Yi Tsai · Hurun China Wealth Report 2021
The Hurun Research Institute today, in association with wealth management platform Yi Tsai, today released the Yi Tsai · Hurun China Wealth Report 2021, a comprehensive report into the number of wealthy families in China across 100 geographical regions.
‘Affluent’ families in China with CNY 6mn of family wealth increased by 1.3% to 5.1 million families
‘High Net Worth’ families with CNY 10mn, up 2% to 2.1 million
‘Ultra High Net Worth’ families with CNY 100mn, up 2.5% to 133,000
Total wealth of affluent families in China grew 9.6% to CNY 160tn, of which CNY 49tn or 30% investable wealth.
Over next 10 years, affluent families in China will pass on CNY 18tn of wealth to the next generation, CNY49tn over 20 years, and CNY 92tn over 30 years
(14 April 2022, Qingdao, Shandong Province, China) The Hurun Research Institute today, in association with wealth management platform Yi Tsai, today released the Yi Tsai · Hurun China Wealth Report 2021, a comprehensive report into the number of wealthy families in China across 100 geographical regions. The report focused on four wealth levels: affluent, high net worth, ultra high net worth and international ultra high worth families, looking into both their total as well as investable wealth. The report includes the results of a survey into their investing needs and habits. This is the 13th year of the Hurun China Wealth Report.
The Yi Tsai · Hurun China Wealth Report 2021 analyses both ‘Total Wealth’ and ‘Investable Assets’. ‘Total Wealth’ is a measure of confidence, and includes a family’s main residence and unlisted family-owned business, as well as investable assets. ‘Investable Assets’ is of particular interest to financial service providers and includes liquid assets such as equities, funds and cash, and less liquid investments such as investable properties.
The report includes a survey into the investing needs and habits of wealthy Chinese families. The survey was carried out over four months ending Oct 2021, with 540 respondents from Beijing, Shanghai, Guangzhou, Shenzhen and Qingdao. Respondents were aged 45 and had total wealth of CNY 32 million, equivalent to US$5 million, on average.
Definitions. ‘Affluent Households’ are defined as families with CNY 6mn (equivalent to US$1mn) of family wealth; ‘High Net Worth Households’ are families with CNY 10mn (equivalent to US$1.6mn) of family wealth; ‘Ultra High Net Worth Households’ are families with CNY 100mn (equivalent to US$16mn) of family wealth; and ‘International Ultra High Net Worth Households’ are families with US$30mn of family wealth.
In 2020, China was the only major economy to achieve positive economic growth, growing 2.3% to break through the CNY 100tn mark (equivalent to US$16tn).
Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said: “We are delighted to put out the Hurun China Wealth Report with leading Qingdao-based wealth management platform Yi Tsai. This report is targeted at brands and service providers with products and services for wealthy Chinese families.”
“The Yi Tsai Hurun China Wealth Report is the most comprehensive and detailed analysis of wealth in China. We break down the number of wealthy families four levels of wealth, since each stage has different, across 100 geographical regions in China. We look into both total wealth, which is a measure of their confidence and especially relevant for brands and services selling to them, and investable wealth, which looks at their investment ability and is of particular relevance to financial services providers.”
“Whilst the number of affluent families with CNY 6mn grew by 1.3% in the last year, their total wealth grew by 9.6%, significantly faster than GDP.”
“These last 20 years have seen China create more private wealth faster than any country in the history of the world. This suggests that the next 20 years will be the turn of wealth managers.”
“China’s private sector is incredibly resilient and innovative. This year, we had over 800 new faces on the latest Hurun China Rich List and only 300 drop-offs, resulting in a net increase of 520 individuals to take us to a new record of 2918 individuals with US$300mn. The new faces were mainly from new energy, semiconductors, biotech and fitness-related sectors, whilst the drop-offs were mainly from real estate and online education.”
“Common prosperity has now become a hot topic in China, with wealthy families thinking about how to do philanthropy and put their wealth to best use.”
Giamberto Giraldo, General Manager of Yi Tsai, said, “We are delighted to work with the world-leading Hurun Research Institute to launch the Yi Tsai · Hurun China Wealth Report 2021. Yi Tsai focuses on training financial planners to become good private bankers and providing customers with bespoke asset allocation plans, in a format most suited to the new digital era.”
This is a brief English language summary of the full Chinese press release which can be found at www.hurun.net. For media inquiries please contact our public relations team whose contact details can be found at the end of this report.
Size of Market
As of 1 January 2021, the number of affluent families in China with CNY 6 million of total wealth increased by 1.3% to 5.08 million households. Of these, 1.83 million families had investable assets of CNY 6 million.
The number of high net worth families in China with CNY 10 million of total wealth increased by 2% or 40,000 households to 2.06 million households. Of these, 1.1 million families had investable assets of CNY 10 million.
The number of ultra high net worth families in China with CNY 100 million of total wealth increased by 2.5% or 3,300 households to 133,000 households. Of these, 79,000 families had investable assets of CNY 100 million.
The number of international ultra high net worth families in China with the equivalent of US$30mn of total wealth increased by 2.8% or 2,400 to 89,000 households. Of these, 56,000 families had investable assets of the equivalent of US$30mn.
About Yi Tsai
Yi Tsai is a part of the Intesa Sanpaolo Group, which ranked 332, up 117 places, on the 2021 Hurun Global 500, a ranking of the world’s most valuable companies.
Yi Tsai (Qingdao Yicai Fund Distribution Co. Ltd) is the Italian fund distribution company founded in China in 2016.
Yi Tsai offers across-the-board financial advice for long-term product portfolio to high-net-worth individuals, through a network of financial advisors.
The company is wholly owned by Intesa Sanpaolo, the leading banking group in Italy in all business areas and one of the top banking groups in the euro zone. The parent Group has a proven track record in wealth management, being the top financial partner in Italy’s private banking sector.
Yi Tsai operates as a multi-product and multi-brand company. It is the synergy of three important business areas of Intesa Sanpaolo – the International Subsidiary Banks Division, Private Banking Division and Asset Management Division – that enables Yi Tsai to act in such a way.
Yi Tsai translates as “Italian talent” and by it we think of the passion we put into developing tailor-made financial solutions to meet your most individual needs – and the trusting relationship we aim to develop over time. Proud of our Italian roots, we’re also firmly settled in the Chinese market, where we prepare your pathway to wealth.
About Hurun Inc.
Promoting Entrepreneurship Through Lists and Research
Oxford, Shanghai, Mumbai, Sydney
Established in the UK in 1999, Hurun is a research, media and investments group, which generated 8 billion views on the Hurun brand in 2020, up 50% year on year, on the back of providing lists and research reports.
Best-known today for the Hurun Rich List series, ranking the most successful entrepreneurs in China, India and the world, Hurun’s other key properties include the Hurun 500, a ranking of the world’s most valuable companies, and the Hurun Unicorn Index, a comprehensive listing of the world’s start-ups worth US$1bn or more.
Hurun provides research reports co-branded with some of the world’s leading financial institutions, real estate developers and regional governments.
Hurun hosted high-profile events in the last two year across China and India, as well as London, Paris, New York, LA, Toronto, Vancouver, Sydney, Luxembourg, Istanbul, Dubai and Singapore.
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