He has four cars and several properties in Beijing, Jiangxi Satellite TV reported in its morning news on Tuesday.
The news has immediately captured the attention of the netizens, who conducted a search on the beggar's identity.
According to the news report, the man is living in the China's capital with a mother and two sons.
"His mother wears a lot of gold jewellery, and his sons use branded stuff from head to toe," the TV station claimed.
"He is richer than those who gave him money," a netizen said.
The man is often seen on the streets of Xidan district.
He would kowtow to everyone who walked pass him, asking them for money and thus gained his nickname "Xidan Kowtow King".
A netizen, however, sympathised with the beggar, saying he was not wrong, by law, just lack of moral.
Some said they would not give him money anymore.