China now the second-largest wealth market with 2.3M HNWIs
China has overtaken Japan to emerge as the second-largest wealth market, with an estimated 2.3 million high net worth individuals (HNWI) including almost 26,700 UHNWs in 2019 – though the market remains substantially smaller than the US, according to research company Wealth-X.
The ultra-wealthy in China with a total wealth of $4.2 trillion maintain a significantly higher combined wealth than the 2 million individuals at the ‘lowest’ wealth tier.
Shanghai, Beijing, and Shenzhen are the top 3 cities in China by wealthy population; but, only Shanghai makes it into the top 30 global cities according to Wealth-X’s study.
China now has more than 100 cities with a population of more than one million individuals. In contrast to Tokyo, which is home to 40% of all the country’s ultra-wealthy individuals, Shanghai accounts for just 6% of the total ultra-wealthy population in China.