China has 1.58 million high net worth families with at least 10 million yuan of investable assets in 2020, and the number of ultra high net worth families with at least 100 million yuan of investable assets reached 104,800, according to Hurun China HNWIs Quality of Life Report.

Beijing has the most high net worth families with 288,000, followed by Guangdong province and Shanghai.

Real estate remains the high net worth individuals' first choice for future investment, followed by overseas investments, and respondents will reduce investments in the stock market due to uncertainties, according to the report.

The report said the consumption price for high net worth families increased 3.4 percent year-on-year in 2020, which reversed the downward trend last year. The increasing price of international air tickets, high-end liquor and gold are the main pull factors.

This year, the average annual household expenditure of the respondents was 1.75 million yuan, with 19 percent spent on travel, 18 percent on education, and 16 percent on daily necessities and luxuries.