The most common definition currently seen in China is the scope set by the National Bureau of Statistics (NBS), which defines the “middle-income group” as a typical three-person household that earns between RMB 100,000 to RMB 500,000 (approx. US$14,844 to US$74,221 in 2022) per year.
While there is no standard definition of “middle class,” most metrics use income bands to differentiate between economic classes. For instance, the Chinese government defines incomes ranging from $7,250 to $62,500 (RMB 60,000 to 500,000) per year as middle class.
Already a member? Millionaires are defined as individuals with personal wealth of over 10 million yuan, and super-rich are defined as individuals with personal wealth of 100 million yuan or above. One yuan equals approximately 0.16 U.S. dollars and 0.14 euros (as of April 2022).
The new middle-class population in China has the following characteristics: Age: individuals between 25 and 40 years old. City: living in third-tier cities and above.
The World Bank defines a high-income nation as one with a nominal gross national income (GNI) per capita above $13,205. China logged in at $12,608 last year, the National Bureau of Statistics reported.
A decade ago, China's citizens were estimated to hold just 9% of the world's wealth. That figure has now more than doubled, while median wealth in the country has skyrocketed from $3,111 to $26,752 between 2000 and 2021.
Meanwhile, an annual income of $91,639 puts you in the top 1% in China, while you need to make more than $506,000 to be in the top 1% in the U.S. This shows that most of the Chinese wealth has come from increasing home values.
While the country is estimated to have 823,800 millionaires, the emigration trend could see millions of dollars brought with those leaving, which could worsen China's sharp economic slowdown. Henley defines high net worth individuals as people with more than $1 million in investable wealth.
According to the traditional Confucian view, society is made up of four classes: government officials, farmers, artisans and merchants. Read through this website to learn more about why society was structured like this and what the role of each class was.
According to the source of income, in 2022, the per capita wage income of residents nationwide was 20,590 yuan, an increase of 4.9 percent, accounting for 55.8 percent of disposable income; the per capita net operating income was 6,175 yuan, an increase of 4.8 percent, accounting for 16.7 percent of disposable income; ...
Beginning about the fourth century B.C., ancient texts describe Chinese society as divided into four classes: the scholar elite, the landowners and farmers, the craftsmen and artisans, and the merchants and tradesmen.
Shenzhen, a city in southeastern China, is one of the billionaire capitals of the world. The city is home to some of China's wealthiest people, many of whom founded massive tech companies.
Forbes' real-time data shows that as of June 2023, there are 47 Australian billionaires on the list of the world's richest people.
Maximum and minimum salary range
The average salary in China ranges from 7,410 Yuan per month (USD 1,066) to 131,000 Yuan (USD 18,842) per month — with 7,410 Yuan being the minimum salary and 131,100 Yuan being the maximum salary.
Before we get started, let's do the math: 10,000 RMB is about 1,500 USD, a salary of about 18,000 USD per year. While this figure in the US, Canada, the UK or Australia would be, by many standards, quite low, in China it's actually not that bad.
Minimum Wages in China remained unchanged at 2590 CNY/Month (365.488 USD/Month) in 2023. The maximum rate of minimum wage for employees was 2480 CNY/Month and minimum was 690 CNY/Month.
BEIJING, April 1, 2022— Over the past 40 years, the number of people in China with incomes below $1.90 per day – the International Poverty Line as defined by the World Bank to track global extreme poverty– has fallen by close to 800 million.
About 5.2 million Chinese families had a total wealth of 6 million yuan (US$900,000) or more as of January 2022, up 2.1% year over year. Their combined wealth grew 2.5% year over year to 164 trillion yuan, according to a report by Hurun Research Institute released Friday.
Australia has a GDP per capita of $48,700 as of 2020, while in China, the GDP per capita is $16,400 as of 2020.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.