Credit Suisse Survey: Chinese Rich People Outnumber Americans for the First Time in History

World | October 22, 2019, Tuesday // 16:56|  views

For the first time in history, there are more Chinese than Americans in the 10 percent of the world's richest people This is according to a study by the Credit Suisse, cited by BGNES. In order for a person to enter this ranking, he must have a personal savings of at least $ 109,430.

According to the Investment Bank report, China's rapid transformation and market economy have led to a record number of rich people.

“Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively,” said Nannette Hechler-Fayd’herbe, global head of economics and research at Credit Suisse CSGN.S.

And while China is ahead of the US in the number of people who have that much money, Americans are far ahead in the number of the super-rich. About 40% of all millionaires in the world are Americans, with their number increasing by 675,000 in 2018 alone. Thus, they are now a total of 18.6 million, meaning that one in every 14 Americans is a millionaire.

In China, these indicators are much lower. The number of millionaires in the country was 4.4 million of the 1.1 billion adults living in the country.

Japan ranks third, with 3 million millionaires. The fourth are the British with 2.46 million. Interestingly, the riots around Brexit have reduced the number of the super-rich, dropping 27,000 to the island.

Globally, the number of millionaires has grown to 46.8 million. They hold assets for a total of $ 158.3 trillion, or 44% of the world's total wealth.

A Swiss bank report shows 55,920 people have $ 100 million or more. At least 4830 are people who have 500 million or more.

The share of the world’s bottom 90% accounts for 18% of global wealth, compared to 11% in the 2000.

“While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future,” it said, Reuters reported.

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Tags: China, US, millionaire, Credit Suisse


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