How difficult is the net asset A8?

To reach an A8 net worth, one needs to break through the income ceiling, seize the era's dividends (such as real estate and the internet), possess advanced cognition, and avoid economic risks.

Written by: Liu Jiao Lian

A friend sent me a joke: Chatting with a few friends who play tennis, everyone agrees that as long as you are Chinese, a small-town youth, and from a major company, it's very normal to have 10 million - 20 million in net cash before the age of 35, as long as you're not a slacker and have a skill, and don't make foolish investments or start businesses recklessly.

I have to say that the internet has greatly amplified people's anxieties in various aspects. Anxiety about appearance, anxiety about wealth, anxiety about raising children, and so on. Many times, it's not that the world is truly that anxiety-inducing, but rather that the internet memes and jokes are just too powerful.

Just like the typical "Zhihu million annual salary" meme, it seems that A8 (referring to a net worth of 10 million, i.e., an 8-digit value) is quite ordinary on the internet. Similarly, in the crypto world, A9 seems to be easily attainable by everyone, as if it can be effortlessly grasped with just a few high-leverage trades.

So returning to reality, how difficult is it to have a net worth of A8?

In fact, it is indeed very difficult.

According to the report data from the Hurun Research Institute for 2024 and 2025, the number of households in China with A8 level net assets (i.e., over 10 million RMB) is approximately 2.066 million.

This 2.066 million households account for a very low proportion of the total number of households in the country, approximately only 0.5%. If calculated per individual, considering that some households may consist of multiple high-net-worth members, the actual number of individuals at the A8 level may be between 3 million and 5 million.

3 million to 5 million, compared to the total national population of 1.4 billion to 1.5 billion, accounts for approximately between 0.2% to 0.35%.

Let's put it this way: under normal circumstances without intensive social interactions and avoiding places with large crowds, an ordinary city resident typically encounters between 200 to 1000 people in a day. In other words, if you are A8, when you go out for a day, normally eating, shopping, and commuting, almost everyone you encounter is not as wealthy as you.

A group with a net worth above A8 is referred to as "high-net-worth families," mainly distributed in first-tier cities such as Beijing, Shanghai, Shenzhen, and Guangzhou, with Beijing having the largest number of high-net-worth families (299,000 households), followed by Shanghai (265,000 households).

In terms of composition ratio, business owners account for 54% (approximately 1.116 million households), white-collar workers (executives, professionals) account for 34% (approximately 702,000 households), professional stock investors account for 7% (approximately 145,000 households), and real estate investors account for 5% (approximately 103,000 households).

From the perspective of urban distribution, Beijing (299,000 households), Shanghai (265,000 households), Hong Kong (210,000 households), Shenzhen (79,000 households), Guangzhou (73,000 households).

In recent years, the number of high-net-worth families has decreased (by 17,000 households in 2024), mainly affected by real estate adjustments and the economic environment. The proportion of real estate investors has significantly declined, dropping from 10% in 2020 to 5% in 2024.

According to Zhongjin Data, the top 1% of the wealthy in China (about 4.6 million people) have an average asset of 63 million, while the middle class (about 99 million people) has an average asset of only 1 million, and the remaining 1.3 billion people have a total asset of only 30 trillion.

A8 (10 million) belongs to the top of the wealth pyramid, far exceeding the ordinary middle class (A7, 1 million level), and even in first-tier cities, families owning properties worth tens of millions may not necessarily reach A8, as net assets must deduct liabilities.

Moreover, the A8 mentioned in the opening joke comes with two strict conditions: first, A8 net cash, which means high liquidity assets, excluding real estate such as properties; second, the age should not exceed 35 years, or be around 35 years old.

Due to the cultural attributes of a love for real estate, many families have concentrated their wealth in properties. However, in recent years, the growth rate of property prices has slowed down or even declined, leading to a reduction in assets. For example, a homebuyer in Beijing purchased a property for 6.8 million in 2022, but its valuation in 2025 is only 6.4 million, resulting in an interest loss of 1 million.

The reality is that it is almost impossible to reach A8 solely with salary income. For example, a typical ride-hailing driver earns only 3000-5000 yuan per month, and even after working for 50 years, they would not be able to accumulate a million in assets.

The wealth growth of the A8 and above group relies on investment, entrepreneurship, or resource integration, rather than simple labor. For example, those who succeed in short videos, live streaming sales, or entrepreneurship may rise rapidly, but ordinary people lack the relevant knowledge and opportunities.

In addition, the groups above A8 often form closed social circles, making it difficult for ordinary people to access effective information or resources. This is known as the famous "Bus Squeeze Theory": those who board the bus first want to weld the doors shut, preventing later competitors from squeezing in.

Finally, the pressure of debt and industry fluctuations have made the wealth creation journey for ordinary people full of obstacles. 38.7% of Chinese households have a debt-to-asset ratio exceeding 60%, with high mortgage, education, and retirement expenses squeezing the space for wealth accumulation. Some middle-class individuals have downgraded to A5-A6 due to industry declines (such as education and training, real estate), indicating a lack of stability in their wealth structure.

In recent years, with the development of emerging technologies such as the internet, some super individuals have built influence through self-media (such as short videos and public accounts), achieving a leap in wealth. By starting a business or investing, those with an annual net income of over 3 million for 3-5 consecutive years may enter A8. These are new opportunities granted to ordinary people in the new era.

However, generally speaking, when a new opportunity for wealth becomes known to everyone, it often means that the period of dividends is about to pass. At this point, those who are late to realize may end up being the unfortunate buyers of yesterday's news.

In summary, to achieve a net worth of A8, one needs to break through the income ceiling, seize the era's dividends (such as real estate and the internet), possess advanced cognition, and avoid economic risks. For the vast majority of people, relying solely on personal effort is very difficult to achieve.