The number of affluent Chinese families is burgeoning, with more than 2.02 million households having a wealth of 10 million yuan ($1.548 million) or more as of the end of 2019, revealed a recent report published by the Hurun Research Institute on Monday. 

The points to a fact that the pyramid of Chinese families in terms of money-making potential will be a pillar force behind China's GDP growth and consumption in the coming years, with trillions of yuanset to be passed to the next generation, the report showed. 

According to the Hurun report, about 5.01 million Chinese households have had a wealth of 6 million yuan or more by the end of 2019, up 1.4 percent on a yearly basis. About 2.02 million Chinese families have wealth of 10 million yuan or more, up 2 percent on a yearly basis, while 130,000 households have had a family fortune of 100 million yuan or more, up 2.4 percent. 

In total, Chinese families with a wealth of 6 million yuanor more have had a total wealth of 146 trillion yuan. The majority of the wealth was held by mainland 

families. 

China's large cohort of wealthy families have been a steady contributor to China's economic growth. The Hurun report showed that mainland families with 10 million yuan or more of wealth have spent 3 trillion yuan in total last year, which means that 0.3 percent of China's total population have created 3 percent of China's GDP last year. 

These families also represent a kind of promise that China's consumption market will continue to burgeon in the future in spite of the pandemic blow or any external fluctuations. 

"In about three to five years, the market will have a clear sight of the consumption trend led by them," the report noted, adding that about 78 trillion yuan will be passed on to the next generation over the next 30 years. 

Global Times