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Urban families worth average of 2.37 million yuan

By Mo Jinwei (Chinadaily.com.cn)

08:29, May 17, 2012

Urban families in China have an average of 2.37 million yuan ($390,000) in net assets, according to a recent survey by Southwestern University of Finance and Economics - a finding that some netizens say was skewed by the wealthy.

The China Household Financial Survey said that the net assets of an average urban family included 930,000 yuan in real estate, 112,000 yuan in financial investments and 1.45 million yuan in non-financial investments.

The average urban family owed 101,000 yuan.

Almost 90 percent of them own apartments.

The survey was based on 8,438 families from 25 provinces, 80 townships and 320 communities in China, said Gan Li, director of the China Household Financial Survey.

"It costs us three years to finish the survey. We're confident that the result can reflect the real financial conditions of urban families nationwide," Gan said.

However, in contrast, netizens overwhelmingly expressed disagreement with the survey results.

A netizen named Fengrufeidian from Hunan province complained that the survey results were extremely ridiculous and couldn't reflect the truth.

"The people doing a survey should be down to earth," he said.

Another netizen called Yunnan Qioajia from Fujian province echoed that sentiment, saying the result was not scientific and can't reflect real conditions at all.

"Person A earns 200,000 yuan a month, while B earns 2,000 yuan, and the average is 101,000 yuan a month. Person A has a house of 300 square meters while B has no house, and the average is 150 square meters. How can such a survey be scientific?"

Gan admitted that wealthy urban families raised the average.

"The assets gap between wealthy and poor families is very huge," Gan said.

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