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Report: Beijing tops Chinese billionaire list

Beijing leads China for number of super rich, but some cities on the list may surprise you

09·14·2017

Report: Beijing tops Chinese billionaire list

Beijing leads China for number of super rich, but some cities on the list may surprise you

09·14·2017

Last week, Hurun Report released their Hurun Wealth Report 2017 , an annual list detailing the number of families in each city with high net worth—essentially, the number of rich people in each city— at the end of 2016.

The report categorizes families (which Hurun found means an average of 2.5 individuals) into four brackets of total asset valuation: at least 6 million RMB; 10 million RMB; 100 million RMB; and 30 million (confusingly enough) US dollars.

Presently, the study is only available in Chinese, so TWOC has taken the liberty of summarizing some of the key findings.

The report found that the city with the highest numbers of millionaires and billionaires is Beijing. According to Hurun, China’s capital contains 11,300 families who own assets valued at at least thirty million USD—a rise of 13 percent from last year’s numbers.

At the bottom of this list is Lhasa, Tibet Autonomous Region, which has 17 families with 30 million USD valuations—a 13.3 percent increase from the previous year.

Across all four groups, the top five locations remain consistent. Beijing tops the list, with Shanghai and Hong Kong placing next. The remaining two are Shenzhen, one of the country’s major financial centers, and Guangzhou, home of Cantonese.

Rank City Number of families in valuation bracket (increase from previous year) / RMB
6 million 10 million 100 million 30 million / USD
1 Beijing 635,000 263,000 17,400 11,300
2 Shanghai 550,000 230,000 14,800 10,300
3 Hong Kong 528,000 214,000 12,000 8,000
4 Shenzhen 155,000 70,500 5,200 3,390
5 Guangzhou 150,000 63,500 4,020 2,540
6 Hangzhou 113,000 43,600 3,090 2,320
7 Ningbo 83,500 31,700 2,190 1,630
8 Taipei 67,400 31,500 2,310 1,610
9 Tianjin 61,500 25,200 2,150 1,530
10 Suzhou 55,900 23,300 1,900 1,290

As we can see, the top ten is exclusively made up of east or coastal cities. Suzhou may be a surprise entry here, given its reputation for ancient gardens and traditional tourist attractions, but has been one of the fastest-developing cities in China.

The vast majority of China’s richest are business owners. The others are made up of gold-collar workers, housing investors, and stock investors.

For those in the 10 million bracket

For those in the 10 million bracket (Global Times)

 

For those in the 100 million bracket

For those in the 100 million bracket 

However, what remains the most noticeable is the large overall increases in concentrated wealth that each year brings.

6 million RMB Total number 4,600,000
Percentage increase / % 6.3
10 million RMB Total number 1,860,000
Percentage increase / % 8.6
100 million RMB Total number 121,000
Percentage increase / % 10.5
30 million USD Total number 78,900
Percentage increase / % 11.8

It seems that rich people in China are becoming more wealthy at a faster rate than others—and this isn’t something that is just happening on a macro scale. Reports this year have shown that, even in rural China, the gap between rich and poor has been widening at remarkably rapid rates.

President Xi has made it a priority to eliminate poverty by 2020, just in time for the 100-year anniversary of the Communist Party of China, which was founded in 1921.

Rather than pouring in money, the traditional method that has often resulted in funds being re-appropriated by corrupt officials, Xi’s administration plans on developing industry and providing services to help people help themselves. Education and training is to be provided, communities in hazardous or remote areas will be relocated, and incentives will be provided to attract talent and business to aid impoverished regions, officials say.

 

Cover photo by Mark Harrison on Unsplash