Big cities rank highest in wealth generation

Residents in first-tier cities appear to have the best investment acumen and knowledge in China, with a considerable number of them managing to realize higher returns from online wealth management products.

Online customers from Shanghai managed to make an average return of 897 yuan ($144.5) from their WMPs between Jan 15, 2014 and Jan 15, 2015, the highest in China, said a report released by Licaitong, the wealth management service of WeChat, on Thursday.

Licaitong, a service that enables WeChat users to buy and sell money market funds using mobile devices and get higher interest rates than typical bank deposits, has more than 10 million users and accumulated deposits of more than 100 billion yuan.