mn grew by 1.3% in the last year, their total wealth grew by 9.6%, significantly faster than GDP.”

“These last 20 years have seen China create more private wealth faster than any country in the history of the world. This suggests that the next 20 years will be the turn of wealth managers.”

“China’s private sector is incredibly resilient and innovative. This year, we had over 800 new faces on the latest Hurun China Rich List and only 300 drop-offs, resulting in a net increase of 520 individuals to take us to a new record of 2918 individuals with US$300mn. The new faces were mainly from new energy, semiconductors, biotech and fitness-related sectors, whilst the drop-offs were mainly from real estate and online education.”

“Common prosperity has now become a hot topic in China, with wealthy families thinking about how to do philanthropy and put their wealth to best use.”

Giamberto Giraldo, General Manager of Yi Tsai, said, “We are delighted to work with the world-leading Hurun Research Institute to launch the Yi Tsai · Hurun China Wealth Report 2021. Yi Tsai focuses on training financial planners to become good private bankers and providing customers with bespoke asset allocation plans, in a format most suited to the new digital era.”

This is a brief English language summary of the full Chinese press release which can be found at www.hurun.net. For media inquiries please contact our public relations team whose contact details can be found at the end of this report.

Size of Market

As of 1 January 2021, the number of affluent families in China with CNY 6 million of total wealth increased by 1.3% to 5.08 million households. Of these, 1.83 million families had investable assets of CNY 6 million.

The number of high net worth families in China with CNY 10 million of total wealth increased by 2% or 40,000 households to 2.06 million households. Of these, 1.1 million families had investable assets of CNY 10 million.

The number of ultra high net worth families in China with CNY 100 million of total wealth increased by 2.5% or 3,300 households to 133,000 households. Of these, 79,000 families had investable assets of CNY 100 million.

The number of international ultra high net worth families in China with the equivalent of US$30mn of total wealth increased by 2.8% or 2,400 to 89,000 households. Of these, 56,000 families had investable assets of the equivalent of US$30mn.

Geographical Distribution of Affluent Households, High Net Worth Households, Ultra High Net Worth Households & International Ultra High Net Worth Households in China

