《胡潤研究院2025年高淨值人群消費心態及行為研究報告》揭示備受關注的趨勢：中國的富裕家庭總數正在逐年減少，尤其在總資產越高的階層，這一趨勢越加明顯。報告中指出，2024年全中國淨資產超過600萬元人民幣的「富裕家庭」數量為512.8萬戶，較去年下降0.3%，這已是連續第二年出現減少。若觀察更高的資產階層，如淨資產1,000萬元以上的「高淨值家庭」為206.6萬戶、1億元以上的「超高淨值家庭」為13萬戶、資產達到3,000萬美元（約合人民幣2億元）以上的「國際超高淨值家庭」僅剩8.6萬戶，都反映出中國財富階層正面臨收縮。

造成這一現象的根本原因，首先是經濟結構性放緩與外部不確定性升高所導致的總體資產縮水。近年來，中國經濟增長放緩已成不爭事實。房地產市場失去過去的爆發式紅利，不但價格持續下跌，資產流動性也大幅降低。由於許多富裕家庭的財富主要集中於房地產與相關產業，當房市價值下滑時，他們的淨資產也隨之縮水。

其次是股市表現疲弱及金融市場信心不足。過去幾年中，包括創業板、新三板甚至港股在內的多個資本市場波動劇烈，加上監管政策趨嚴，讓許多高淨值人士在股權投資、創投、理財產品等方面蒙受損失。一部分人為減少風險而選擇減持資產甚至轉移資產，也因此在統計上「退出」富裕行列。

此外，國際局勢與資本外流也是關鍵因素。在地緣政治風險升溫、美中關係持續緊張的背景下，許多高淨值人士選擇將資產配置到海外，甚至移民、轉移稅務居所，導致其在中國境內的可統計資產出現縮水。而在中國嚴格的資本管制體系下，資產外流往往也意味著在本國財富數據中的「消失」。

從心理層面來看，報告指出高淨值人群的「經濟寬裕度」較2021年下滑達29%，顯示即便他們的絕對資產仍在高位，也因不確定感增加、對未來預期轉為保守，而不再認為自己處於「富裕狀態」。這也反映在消費行為上，高淨值群體不再追求奢華炫耀，反而把「健康」放在第一位，成為他們當前最重視的價值指標。

綜合來看，中國富裕家庭數量的連年減少，既是資產實質縮水的反映，也反映出經濟結構正在調整、社會預期正在改變。在高槓桿、高風險的時代結束之後，財富正在重新分配，而對「富裕」的定義也逐漸從數字轉向更保守、內斂與長期安全的標準。這不僅改變中國高資產人群的構成，也預示著未來經濟、消費與投資格局的深層變化。

The Hurun Research Institute’s 2025 Report on Consumption Attitudes and Behaviors of High Net-Worth Individuals reveals a notable and concerning trend: the total number of wealthy households in China has been steadily declining year by year. This trend becomes even more pronounced among the highest asset brackets. According to the report, by 2024, there are 5.128 million “wealthy households” in China with a net worth exceeding 6 million yuan, representing a 0.3% decrease from the previous year—marking the second consecutive year of decline. The shrinkage is even more evident among higher asset tiers: there are 2.066 million households with over 10 million yuan in net assets (“high net-worth households”), 130,000 households with over 100 million yuan (“ultra-high net-worth households”), and only 86,000 households with assets exceeding USD 30 million (roughly 200 million yuan), classified as “international ultra-high net-worth households.” These figures highlight a clear contraction in China's wealthy class.

The primary reasons behind this phenomenon stem from a structural slowdown in the economy and a rise in external uncertainties, leading to an overall decline in asset values. In recent years, China’s economic growth has slowed considerably. The once-booming real estate sector has lost its momentum, with property prices consistently falling and asset liquidity significantly reduced. Since the majority of wealthy Chinese families have concentrated their wealth in real estate and related industries, the depreciation in housing values has directly eroded their net worth.

Another contributing factor is the weak performance of the stock market and diminished confidence in the financial sector. Over the past few years, various capital markets—including the ChiNext board, the National Equities Exchange and Quotations (NEEQ), and even the Hong Kong stock exchange—have experienced extreme volatility. Stricter regulatory policies have further strained investor confidence. Many high net-worth individuals have suffered losses in equity investments, venture capital, and wealth management products. In response, some have reduced or relocated their assets to mitigate risk, effectively “dropping out” of the wealth statistics.

Geopolitical tensions and capital outflows also play a critical role. As geopolitical risks intensify and U.S.-China relations remain tense, many high net-worth individuals have chosen to allocate assets overseas or even emigrate and change tax residency. This has led to a noticeable decrease in their statistically recorded assets within China. Given China's strict capital controls, such outflows often equate to a disappearance from domestic wealth data altogether.

Psychologically, the report points out that the perceived “economic comfort” level of high net-worth individuals has dropped by 29% compared to 2021. This suggests that even though their absolute asset values may still be substantial, growing uncertainty and more conservative expectations for the future have led many to no longer see themselves as “wealthy.” This shift in perception is also evident in their consumption habits: the high net-worth group is moving away from ostentatious luxury and instead prioritizing “health,” which has become their most valued consideration today.

In summary, the continual decline in the number of wealthy households in China reflects not only a tangible reduction in asset values but also a broader restructuring of the economy and a shift in societal expectations. As the era of high leverage and high risk comes to an end, wealth is being redistributed. The definition of “wealth” is evolving from mere numerical abundance to one focused on conservatism, discretion, and long-term security. This transformation is not only reshaping the makeup of China’s high-asset population but also heralding profound changes in the nation’s future economic, consumption, and investment landscapes.