Core Insights - The HuRun Research Institute released the "2026 HuRun Quality Life Report" focusing on China's high-net-worth individuals, indicating a decline in economic confidence among this group for four consecutive years, reaching the lowest level since 2012 [1][3] Economic Confidence - Among 470 surveyed high-net-worth individuals with assets over 10 million RMB, 26% expressed "very confident" in the Chinese economy, while 59% felt "somewhat confident." The overall economic confidence index is at 5.4, lower than the peak of 7.2 during a previous high period [3][5] - The average total family assets of respondents are 61 million RMB, which is 38% higher than the average over the past five years, with an average investable asset of 23 million RMB [5] Wealth Sources and Demographics - Wealth sources include investments (28%), salary (22%), business dividends (21%), inheritance (16%), and rental income (13%). 78% of respondents are from first-tier cities, with an average age of 36 years [6] - The demographic breakdown shows that 41% are married with children, and the gender distribution is 47% male and 53% female [6] Consumption Trends - The overall scale of China's high-end consumer market is approximately 1.56 trillion RMB, down about 5% year-on-year. The traditional luxury goods market is expected to decline from 450 billion RMB in 2024 to around 430 billion RMB [8] - High-net-worth families anticipate a reduction in material consumption by about 242,000 RMB over the next year, with significant cuts in categories like watches and jewelry, while high-end services such as travel are expected to grow [8] - The luxury car market is showing signs of fatigue, with a decline in the market size for cars priced over 500,000 RMB from 620 billion RMB to 570 billion RMB [8] Investment Preferences - High-net-worth individuals are increasingly favoring gold and overseas investments like U.S. and Hong Kong stocks, while showing a tendency to reduce holdings in real estate, art, and collectibles [9] - There is a notable increase in interest in health-related investments, particularly in traditional Chinese medicine [9] Identity Planning - 66% of high-net-worth individuals do not consider international identity planning, an increase of 10 percentage points from the previous year. The U.S. is the most favored destination for international identity planning [8][9] Cultural Insights - The most admired figures among high-net-worth individuals include parents, Elon Musk, Jack Ma, Warren Buffett, Lei Jun, Duan Yongping, and Steve Jobs [10] - The most touching song for this demographic is "The World Gave Me" by Faye Wong, along with other popular songs [10]