 No. of Affluent Households with CNY 6mnGrowth Rate of Affluent HouseholdsNo. of Affluent Households with investable assets of CNY 6 millionNo. of  High Net Worth Households with CNY 10mn Growth Rate of High Net Worth HouseholdsNo. of  High Net Worth Households with investable assets of CNY 10 millionNo. of  Ultra High Net Worth Households with CNY 100mnGrowth Rate of  Ultra High Net Worth HouseholdsNo. of  Ultra High Net Worth Households with investable assets of CNY 100 millionNo. of  International Ultra High Net Worth Households with US$30mnGrowth Rate of  Ultra High Net Worth HouseholdsNo. of  International Ultra High Net Worth Households with investable assets of  US$30mn
Total in China5,076,6001.3%1,826,2002,059,3001.9%1,100,000133,3002.5%79,40088,5002.8%56,100
Beijing728,0001.8%273,000298,0001.4%154,10019,7002.1%11,72013,4003.1%9,590
Guangdong706,0002.0%261,000300,0003.1%169,30017,6004.1%10,20011,6004.5%7,030
Shenzhen179,0002.9%63,70079,0004.4%40,8005,9005.5%3,5203,9006.3%2,410
Guangzhou170,0002.4%60,50071,4003.6%36,9004,5003.4%2,6802,8404.8%1,750
Zhuhai20,3004.6%7,2308,8002.7%4,5505306.0%3204407.3%270
Foshan74,000-0.9%26,30031,000-1.0%16,0001,7500.6%1,0401,2404.2%770
Dongguan61,3004.4%21,80026,0004.0%13,4001,5502.0%9201,10011.1%680
Shantou18,0000.6%6,4107,7002.0%3,9806401.6%3803103.3%190
Shanghai621,0001.6%221,000262,0002.7%149,00016,8003.7%10,01012,0003.4%7,410
Zhejiang540,0002.9%192,000210,0005.5%106,80013,8005.3%8,22010,2006.4%6,200
Hangzhou133,0004.7%47,30051,6007.1%26,7003,6007.8%2,1502,7108.8%1,670
Ningbo103,0004.5%36,70038,7007.5%20,0002,6406.5%1,5701,9607.1%1,210
Wenzhou58,0002.5%20,60022,5005.1%11,6001,5805.3%9401,1806.3%730
Shaoxing52,9000.8%18,80020,6002.0%10,7001,360-0.7%8101,0505.0%650
Taizhou45,8001.3%16,30018,0005.3%9,3101,1500.0%6909207.0%570
Jiaxing46,9003.3%16,70018,2005.8%9,4101,2206.1%7309109.6%560
Hong Kong530,000-3.5%181,000211,000-5.4%109,00011,700-6.4%6,9707,730-7.2%4,770
Taiwan461,0001.8%164,000181,0002.3%93,6009,8403.3%5,8606,4903.5%4,000
Taipei69,000-1.8%24,60032,300-2.1%16,7002,4000.0%1,4301,7001.8%1,050
Jiangsu304,0003.1%108,000124,0005.1%68,1008,5805.5%5,1106,1005.2%3,760
Nanjing43,1004.9%15,30019,1006.7%9,8701,4307.5%8509508.0%590
Suzhou61,9002.1%22,00025,3001.6%13,1001,9901.5%1,1901,3500.0%830
Wuxi41,0004.9%14,60019,0006.7%9,8201,3406.3%8008708.8%540
Xuzhou25,0001.2%8,90011,0002.8%5,6908604.9%5105903.5%360
Changzhou23,5004.9%8,3709,6302.8%4,9806606.5%3904507.1%280
Nantong28,4006.0%10,10011,9006.3%6,1507608.6%4505809.4%360
Yangzhou17,9003.5%6,3707,6004.1%3,9304607.0%2703905.4%240
Yancheng18,0004.7%6,4107,3602.8%3,8104507.1%2703702.8%230
Taizhou16,5002.5%5,8706,9002.4%3,5704105.1%2403306.5%200
Fujian157,0002.6%55,90061,0004.6%34,7004,0904.9%2,4202,5103.7%1,950
Fuzhou35,7003.5%12,70014,0005.3%7,2401,0106.3%6006005.3%370
Xiamen23,3004.0%8,2909,4006.3%4,8608207.9%4904906.5%300
Quanzhou37,0001.6%13,20014,4002.9%7,4409903.1%5905903.5%360
Shandong152,0002.7%55,30057,8003.0%29,9004,0704.6%2,4302,7204.6%1,680
Qingdao25,7000.4%9,15010,2003.0%5,2708105.2%4805106.3%310
Yantai15,4001.3%5,4805,8801.4%3,0404904.3%2903306.5%200
Jinan15,0004.9%5,3405,9006.5%3,0503905.4%2302807.7%170
Zibo9,400-2.6%3,3503,600-3.2%1,860250-3.8%1501905.6%120
Weifang12,3003.4%4,3804,7003.3%2,4303100.0%1802204.8%140
Weihai7,200-0.7%2,5603,1002.0%1,600220-4.3%1301400.0%90
Jining9,8003.2%3,4903,9004.3%2,02031010.7%1801905.6%120
Linyi9,5002.9%3,3803,7603.9%1,9402803.7%1701905.6%120
Dongying8,9002.3%3,1703,6005.6%1,8602703.8%1601606.7%100
Sichuan96,1002.8%34,20040,0004.7%22,0003,0205.2%1,8001,8004.7%1,110
Chengdu36,6003.7%13,00017,5006.1%9,0501,5506.2%9209105.8%560
Liaoning85,0000.7%30,30032,1001.3%16,6002,0501.0%1,2201,2902.4%800
Dalian28,4001.8%10,11011,1002.8%5,7407202.9%4304504.7%280
Shenyang22,4001.8%7,9708,9903.6%4,6505701.8%3403605.9%220
Henan66,2000.9%23,10028,0002.2%14,3002,1001.9%1,4001,1801.7%730
Zhengzhou14,0003.7%4,9806,2702.8%3,2406903.0%4104002.6%250
Luoyang6,3902.2%2,2702,8003.3%1,4502500.0%1501606.7%100
Nanyang4,2803.3%1,5201,3102.9%6801101.1%70601.1%40
Tianjin65,2000.9%23,20027,0002.3%14,0002,2501.4%1,3301,6201.9%990
Hunan56,8002.2%21,20022,3003.2%11,3001,3405.5%7807804.0%480
Changsha17,4003.6%6,1907,2004.7%3,7205006.4%3003007.1%190
Hebei53,1002.3%18,70020,7005.1%10,4001,6205.2%1,0308906.0%530
Shijiazhuang9,6002.1%3,4203,7605.0%1,9403403.0%2001905.6%120
Tangshan10,4003.0%3,7004,0806.0%2,1103203.2%19019011.8%120
Baoding7,1602.0%2,5501,8804.7%9701802.2%110900.0%60
Shanxi52,6002.1%18,40017,2003.0%9,1001,5304.1%8907704.1%480
Taiyuan11,4000.0%4,0603,9602.3%2,0503702.8%2202304.5%140
Chongqing51,1002.2%19,20019,5003.2%10,1001,4304.4%8709304.5%570
Shaanxi50,8002.2%18,90019,7003.7%10,1301,2803.2%7507402.8%460
Xi’an18,0005.9%6,4107,5104.0%3,8806806.3%4104105.1%250
Hubei50,100-2.0%17,10020,400-5.1%10,7001,690-5.1%1,0501,010-1.9%630
Wuhan18,300-3.7%6,5107,700-6.7%3,980780-6.0%4605002.0%310
Inner Mongolia34,0002.4%11,50013,5001.5%6,9808401.2%5004000.0%240
Hohhot6,2002.8%2,2102,5202.0%1,3001600.0%1008014.3%50
Ordos8,200-5.5%2,9203,500-2.2%1,810270-3.6%1601300.0%80
Baotou7,1702.9%2,5502,9001.8%1,5001800.0%1101000.0%60
Anhui33,2002.2%11,70014,7005.0%7,4301,6405.8%1,1008407.7%520
Hefei8,9004.1%3,1704,0106.6%2,0705208.3%31027012.5%170
Jiangxi32,5002.5%12,40014,7004.3%8,4001,3804.5%8208405.0%520
Nanchang7,7001.3%2,7403,5603.2%1,8404902.1%29022010.0%140
Ganzhou3,9302.1%1,4001,8202.8%9402105.1%130908.5%60
Heilongjiang32,3000.6%11,30012,3000.8%6,1807801.3%4504000.0%250
Harbin13,7000.0%4,8805,4300.6%2,8104100.0%2402304.5%140
Jilin24,5001.2%8,7009,8502.1%5,0906103.4%3602800.0%170
Changchun9,4003.3%3,3503,8303.2%1,9802903.6%1701407.7%90
Yunnan21,2002.4%8,15010,1003.1%5,8001,0104.1%6006105.2%380
Kunming6,1201.5%2,1803,0403.1%1,5703802.7%2302508.7%150
Guangxi19,6002.1%7,3008,7003.3%4,4007104.4%4103502.9%220
Nanning4,1004.3%1,4601,9705.9%1,0202005.3%1201005.3%60
Hainan13,0004.8%4,7606,5004.3%3,7002903.6%17021010.5%130
Sanya1,5606.1%5607804.0%400350.0%20250.0%20
Haikou4,1406.7%1,4702,0706.2%1,070955.6%607016.7%40
Macao11,600-32.6%41303430-47.6%1800200-51.2%12080-65.2%50
Guizhou10,6002.9%4,0305,4603.8%2,8005503.8%3303206.7%200
Guiyang3,3000.0%1,1701,4904.2%7702504.2%1501507.1%90
Xinjiang8,5001.4%3,3004,2102.9%2,2003403.0%2001204.3%70
Urumqi2,900-1.4%1,0301,420-8.4%7301600.0%100609.1%40
Ningxia3,3005.4%1,1701,4006.9%7001606.7%951000.0%60
Yinchuan1,7407.4%6207407.2%380905.9%50609.1%40
Gansu2,4003.0%8601,0408.3%5101100.0%70707.7%45
Lanzhou8603.6%3103905.4%200500.0%303020.0%20
Qinghai2,4002.6%8201,0104.1%5201005.3%55707.7%45
Xining1,2003.4%4305306.0%270609.1%404014.3%20
Tibet1,5005.6%5807006.1%360905.9%605011.1%30
Lhasa5807.4%2102807.7%1404512.5%303020.0%20

