【China】Hurun Best of the Best 2025: Report on the Quality of Life of China’s High-Net-Worth Individuals

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Editor’s Note

The Hurun Research Institute’s latest annual report offers a detailed look into the lifestyles and consumption trends of China’s high-net-worth individuals. As this influential survey marks its 21st year, it provides valuable insights into the evolving preferences and priorities shaping the luxury market.

Report Release and Overview

Hurun Research Institute today released the “2025 Hurun Best of the Best—Report on the Quality of Life of China’s High-Net-Worth Individuals” (Hurun Chinese Luxury Consumer Survey & Hurun Best of the Best Awards 2025). This marks the 21st consecutive year the institute has published this report, which aims to reveal the lifestyle, consumption habits, and evolving brand perceptions and preferences of China’s high-net-worth individuals, striving to depict the changing life patterns of this group. The “Hurun Best of the Best” is widely regarded as the ISO for brands targeting high-net-worth individuals.

Key Findings on Consumption and Market

In 2024, China’s high-end consumption market size decreased by 2% year-on-year to 16.3 trillion yuan. Influenced by the downturn in the high-end jewelry, watch, and luggage markets, the traditional luxury goods market overall declined by over 8%. Growth primarily came from high-end services (such as hotels, travel) and the luxury car market priced above 500,000 yuan.

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Over the past year, the average annual material consumption of high-net-worth households decreased by 12%, a reduction of 280,000 yuan. Their average willingness to spend on purchases is: 660,000 yuan for cars, 420,000 yuan for jewelry, 410,000 yuan for watches, 350,000 yuan for art, 230,000 yuan each for education and travel, 190,000 yuan for health services, 180,000 yuan for alcohol, and 150,000 yuan for home maintenance.
Huawei has been the most favored mobile phone brand among high-net-worth individuals for two consecutive years, with Apple ranking second and Xiaomi rising one spot to third. In other consumer electronics categories, the top favored brands are: DJI (drones), Unitree (robotic dogs), Insta360 (panoramic cameras), Ninebot (self-balancing scooters), and Niu (two-wheel electric vehicles).

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Lifestyle and Preferences

Travel remains the preferred form of entertainment, followed by fine dining, hot springs, SPA, wine tasting, and party dinners. Over 90% of high-net-worth individuals maintain weekly exercise habits, with running still being the most favored form of exercise, while yoga and hiking have risen to the top three.
In terms of transportation, the proportion of those with dedicated chauffeurs has increased. Regarding car choices, SUV models dominate, and luxury MPVs are gradually gaining attention. Support for relatives is mainly concentrated on emergency assistance, providing job opportunities, and children’s education.

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Survey Methodology and Demographics

This survey covered 750 Chinese high-net-worth individuals with assets of at least 10 million yuan, including 32 ultra-high-net-worth individuals with assets over 100 million yuan. The average total family assets of respondents were 47.5 million yuan, with average investable assets of 12 million yuan. 45% of respondents are from first-tier cities, 41% from new first-tier cities, and 14% from second-tier cities. The average age of respondents is 35 years old.

Executive Commentary
“Over the past 20 years, Hurun Best of the Best has focused on telling brand stories, showcasing the achievements of globalized brands in China and the high-quality development of local brands. In 2025, standing at the new starting point of its 20th anniversary, Hurun Best of the Best will shift its focus more towards ‘people’ themselves, delving into the unique value orientations and behavioral logic of high-net-worth individuals in consumption, life, and investment decisions, to gain new insights into their needs and trends.”
“China’s high-net-worth individuals today are on average 35 years old, with total family assets of 47.5 million yuan, living in a 270-square-meter home. They travel for business 7 days a month, expect to achieve financial freedom at age 46. Their top investment choice is gold, they prefer SUVs for travel, enjoy running for exercise, have 24 days of vacation per year, are keen on travel, favor Sanya domestically and the Maldives internationally. In terms of diet, they prefer Sichuan cuisine, black tea, and baijiu, and were recently moved by the song ‘Boundless Oceans, Vast Skies’.”
“The material consumption of high-net-worth households in China decreased by 12% overall in the past year, with the budget for car purchases dropping by 15% from 780,000 yuan to 660,000 yuan. However, despite the reduced budget, the cost-performance ratio in the automotive industry has been continuously improving in recent years, allowing consumers to purchase higher quality and better-equipped vehicles for 660,000 yuan than they could two or three years ago.”
“What impressed me is that nearly 90% of China’s high-net-worth individuals plan to pursue further education within the next two years, a phenomenon starkly different from the situation in Europe and America. Currently, the Chinese economy is at a critical juncture of transformation, a process full of challenges, and many entrepreneurs and high-net-worth families are also facing their own transformation needs. In this context, the importance of continuous learning becomes increasingly prominent; it is not only key to adapting to economic changes but also an essential path for achieving sustainable development for individuals and enterprises.”
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⏰ Published on: March 21, 2025