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Published May 17, 2017

Shanghaiers Biggest Spenders And Earners In China

By Jordan Harris

 

According to a recent report from China's National Bureau of Statistics, people living in Shanghai have the highest disposable income with an average of 15,841 yuan per person for this year's first quarter. Residents also spent the most on average, with a personal consumption expenditure of 10,165.88 yuan per individual. In comparison the average for the whole of China was 4,796 yuan per person for Q1 2017.

 

The report studied income and spenditure in 31 provinces and areas of China. Shanghai was closely followed by Beijing which had an average disposable income of 14558 yuan and then followed by Zhejiang Province, Jiangsu Province and Tianjin. Shanghai is also the only area to have an average expenditure of over 10,000, mostly helped by the higher cost of living in the city. 

 

Although spending is much higher in the 'Hai, it's not where you'll find China's richest. A report last year showed the highest number of millionaires in the Middle Kingdom are concentrated in Guangzhou with a huge total of 240,000, closely followed by Beijing at around 238,000. In comparison Shanghai was home to 'only' 205,000 millionaires at the time of the study.