The average household wealth per capita in China reached 169,077 RMB ($24,540) in 2016, up 17.25 percent from 2015, according to a report on Chinese household wealth issued by the Economic Daily Press on May 24.
The report investigated 36,000 households in 435 counties across 24 Chinese provinces, comprehensively revealing the basic status of household wealth around the country. Households in eastern China are the wealthiest, with a per capita property value of 242,604 RMB. Eastern China is followed by the central and western regions, which respectively possess per capita property values of 119,768 RMB and 92,304 RMB.
The report attributed the growth of average household wealth per capita to the accumulation of income and the increase of overall property market value. In 2016, the net worth of housing property grew by 17.95 percent, greatly benefiting urban residents. Growth has contributed 68.24 percent to the rise in household wealth.
The report suggested the existence of a large gap between households from different educational backgrounds. For example, the wealth per capita of families where the heads of household possess a bachelor's degree or above is 3.38 times that of households headed by those with an elementary education or below. In addition, other factors such as profession, employment status and health also influence wealth.
The net worth of housing property is the largest indicator of family wealth, accounting for 65.99 percent of the total value. Statistics show that the net worth of housing property is four times families' per capita disposable income. Automobiles account for the biggest share of movable property.
In addition, financial assets are an important facet of household wealth. According to the report, household savings accounted for the largest part of families' financial assets.
