Most rich people in China live in major, developed cities, primarily Beijing, Shanghai, and Hong Kong, which consistently top rankings for millionaires and high-net-worth individuals (HNWIs), with Shenzhen and Guangzhou also being significant hubs for the wealthy in mainland China. These cities offer concentrated wealth, financial centers, and lifestyle amenities that attract the affluent.
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.
China's Silicon Valley. The technology Center of China Shenzhen is China's richest city. Shenzhen is Mainland China's most affluent city with a per-capita income of about 26,000 USD, 4,000 USD more than Guangzhou, but still less than half that of Hong Kong.
Beijing, Shanghai, and Hong Kong were home to by far the highest number of millionaires in Greater China.
One of the more popular areas for China's new rich, in addition to the old money suburbs of Vaucluse, Bellevue Hill and Point Piper, is Hunters Hill.
Australia ranks twice on the top 50 list, with Sydney in 17th place and Melbourne in 30th place worldwide. Sydney is currently home to 205 centi-millionaires while Melbourne has 112.
The report, released by Hurun Report on Monday, lists 3,279 billionaires, with Tesla CEO Elon Musk ranked the wealthiest. China is still the world capital for billionaires, with 814, closely followed by the US with 800. In China, Beijing, Shanghai and Shenzhen are the top three cities for billionaires.
Huaxi Village (simplified Chinese: 华西新市村; traditional Chinese: 華西新市村; pinyin: Huáxī xīnshì cūn), located in the east of the city centre of Jiangyin, in Jiangsu Province, claims to be the richest village in China. Huaxi calls itself a model communist village.
The most expensive city to live in China is Shanghai.
Xihaigu is a region forming the southern tip of Ningxia, China. It consists of the seven county-level divisions Yuanzhou, Xiji, Longde, Jingyuan, Pengyang, Haiyuan and Tongxin. The former five counties being part of Guyuan city. It forms one of the poorest areas in 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.
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.
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.
As of 2025, China was second in the world in total number of billionaires, although this number has been falling since its peak around 2020, and second in millionaires with 4.1 million according to Statista. Public social expenditure in China was around 10% of GDP.
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.
Asian cities account for a significant share of the ranking. Hong Kong, Mumbai, Beijing, Shanghai, Singapore, and Shenzhen all place within the top 10. China alone features multiple cities on the list, including Beijing, Shanghai, Shenzhen, Hangzhou, and Guangzhou.
New York City, New York
As the country's financial capital, it houses more millionaires and billionaires than any other U.S. city. New York's mix of finance, culture, and global influence keeps it firmly at the top. No other American city matches its scale of wealth or its role as a global financial center.
In 2024, China's national per capita disposable income reached RMB 41,314 (US$5,734), with real income growth recorded across all income groups.
Sydney is the most expensive major city in Australia and the most expensive city overall.
The 34-year-old Australian billionaire frequently mentioned is Adrian Portelli, known for his extravagant lifestyle, property investments, and his business LMCT+, a controversial online rewards club that generates significant revenue through raffle-style promotions, making him a prominent figure on Australia's rich lists.
New York City - #1
New York City, often referred to as the "financial capital of the world," leads the list as the richest city in 2024. With over 340,000 HNWIs and total private wealth exceeding $3 trillion, NYC is home to Wall Street, luxury real estate markets, and global corporate headquarters.