Beijing contained 18,200 UHNW households and Shanghai had 16,500, both lower than a year earlier, as weaker property prices, volatile markets and slower economic growth weighed on household wealth. The threshold for UHNW households in China is exceptionally high, even by US standards. Guangdong, a proxy for the Pearl River Delta in the report, had 16,700 households, or 13.2 per cent of the national total, down 2.3 per cent. The Beijing-Tianjin-Hebei cluster – which combines the capital with Tianjin municipality and Hebei province, two other northern regions – had 21,700 households, or 17.2 per cent of the national total. Beijing accounted for nearly 84 per cent of the regional tally, while sharper declines in Tianjin and Hebei helped push the region’s total down about 4.8 per cent.