Posted 3/19/2024, 7:45:17 AM
Wealth of China's Richest Families Drops for First Time Since 2019
- Number of affluent Chinese families with over $833K in assets dropped 0.8% to 5.14 million in 2023
- First decline was in 2019; high net worth & ultra high net worth families declined 1.3% & 3.8% respectively
- Assets held by rich families fell 3.6% to $158 trillion, 1.3 times China's GDP
- Beijing had most affluent, high net worth and ultra high net worth families; Shanghai & Hong Kong followed
- Ultra high net worth families held $8.9 billion in assets, 67% of total wealth, but dropped 1%
