Over 100,000 Ningbo families' wealth surpass 6m yuan

A view of Ningbo in East China's Zhejiang province. [Photo/VCG]

Ningbo had 103,000 affluent families – those with no fewer than 6 million yuan ($923,076) in wealth - as of Jan 1 2021, according to a report recently released by the Hurun Research Institute.

The city in East China's Zhejiang province was ranked seventh nationwide in terms of the number of affluent families.

Beijing topped the ranking with 728,000 affluent families, followed by Shanghai, Hong Kong, Shenzhen, Guangzhou, Hangzhou, Ningbo, Foshan, Taipei and Tianjin.

The report showed that China had 5.08 million such affluent families, an increase of 70,000 over the same period in the previous year. Their combined wealth was 160 trillion yuan, which is 1.6 times the country's gross domestic product (GDP) and a yearly uptick of 9.6 percent year-on-year.

Specifically, Zhejiang had 540,000 affluent families, ranking fourth among provincial areas in China, only behind Beijing, Guangdong and Shanghai.

In addition, the size of high net worth families with 10 million yuan in China saw an increase of 2 percent to 2.1 million while that of ultra-high net worth families with 100 million yuan raising 2.5 percent to 133,000.