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The Yi Tsai Hurun Wealth Report 2022 is released in Qingdao, Shandong province on March 10. [Photo provided to chinadaily.com.cn]

The Hurun Research Institute unveiled its highly anticipated "Yi Tsai Hurun Wealth Report 2022" in Qingdao, Shandong province on March 10.

The report revealed key insights into the wealth distribution, regional variations, and demographic characteristics of affluent households in China.

According to the report, there were 53,500 "wealthy families" in Shaoxing, Zhejiang province, as of January 1, 2022. Each of these families had a "total wealth" of at least 6 million yuan ($871,400).

The report's definition of "total wealth" takes into account both fixed assets like listed or unlisted company equity, self-occupied housing, and investment property, as well as liquid assets like stocks, funds, bonds, deposits, and insurance.

The report also shows that the top 30 cities in China with the highest concentration of wealthy families account for 68 percent of the country's total number of wealthy families.

The top three cities are Beijing, Shanghai, and Hong Kong, followed by Shenzhen, Guangzhou, Hangzhou, and Ningbo. Shaoxing was ranked 13th.

This is the 14th consecutive year that the Hurun Research Institute has published its renowned "Hurun Wealth Report", which is widely regarded as a trusted source of information for investors and government officials alike.