China’s Ultra-Wealthy Households Dip in Megacities as Fortunes Stay Clustered in Key Wealth Hubs

• China had 126,500 households with at least $14.8 million in assets at the start of 2025.

• Beijing and Shanghai together accounted for 34,700 such households.

• Wealth remained concentrated in the Yangtze River Delta, Guangdong, and Beijing-Tianjin-Hebei.

• Hong Kong stayed a major offshore investment hub.

• IPO activity may shape future wealth creation.

China’s largest cities recorded a modest decline in households holding assets of at least 100 million yuan, or about $14.8 million, as softer property values, market swings, and slower economic expansion weighed on private wealth.

At the start of 2025, China had 126,500 ultra-high-net-worth households, according to a wealth report released in June by the Bank of East Asia and the Hurun Research Institute. Despite the broader slowdown, the country’s richest households remained heavily concentrated in Beijing, Shanghai, and Guangdong province, the southern technology and export powerhouse.

Beijing and Shanghai together had 34,700 ultra-high-net-worth households, representing 27.4% of China’s total. Beijing led with 18,200 such households, while Shanghai counted 16,500. Both cities registered declines from the previous year.

The benchmark used in the report is high even when compared with the United States. A Chinese household classified in this category holds at least about $14.8 million in assets. In the US, households with roughly $14 million in net worth would fall among the wealthiest 1%. Another estimate from the 2022 Survey of Consumer Finances placed the entry point for the top 1% at $11.64 million.

China’s private capital continues to be shaped by three major wealth corridors. The Yangtze River Delta remained the largest, with 39,680 ultra-high-net-worth households, equal to 31.4% of the national total. The region’s wealth base is supported by Shanghai’s financial industry, Zhejiang’s private-sector and technology companies, and Jiangsu’s manufacturing strength. However, the area’s total fell 1.8% year on year.

Guangdong, used in the report as a proxy for the Pearl River Delta, had 16,700 such households, making up 13.2% of the national figure. That marked a 2.3% decline. Shenzhen and Guangzhou together accounted for 58% of Guangdong’s total, underscoring the concentration of technology entrepreneurs, exporters, and manufacturers in the province.

The Beijing-Tianjin-Hebei region, combining the national capital with Tianjin municipality and Hebei province, recorded 21,700 ultra-high-net-worth households, or 17.2% of China’s total. Beijing alone represented nearly 84% of the regional figure. Steeper declines in Tianjin and Hebei contributed to a regional drop of about 4.8%.

Hong Kong remained in a distinct position as both a centre of local wealth and a major gateway for fortunes created elsewhere. The city’s number of ultra-high-net-worth households edged down by about 100 to 11,000.

While much of household net worth is tied to property, business ownership, and other less liquid assets, investible assets provide a clearer picture of how families can move money across markets and jurisdictions. This is where Hong Kong continues to hold an important role.

Rupert Hoogewerf, founder and chairman of Hurun, said total wealth indicates confidence, while investible assets show financial strength. He added that overseas holdings make up 15% of investible assets among these wealthy households, with Hong Kong remaining the preferred offshore investment destination.

The report was based on 2025 data and came before China’s recent rebound in initial public offerings, which could influence where future fortunes are created.

In the first half of 2026, mainland China raised 100.5 billion yuan, or about $1.06 billion, from 79 A-share IPOs, according to KPMG. Hong Kong recorded 87 new listings and HK$210.2 billion, or $26.8 billion, in IPO proceeds, ranking second globally, according to Hong Kong Exchanges and Clearing.

KPMG said much of the fundraising strength came from technology and innovation-linked sectors, including artificial intelligence, semiconductors, advanced manufacturing, and biotechnology.

The trend suggests China’s next wave of wealth may be driven more by founders’ equity in high-growth companies than by property appreciation. It also reinforces Hong Kong’s dual role as a listing venue for mainland firms and an offshore wealth-management centre for their owners.