Over a quarter of China’s ultra-wealthy concentrated in Beijing and Shanghai: report

Chinese megacities Beijing and Shanghai together host a quarter of China's ultra-wealthy, according to a recent report. The Bank of East Asia and Hurun Research Institute jointly released the wealth report in June, revealing that the two cities accounted for 27.4% of the country's 126,500 ultra-high-net-worth (UHNW) households at the start of 2025.

Beijing had 18,200 UHNW households, while Shanghai had 16,500, both down from the previous year. The property market, volatile markets, and slower economic growth are cited as factors contributing to the decline in wealth among the ultra-wealthy. The Yangtze River Delta region led in UHNW households, with 39,680 households or 31.4% of the national total, driven by Shanghai's finance sector, Zhejiang's private and technology firms, and Jiangsu's manufacturing base.

Guangdong, home to the Pearl River Delta, had 16,700 UHNW households or 13.2% of the national total. The Beijing-Tianjin-Hebei cluster, including the capital, Tianjin, and Hebei province, had 21,700 UHNW households, representing 17.2% of the national total. Rupert Hoogewerf, Hurun Hong Kong, emphasized that while property and company ownership contribute significantly to net worth, investible assets provide a better gauge of families' financial strength and their ability to deploy capital across markets and jurisdictions.

Hong Kong remains a key offshore investment destination, with 15% of UHNW investors' assets held overseas.