Amid the dual pressures of China’s economic downturn and shrinking assets, the number of wealthy families on the mainland has been declining for two consecutive years. Many families are now facing the reality of their wealth “back to square one”. The family of Wen Tao, a second-generation rich from a county in China, is a microcosm of this era of change. As the tide recedes, self-made wealthy individuals in county towns like Wen Tao’s family choose to exercise moderation and a “stability-seeking” mentality to preserve their wealth and adapt to the times.
In the first half of this year, a video titled “How does a top-tier second-generation rich from a county town spend his day?” went viral on social media. The 24-year-old boy from Jiangsu, Wen Tao, lives in a multimillion-dollar detached villa, with a garage filled with luxury cars. However, in his daily life, he eats local snacks, takes public transportation, and his family still uses the old fans and microwave oven from his parents’ wedding.
According to a report from WeChat public account on August 3, a recent chat with Wen Tao revealed more details about his life. He said, “Our family’s money is saved. Why spend ten bucks when one can solve the problem.”
Growing up as the second generation wealthy in a county where his parents went from rags to riches, Wen Tao has long been accustomed to rational spending and buying items with value retention in mind. He admitted, “There are not many spending opportunities in the county town”, and wealthy families around him are more inclined to spend money on visible practical matters.
Wen Tao’s father climbed the wealth ladder through the property boom after 2010, starting from a construction worker, accumulating a fortune of over “A9” level (assets over 100 million) through wood grain floor business and his mother’s real estate investments.
However, in the current economic environment, Wen Tao has keenly observed that the family’s income has decreased significantly, and his father is spending more time at home. Particularly in recent years, the factory closures have impacted the family business. Yet, amidst this storm, Wen Tao’s family remains relatively stable, avoiding the phenomenon of “falling from the original wealth level” seen in other families.
Wen Tao lives in the most expensive neighborhood in the county town, with a three-story villa covering over a thousand square meters, including a courtyard and a garage, where his bedroom alone spans 120 square meters.
However, a closer look reveals signs of wear and tear in the million-dollar mansion; they refrain from hiring a housekeeper or gardener, spending hours to tend the flowers and plants themselves; they dine on homemade stir-fries for lunch and dinner. When dining out with friends, he often chooses hot pot or affordable barbecue restaurants; for long trips, he always opts for the cheapest second-class seats on high-speed trains. At times, Wen Tao questions whether he truly qualifies as a top-tier “second generation rich”.
Currently, Wen Tao’s parents mainly rely on rental income, taking occasional odd jobs, transitioning into semi-retirement, with his father dedicating most of his time to tending the garden. This shift from high-risk ventures to secure assets (rental income) has ensured the stability of the family’s wealth.
The wealthy in county towns often manifest a simple consumption philosophy, valuing substance over appearance. They rarely indulge in luxury purchases, avoid sending their children for expensive overseas studies, and prefer infrequent travels. This “stability-seeking” mentality enables them to adapt more easily to the “downgrading of consumption” during economic downturns.
Having endured the hardships of entrepreneurship, the wealthy in county towns are more eager for their children to have stable careers rather than the wealth and fame perceived by the outside world. For them, stability remains the top priority.
With the economic downturn and shrinking assets, many affluent families in China are gradually reverting back to square one.
Recently, the “Hurun Research Institute” released the “Research Report on Consumer Attitudes and Behaviors of High Net Worth Individuals 2025”, showing a consecutive decrease in the number of wealthy families in China for two years.
According to the Hurun Research Institute’s classification: families in China with net assets above 6 million yuan are called “wealthy families”, totaling 5.128 million households; those with net assets above 10 million yuan are labeled “high net worth families”, comprising 2.066 million households; families with net assets exceeding 100 million yuan are referred to as “ultra-high net worth families”, accounting for 130,000 households; and families with total assets of around 200 million yuan are known as “international ultra-high net worth families”, totaling 86,000 households.
Moreover, “high net worth families” decreased by 0.8% year-on-year; “ultra-high net worth families” decreased by 1.7%, with approximately 20,000 families with the “ambition of reaching a billion” disappearing; “international ultra-high net worth families” experienced a more significant drop of 2.3%, losing a substantial 2,000 international elites with luxury residences abroad, casually residing in New York for half a year.
The report indicates that the wealth of about 30% of affluent families has shrunk, with many families indeed falling from their initial wealth level.
The primary source of family wealth is financial assets and real estate. In recent years, due to the decline in Chinese property prices and the continued low stock market performance, the wealth of the affluent class has significantly decreased. Coupled with industry crises and personal challenges, it becomes easier for them to experience a decline in social status.
The survey also shows that, influenced by external factors such as the economy and international situations, the economic comfort of high net worth individuals decreased by 29% compared to 2021.
With the volatile stock market and the prolonged downturn in the real estate industry, the wealth shrinkage effect on the affluent class becomes even more noticeable.
As making money becomes increasingly challenging, Wen Tao’s parents realize that future generations may find it difficult to further expand their wealth. Therefore, “preserving” the existing wealth has become even more crucial.
Wen Tao plainly states that most second-generation rich in county towns find it challenging to take over the family business as maintaining it is far harder than initiating their ventures. They tend to stay in the county town, as living in major cities could significantly reduce their quality of life, and the accumulated resources of their ancestors may no longer be advantageous.
Regarding the future, his expectations are simple and clear: “Firstly, to live, and secondly, to be healthy.”