Listen to this articleIn 2022, Shanghai led the list of the 10 China’s richest cities, followed by Beijing and Shenzhen. We make the ranking based on cities’ GDP per capita, living standards, and happiness index instead of calculating economic metrics.
Now, discover which cities made the top 10 list by reading on.
We compiled a list of the 10 most prosperous cities in China based on the GDP per capita of each in recent years. GDP is not the only factor in a city’s wealth. The order listed does not imply which city is more livable than the others.
They are attractive addresses not to be missed when it comes to the richest cities in China. Let’s scroll down to read more information!
1. Shanghai
Shanghai is the richest city in China. The reason for Shanghai’s financial prosperity is simply geography.
Nearly every capital or prosperous commercial center on Earth has a river or an ocean nearby, providing easy access to neighboring countries.
The Economic Times writes that Shanghai’s economy takes more than 3.5 % of China’s overall GDP. Statista estimates its municipality’s GDP was 4.32 trillion yuan( ~ 644 billion dollars) in 2021.
In 2021, Pudong’s GDP amounted to roughly $227.7 billion. This New Area plans to increase GDP by 6.5 percent in 2022.
According to a recent Forbes survey, Shanghai is now the most expensive city in the world. After ranking 18 last year, it now boasts the sixth-highest concentration of billionaires in the whole globe.
2. Beijing
Based on the Global Rich List of Hurun, Beijing has the most billionaires in the world, with 144, the following city is Shanghai with 121.
Organizations estimated Beijing data at 4,026.960 RMB billion. This number reflects the growth from the prior figure for 2020 of 3,610.260 RMB billion.
Beijing placed the tenth position among the top 10 most expensive cities for expats, according to Mercer’s research in 2022.
According to the data in 2018, about 21.54 million people lived in the area of 6,336.32 square miles. This city stands for its historic buildings.
They include the magnificent Forbidden City complex, the royal palace during the dynasties of the Ming and Qing, and its contemporary architecture. Peking Duck, hails from Beijing and is a well-known dish around the globe.
3. Shenzhen
Shenzhen has a GDP above three trillion yuan in 2021, calculated at today’s costs, making it one of the most prosperous cities in China today.
It has experienced significant economic development thanks to reforming and opening policies, which I can easily see in the expansion of its GDP.
According to a national calculation in 2021, Shenzhen has a population of 12.59 million, and its area is 791.5 square miles. Logistics, finance, recreation, and culture are crucial industries in Shenzhen.
According to NBC News, Shenzhen has 113 billionaires compared to New York’s 110, while London has 101 billionaires.
The increase of billionaires in Shenzhen mirrors a “megatrend” that will entice more young entrepreneurs to the city in the next few years.
4. Chongqing
Listed as one of the wealthiest cities in China, the GDP of the Chinese city of Chongqing in 2021 was 2.79 trillion yuan. This number is up from 2.5 trillion yuan the year before.
Infrastructure building, electronics manufacturing, mining, export, information technology, iron, steel, and car manufacturing are the key industries in this city.
Compared to New York, the average rent in this city is 92.39 percent less. A 7-day vacation to Chongqing costs, on average, $4,286 for a family of four, $2,286 for a couple, and $1,273 for a single traveler.
The average cost of a night in a hotel in Chongqing is $58, whereas most vacation rentals cost between $130 and $360/night for the whole house.
5. Guangzhou
Guangzhou lies in the Pearl River Delta. It is the leading manufacturing hub in China.
With a more than 2,000-year maritime history, Guangzhou is home to China’s largest port and commercial center. Additionally, it served as one of the entry places on the historic Silk Road, a trans-Asian trade route.
In 2017, GDP was 2,150 billion (US$318 billion) and per capita income was 150,678 ($22,317). Guangzhou ranks tenth in the world and fifth in China.
According to statistics in 2019, petrochemicals, electronics, and automobiles are Guangzhou’s three primary economic pillars. The aggregate output value of these industries represents 55.5% of the city’s overall GDP.
6. Hongkong
Hongkong is the sixth of the wealthiest cities in China. The market cap of the Stock Exchange was $3.87 trillion in December 2018.
The estimated population of Hong Kong in 2021 was 7.55 million, an increase of 0.74 percent from the 7.50 million in 2020.
