Beijing has the largest number of wealthy people in China, according to the report.
It said there are 143,000 multimillionaires and 8,800 billionaires in Beijing.
There are 116,000 multimillionaires and 7,000 billionaires in Shanghai.
High-rollers in Beijing need to spend at least 87 million yuan on property, cars and other luxury goods in order to be regarded as one of the city’s “new aristocrats”, or upper class, the report said.
They own at least three dwellings of their own, including a villa, like the 400-sq-m Ziyu Shanzhuang villa costing 24 million yuan, a luxury apartment in the downtown area for work purposes, and a Siheyuan courtyard house probably in Houhai.
Meanwhile, in Hong Kong, the number of millionaires shrank by 61% over last year, according to the report.