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Top 10 Chinese provinces for the well-heeled

By Xu Lin: 0 Comment(s)Print E-mail China.org.cn, August 15, 2013

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The latest GroupM Knowledge-Hurun Wealth Report has revealed that Beijing is home to the largest number of wealthy people in China, followed by Guangdong and Shanghai.

By the end of last year, the number of people on the Chinese mainland possessing a wealth in excess of 10 million yuan (US$1.62 million) rose by 3 percent from one year earlier, to 1.05 million. The number of those super-rich, defined as individuals with a personal wealth of 100 million yuan (US$16.2 million) or above, increased by 2 percent -- to 64,500, 1,000 more than in 2011.

According to the report, there were 184,000 wealthy people, who had more than 10 million yuan in assets, living in the capital city in 2012, 5,000 people more than the previous year and accounting for 17.5 percent of all those well-off throughout China. Beijing's number of wealthy people, whose assets reached 100 million yuan, was 10,700 and ranked No. 1 in the country.

Guangdong Province and Shanghai, two traditional economic hubs, are also among the rich people's top choices. Guangdong had a total of 172,000 wealthy people and Shanghai counted 147,000, making up for 16.4 percent and 14 percent respectively.

Tianjin, Shandong, Henan, Yunnan, Guizhou, Qinghai and Tibet are those provincial regions with favorable growth rates in their number of wealthy people. Big cities are not the only options out there for those with money, and about 60 percent of China's wealthy population has spread across second and third-tier cities such as Hangzhou and Ningbo in Zhejiang Province and Foshan in Guangdong Province.

Personal wealth includes residences, assets for investments, stock equity of non-listed companies and art collections.

The following are the top 10 provincial regions on the Chinese mainland for the well-heeled people.