The traditional Hong Kong Four Key Industries are commerce and logistics, financial services, tourism, and professional and producer services.
According to CNBC news, they have been the engine of the city’s economic expansion, fostering the development of other sectors and generating jobs, making it an expensive city for expats.
7. Suzhou
Due to its proximity to Shanghai and inexpensive operating costs, Suzhou is one of China’s most well-liked investment locations.
It is particularly well-known for producing silk and being a significant commercial hub. The key sectors include electronics, information technology, fine chemicals, pharmaceuticals, and auto components.
The expansion of its satellite towns, which along with the city of Suzhou, make up the Suzhou prefecture, such as Kunshan, Changshu, Taicang, and Zhangjiagang, has a direct bearing on Suzhou. Numerous high-tech businesses have developed in the Suzhou prefecture.
Suzhou is one of the most highly productive and wealthy cities on the Chinese mainland, with a Human Development Index score nearly equivalent to a moderately developed nation.
8. Chengdu
Chengdu, ranked number eight in the top ten wealthiest cities, has a GDP of $308.79 billion in 2021.
China’s third-largest luxury market, after Shanghai and Beijing, is in Chengdu. The city has drawn wealthy individuals from nearby regions like Tibet, Yunnan, and Xinjiang.
For them, eastern cities like Shanghai, Beijing, and Shenzhen are too far away. But, Chengdu provides a comparable level of upscale shopping in a far more convenient location.
Regarding economic vitality, business excellence, tourist appeal, and environmental preservation, Chengdu is a national model city.
9. Wuhan
The city is famous for its 3,500-year cultural heritage. The city serves as both the eastern terminus of the old Tea Road and the origin of urban civilization in the Yangtze River region.
Wuhan has earned a reputation as a significant maritime and transportation hub because of its geographic location.
Wuhan is well known for its technical prowess in high-speed rail and bridge construction, as well as in resilient urban design and high-tech businesses.
Due to its status as an industrial city, Wuhan has a sizable population of migrant workers, many of whom work in the steel and car sectors.
230 Fortune Global 500 companies have invested in Wuhan, which boasts four scientific and technical development parks, and 3 national development zones.
It also has more than 350 research institutions, 1,656 high-tech businesses, several business incubators, and more. In 2021, it generated a nominal GDP of 274 billion dollars.
China’s economy, trade, banking, information technology, transportation, and education develop in Wuhan. Some of its leading industries include optics and electronics, the production of automobiles, and environmental protection.
10. Hangzhou
Hangzhou’s GDP will be 247 billion in 2020. The five pillar industries in Hangzhou include textile and chemical fiber, machinery and electronics, biology and pharmaceuticals, high-tech chemicals, and food manufacturing.
After Shanghai, Beijing, Hong Kong, Guangzhou, and Shenzhen, Hangzhou came in sixth place in China and eleventh overall on the 2020 Hurun Global Rich List regarding the number of resident billionaires.
Although Hangzhou’s sector has evolved over the years, it has remained a center for forward-thinking and creative firms.
Many individuals who relocate to Hangzhou as expats do so for an extended period. Most residents in this desired Chinese city have good things to say about it.
In addition to being located in the center of hills and valleys, where there are some of the most well-known monasteries in China, Hangzhou stands for its architecture, gardens, and landscape design.
As a result, with its stunning landscape and fascinating historical landmarks, the city is one of the most well-liked tourist attractions in China.
Discover what it is about Hangzhou that has attracted so much interest by watching this video. Check to see whether the procedure is worth your time.
FAQs
What is the wealthiest city in China?
China’s wealthiest city is Shanghai.
Which city has the most millionaires?
Beijing and Shanghai are home to by far the most significant number of millionaires in Greater China.
How did China get so rich so fast?
A significant portion of China’s fast economic development is often due to the combination of two key factors: considerable capital investment and high productivity increase. These two elements seem to have coexisted well.
Conclusion
The top richest cities in China listed above show how China’s wealthiest city has migrated from north to south over the last 1,000 years.
In the same era, the economy of southern China continues to generate more wealth than that of northern China.
This city has become a leader and a role model for other cities. Many analysts also said the Chinese economy would follow Shanghai wherever it went.
Hopefully, you will have the opportunity to visit or live in this prosperous city. But prepare an intelligent money strategy because you can quickly puncture your pocket due to expensive living costs.
