A recent report from the Hurun Research Institute showed that by the end of 2024, there were 5.1 million households in China with a net worth over 6 million yuan. This figure includes both movable and immovable assets. A family with a decent property in a first-tier city would usually qualify. However, the number of these households has fallen for two straight years. The peak came in 2022 with 5.2 million households. That means about 55,000 Chinese families have dropped off the list in just two years.
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