Where do China's wealthy live? Guangdong!
The 2017 China Private Wealth Report released by China Merchants Bank and Bain Consulting found that at the end of last year there were 1.58 million high-net-worth individuals (HNWI) — those with investable assets of over 10 million yuan, in China.
The size of the mainland’s private wealth market climbed 47 percent from 112 trillion yuan in 2014 to 165 trillion yuan by the end of 2016.
The report predicts that the number of HNWI in China will reach 1.87 million this year, up 18 percent while the assets they hold will amount to 58 trillion yuan, up 19 percent.
Since regional development is promoted by the Belt and Road Initiative, mass entrepreneurship and mass innovation, rich people's geographical distribution has become more balanced.
In 2006 only Guangdong province had more than 20,000 HNWI. Ten years later a total of 22 provincial areas saw the number of their HNWI exceeding 20,000.
Five provinces and municipalities (Guangdong, Shanghai, Beijing, Jiangsu, Zhejiang) had more than 100,000 HNWI by the end of last year, accounting for 47 percent of the total HNWI in China.
Guangdong province overtook Beijing last year to become the region of the Chinese mainland with the most multimillionaires, according to a report by the Hurun Research Institute.
Guangdong leads the country in both the number and the fastest growth of HNWI; about 240,000 HNWI reside in the province. It also lead the Hurun list in 2016 with 406 individuals whose assets exceed 2 billion yuan, followed by Beijing and Zhejiang province.