Beijing, Shanghai, and Shenzhen were named the top three richest cities in China, according to economic news portal China Business News.

The ranking was based on the total deposit balances on all its financial institutions. The result is referred to the city's total capital as well as indicates the result of a particular region or city's economic growth, according to China Daily.

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Beijing and Shanghai have a total capital amount of more than 10 trillion yuan ($1.5 trillion), leaving other regions far behind. Beijing's savings deposit reached a staggering 12.86 trillion yuan at the end of 2015, a 1.52 trillion yuan increase from the start of the year.

Meanwhile, Shanghai reportedly has 10.38 trillion yuan, a 1.33 trillion up from the beginning of 2015. The figures included deposits in Renminbi and foreign currencies from all items of financial firms.

On the other hand, Shenzhen's Renminbi and foreign deposits reached nearly 6 trillion yuan, which is about three percent higher than the same period this year in Guangzhou, the Shenzhen Municipal Bureau of Statistics reveal.

All three cities have more listed firms to draw in private equity funds and financial institutions compared with Guangzhou.

Meanwhile, other cities in central China including Changsha, Hefei, Wuhan and Zhengzhou also managed to surpass the average nation level in terms of the growth rate of total capital funds. This is likely accounted for the education resources, medical facilities, culture and financial capabilities provincial cities are able to offer, which could attract more investments, according to Ding Changfa, Xiamen University's Department of Economics associate professor.

TagsBeijing, Shanghai, Shenzhen, china, Chinese cities