Society
By Jin Yingying
Hangzhou tops the list of the cities where the number of millionaires is rising the fastest, according to a new report by the London-based investment migration consultancy Henley & Partners.
The report reveals that Hangzhou has around 30,400 individuals worth over $1 million, including 98 residents worth more than $100 million. Twelve of these people are billionaires.
The list ranks the increase of ultra-wealthy individuals between 2012 and 2022--and how big the jumps are.
The institute says that Hangzhou is widely regarded as one of the more scenic cities in China, and known for its architecture and gardens, which attracts high-net-worth individuals to live and retire in the city. It also mentions some large-scale enterprises in Hangzhou including Alibaba, NetEase and Ant Group.
According to the 2022 statistical data, Hangzhou ranks first among the top ten cities in China with a per capita annual consumption of 46,640 yuan ($6,814), surpassing Shanghai, Shenzhen, and Guangzhou. Hangzhou's social retail sales growth rate has also seen a new breakthrough, taking the first place among the top 11 cities in China in terms of the GDP.
This list also attracts global attention.
"Hangzhou in China comes out on top of the list assessing the fastest-growing millionaire hotspots." --CNBC
"Hangzhou in southeast China tops the list of cities where the number of millionaires is rising the fastest. Hangzhou is the capital the province of Zhejiang and has a population of more than 10 million. The port city, located along the former Silk Road trade route, is around 700 miles from Beijing and 100 miles from Shanghai." --Insider
"Hangzhou, China, led the world with the highest surge of high-net-worth individuals since 2012 with a 105 percent increase. "--Daily Mail