Ningbo ranks high nationwide in per capita savings

A view of Ningbo, East China's Zhejiang province. [Photo/VCG]

The balance of domestic and foreign currency deposits in Ningbo, East China's Zhejiang province hit 922.219 billion yuan ($141.88 billion) by the end of October, according to statistics from the Ningbo Branch of the People's Bank of China.

The seventh national census released by the National Bureau of Statistics in May shows Ningbo has a permanent population of 9.4 million and that there is an average of 2.21 individuals per household. Based on this figure, the city's per capita savings is 98,100 yuan while average household savings amount to 216,800 yuan.

Eleven cities from China including Beijing, Shanghai, Hangzhou, Shenyang, Guangzhou, Taiyuan, Tianjin, Shenzhen, Dalian, Nantong and Nanjing saw their per capita savings surpass 10,000 yuan in 2020. Ningbo came in 12th with per capita savings of 90,600 yuan.

Private capital has been booming in Ningbo.  

By the end of last year, Ningbo had 844 private equity fund managers who managed 484.087 billion yuan, ranking 7th and 8th in China respectively.