Along with China's economic development, the number of High Net Worth Individuals (HNWIs) in Mainland China continues to grow. According to the China Private Wealth Report 2023 published by China Merchants Bank, "HNWIs" are defined as individuals with investable assets of RMB 10 million or more. Investable assets include cash, deposits, stocks, bonds, funds, insurance, bank wealth management products, offshore investments and other domestic investments and investment properties, excluding owner-occupied properties. By 2022, there will be 3.16 million HNWIs in China, holding a total of RMB 101 trillion in investable assets. In terms of the types of people, HNWIs mainly include private entrepreneurs, executives of central enterprises, state-owned enterprises, large private enterprises, technical backbone personnel, film and television personnel, net celebrities and head self-media personnel, sports industry practitioners, personnel in high-paying industries such as finance, professional managers, and those who have access to hold a large amount of money due to family connections. With the rapid growth in the number of HNWIs in Mainland China, who can utilize the large amount of investable assets they hold for personal investment, and at the same time have generally higher salary income, HNWIs need to bear a heavier tax burden, and there is an increasing demand for tax saving through tax planning, coupled with the cross-regional and international nature of the distribution of their wealth and sources of income, there are various forms of planning by HNWIs. At the same time, tax authorities around the world have tightened their control over individual income tax, and HNWIs have become the focus of continuous attention and investigation by tax regulators. In practice, there are many cases of HNWIs being tax adjusted or recognized as tax evaders.

      HNWI Tax Compliance Report (2024) is compiled by Hwuason based on the analysis and research of tax administration policies for HNWIs, combined with the typical tax-related cases of HNWIs that China Tax has been involved in in recent years. The report aims to provide guidance on tax compliance for HNWIs based on the characteristics of HNWIs' tax administration and reveals the major tax risk points of HNWIs both at home and abroad, and on the basis of which it puts forward targeted and feasible compliance suggestions.

Click to download:《Tax Compliance Report for High Net Worth Individuals》（2024）