Rich Chinese outnumber wealthy Americans for first time - Credit Suisse

Cornelia Mascio
Ottobre 22, 2019

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 yesterday found 100 million Chinese ranked in the global top 10 per cent as of the middle of this year, versus 99 million in the US.

"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 world's 46.8 million millionaires hold 44% of global wealth, the report said.

There were 1.1 million new millionaires, with 675,000 of those in the US.

Australia lost 124,000 millionaires as its currency slipped against the USA dollar, and the United Kingdom saw 27,000 fall under the threshold on a weak pound and sluggish stock markets.

The total number of Israeli millionaires is relatively high, placing the Jewish state slightly below more populous countries including Brazil and Poland, although some states with fewer people, including Norway, Switzerland and Hong Kong, had more millionaires.

Incidentally, while India has 8.27 lakh adults in the top 1% of global wealth holders - 1.6% share of the global pool - it is estimated that India has 4,460 adults with wealth of over $50 million and 1,790 that have more than $100 million.

It forecast that global wealth, which increased 2.6 per cent over the past year, would rise by 27 per cent over the next five years - to US$459 trillion by 2024.

"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".

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