Rich Chinese outnumber wealthy Americans for first time: Credit Suisse

Via:  buzz-of-the-orient  •  7 months ago  •  5 comments

Rich Chinese outnumber wealthy Americans for first time: Credit Suisse

S E E D E D   C O N T E N T

Rich Chinese outnumber wealthy Americans for first time: Credit Suisse

Reuters, reported by TheEdgeMarkets, October 21, 2019


Image of Beijing (no photo credit provided)

ZURICH, (Oct 21): The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed.

The Swiss bank’s annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10% as of the middle of this year versus 99 million in the United States.

“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.

The ranks of the world’s millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net assets, 44% of the global total, the study found.

The United States added more than half of this number –675,000 new millionaires – to its sizeable stock.

A decline in average wealth in Australia — largely due to exchange rates — resulted in 124,000 fewer millionaires there, while Britain lost 27,000 and Turkey 24,000.

The report estimates that 55,920 adults are worth at least $100 million and 4,830 have net assets above $500 million.

It forecast global wealth — which increased 2.6% over the past year — would rise by 27% over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million.

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.


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Buzz of the Orient
1  seeder  Buzz of the Orient    7 months ago

SINCE some NT members have decided to criticize, even insult me for not wanting to openly criticize the policies of the Chinese government so that I can endanger the very comfortable life I am living and have myself deported or thrown in jail, I have decided to counter their insults and start posting MANY articles about the good life and culture of China.  I have already posted many photo articles about the scenery and everyday life in China on the Discovery group and the Creative Arts group and on the Front Page forums.

This article is an example of the fact that Chinese Communism is not "From each according to their abilities, to each according to their needs", but is quite capitalistic in nature. 

charger 383
2  charger 383    7 months ago

Buzz lives there, he does not run the country

2.1  Krishna  replied to  charger 383 @2    7 months ago
Buzz lives there, he does not run the country

How can we be sure?

Buzz may be much more powerful then we generally give him credit for! jrSmiley_4_smiley_image.png

Buzz of the Orient
2.1.1  seeder  Buzz of the Orient  replied to  Krishna @2.1    7 months ago

From your fingertips to God's ears.  LOL  However, it's not likely that he listens to me, or I would have won a big lottery decades ago.

Buzz of the Orient
2.2  seeder  Buzz of the Orient  replied to  charger 383 @2    7 months ago

Thank you charger 383.


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