China has nearly 3 million high net worth individuals (HNWIs) and most of them are not in the first tier cities. China’s wealthy are located across China according to Hurun’s latest report, The Chinese Luxury Traveler 2014, which classified millionaires into two categories, Dollar Millionaires with wealth of CNY 6 million and Super Rich with wealth of CNY 100 million.
|Dollar Millionaires (CNY 6 Million)||Chinese Super-Rich (CNY 100 Million)|
|Avg annual income||0.5 million||over 5 million|
|In 1st tier cities||1.14571 M||26.1K|
|In 2nd tier cities||754.56K||20.65K|
|In 3rd or lower tier cities||999.73K||20.25K|
Hurun classified the cities as follows:
First Tier cities: Shanghai, Beijing, Shenzhen, Guangzhou.
Second Tier cities: Tianjin, Nanjing, Wuhan, Shenyang, Xi’ an, Chengdu, Hangzhou, Jinan, Qingdao, Dalian, Ningbo, Suzhou, Wuxi, Harbin, Changchun, Xiamen, Foshan, Dongguan, Hefei, Zhengzhou, Changsha, Fuzhou, Shijiazhuang, Kunming, Nanchang, Nanning, Taiyuan, Yantai, Wenzhou, Chongqing, Zibo.
image credit: Mike Behnken, hurun report