About Yi Tsai

Yi Tsai is a part of the Intesa Sanpaolo Group, which ranked 332, up 117 places, on the 2021 Hurun Global 500, a ranking of the world’s most valuable companies.

Yi Tsai (Qingdao Yicai Fund Distribution Co. Ltd) is the Italian fund distribution company founded in China in 2016.

Yi Tsai offers across-the-board financial advice for long-term product portfolio to high-net-worth individuals, through a network of financial advisors. 

The company is wholly owned by Intesa Sanpaolo, the leading banking group in Italy in all business areas and one of the top banking groups in the euro zone. The parent Group has a proven track record in wealth management, being the top financial partner in Italy’s private banking sector.

Yi Tsai operates as a multi-product and multi-brand company. It is the synergy of three important business areas of Intesa Sanpaolo – the International Subsidiary Banks Division, Private Banking Division and Asset Management Division – that enables Yi Tsai to act in such a way.

Yi Tsai translates as “Italian talent” and by it we think of the passion we put into developing tailor-made financial solutions to meet your most individual needs – and the trusting relationship we aim to develop over time. Proud of our Italian roots, we’re also firmly settled in the Chinese market, where we prepare your pathway to wealth.

About Hurun Inc.  

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai, Sydney

Established in the UK in 1999, Hurun is a research, media and investments group, which generated 8 billion views on the Hurun brand in 2020, up 50% year on year, on the back of providing lists and research reports.

Best-known today for the Hurun Rich List series, ranking the most successful entrepreneurs in China, India and the world, Hurun’s other key properties include the Hurun 500, a ranking of the world’s most valuable companies, and the Hurun Unicorn Index, a comprehensive listing of the world’s start-ups worth US$1bn or more.

Hurun provides research reports co-branded with some of the world’s leading financial institutions, real estate developers and regional governments.

Hurun hosted high-profile events in the last two year across China and India, as well as London, Paris, New York, LA, Toronto, Vancouver, Sydney, Luxembourg, Istanbul, Dubai and Singapore.

For further information, see http://www.hurun.net.

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