With the gradual improvement of China''s household financial market, the factors that affect the allocation of household financial assets are of great importance to optimize the structure of household financial asset and augment the participation of families into financial market. The database of 2015 China Comprehensive Social Survey which including 9,841 observations and logit model are used by us to empirically analyze the impact of wealth heterogeneity on household financial asset allocation and its urban-rural differences. The results show that: families with different wealth levels differ significantly in financial asset allocation. To be specific, rich families are more likely to participate in risky financial markets, but the effect of families’ wealth level on their participation in risky financial markets will decrease when the families’ wealth is accumulated to some degree. Besides, families living in cities are more likely to participate in risky financial markets than those in villages. In addition, in the influence of families’ wealth level on their household financial asset allocation exist heterogeneity in financial development level，age of the interviewee of the family and family size as well.