Using data from a nationwide household survey—the China Family Panel Studies—we study how social determinants—political and market factors—are associated with wealth and income among urban households in China. Results indicate that both political and market factors contribute significantly to a household’s economic wellbeing, but the political premium is substantially greater in wealth than in income. Further, political capital has a larger effect on the accumulation of housing assets, while market factors are more influential on the accumulation of non-housing assets. We propose explanations for these findings.