The Hurun Research Institute’s report reveals a decline in China’s affluent households since 2022, aligning with the real estate market’s downturn. Households with assets over six million yuan dropped to 5.128 million, while those exceeding ten million fell by thousands annually due to emigration and asset shrinkage, primarily from property values constituting 50-70% of wealth. This has led to cash flow concerns and a pessimistic mindset among the wealthy, with money now ranking third in priorities after health and happiness. Consumption is shifting from flashy luxuries to practical family needs, with tech products leading. High-net-worth individuals are categorized into six groups, mostly defensive, highlighting risks of social decline. In contrast, U.S. wealth grows amid inflation, supporting optimistic consumption.
