Over 3% Ningbo families see wealth surpass 6m yuan

Ningbo had 107,400 affluent families – those with at least 6 million yuan ($869,565) in wealth - as of Jan 1, 2022, according to a report recently released by the Hurun Research Institute.

The number, which was the seventh largest in China, represents a year-on-year increase of 4.3 percent and accounts for 5.78 percent of the nation's total.

As of the end of last year, Ningbo had about 3.2 million families, which means that one out of every 30 families from the city is "affluent". 

China had 5.18 million such affluent families, an increase of 100,000 over the same period in the previous year. Their combined wealth was 164 trillion yuan, which is 1.4 times the country's gross domestic product (GDP) and a yearly uptick of 2.5 percent year-on-year, stated the report.

Shanghai registered the fastest increase in the number of affluent families, followed by Beijing, Guangdong and Zhejiang, with the combined number of the four areas making up 60 percent of the country's total.

In addition, the size of high net worth families – those with at least 10 million yuan - in China saw an increase of 2.5 percent to 2.11 million while that of ultra-high net worth families – those at least with 100 million yuan - rose 3.5 percent to 138,000.