Report Reveals Beijing and Shanghai Hold Over a Quarter of China’s Ultra-Wealthy

POLICY WIRE — Beijing, China — China’s ultra-high-net-worth (UHNW) households are increasingly concentrated in its major cities, with Beijing and Shanghai accounting for a significant portion of the nation’s wealthiest individuals, according to a recent report.

The report indicates a slight decrease in UHNW households across Chinese megacities, defined as those with assets of at least 100 million yuan (US$14.8 million). Despite this, the private wealth remains predominantly centered in three key regions: the national capital Beijing, the financial hub Shanghai, and the southern province of Guangdong, known for its technology and export industries.

At the beginning of 2025, Beijing and Shanghai together hosted 34,700 UHNW households, representing approximately 27.4 percent of the countrywide total of 126,500 such households.

The concentration of wealth in these cities underscores the economic disparities within China, where major urban centers continue to attract and retain the country’s wealthiest individuals. This trend is further emphasized by the role of Guangdong, which, despite not being the capital or a financial center, holds a substantial number of UHNW households due to its robust industrial and export sectors.

The report doesn’t provide detailed insights into the factors driving this concentration, but it’s widely acknowledged that access to better business opportunities, superior infrastructure, and a higher quality of life in these cities play significant roles.

As China continues to navigate its economic landscape, the wealth distribution among its UHNW population will likely remain a critical area of focus for policymakers and economists alike.

Reporting by Policy-Wire (PW)