Chinese millionaires primarily live in major, economically developed cities in Eastern China, with Beijing, Shanghai, and Shenzhen being the top hubs, alongside other prosperous cities like Hangzhou, Guangzhou, and Hong Kong, often concentrating in affluent districts within these cities.
Millionaire demographics in China
Most Chinese millionaires live in the well-developed cities of Eastern China, with Beijing and Shanghai being home to the highest number of wealthy people among cities in mainland China.
For those who succeed in transferring their assets abroad, Singapore is among the most popular choices. Wealthy Chinese people have set up hundreds of wealth management offices in the city-state in recent years and accounted for the largest cohort of foreign buyers of luxury homes in 2022.
Beijing, Shanghai, and Hong Kong were home to by far the highest number of millionaires in Greater China.
Number of rich households or individuals in mainland China based on properties as of January 2024, by standard. Millionaires are defined as individuals with personal wealth of over 10 million yuan, and super-rich are defined as individuals with personal wealth of 100 million yuan or above.
Topping the list of the wealthiest individuals is Zhong Shanshan, with a net worth of $72 bn. Often referred to as “the lone wolf billionaire,” Zhong made his fortune through Nongfu Spring bottled water and pharmaceutical ventures, representing the diversified nature of China's private wealth.
Yes, China has one of the world's highest homeownership rates, often cited as around 90% or even higher (87% urban, 96% rural), driven by post-1998 housing reforms that privatized public housing and strong cultural emphasis on property as stability and a prerequisite for marriage. However, this figure can be misleading; it primarily counts those with urban household registration (hukou), often excluding many migrant workers, and while ownership is high, many face significant mortgage burdens, and the land itself remains state-owned.
Violations can result in prison sentences and public shaming. There are various reasons why wealthy people are leaving China. A wealth manager at a multinational bank told Table. Briefings that rising political tensions on the global stage are a key driver of capital flight.
Shanghai is one of the biggest cities in China, and probably the busiest one. So it's not strange to see a large number of celebrity residencies here. This metropolis was home to many political leaders, artists, writers, scientists, philosophers and many other prominent figures.
The most expensive city to live in China is Shanghai.
It really depends on what you're going to do with that $100. If you're living a western style of life with food, $100 US in the cities would be like $120 US maybe? It'll stretch out a little. But if you're eating like the locals, buying groceries and the like, this can be a small fortune.
The 16 best places for expats to live in China are Hangzhou, Shanghai, Beijing, Shenzhen, Chengdu, Xi'an, Qingdao, Kunming, Tianjin, Nanjing, and Fuzhou. Read on to learn about what each city has to offer, where it is located, how big it is, and some brief pros and cons about it.
Beijing is now home to 125,600 high-net-worth individuals, with Shanghai close behind at 123,400. Shenzhen has amassed 50,300 millionaires, and Hangzhou and Guangzhou count 31,600 and 24,500 among their ranks, respectively.
China's Top Scenic Cities
The richest country by GDP (PPP) per capita is often cited as Singapore, followed closely by Luxembourg, depending on the specific report and year, with Singapore leading in 2025 estimates with around $156,000-$157,000 per person, while Luxembourg is a strong contender just below that, highlighting small, finance-heavy economies as wealthiest per person.
"There are no local taxes on personal income in China". The top marginal tax rate on high income earners is 45% for the portion of income above 960,000 RMB.
These estimates suggest that living in China is notably less expensive than in the United States. When considering housing, rent in China is substantially lower than in the US, by an average of 71.9%.
Morning in the hotel scene in Crazy Rich Asians
Rachel must face off against her old college friend Goh Peik Lin (Awkwafina) and her wealthy family, who are shocked to learn who Rachel is dating. Ultimately, Peik Lin reveals the Young family's immense fortune, thus validating their position in Singapore.
20 Most Famous People From China
Afghanistan remains the poorest country in Asia, with decades of war, political upheaval, and humanitarian crises leaving deep scars on its economy. With weak infrastructure, heavy reliance on aid, and limited industrial output, the average Afghan citizen faces severe income constraints.