Rich Chinese outnumber wealthy Americans for first time

22 Octobre, 2019, 11:50 | Auteur: Auguste Feret

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.

"This year, for the first time, China recorded more members of the global top 10 percent (100 million) than the United States (99 million)", the Swiss bank reported in its annual wealth survey released on Monday.

"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.

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

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.

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According to the study, the wealth per adult in India grew by an average of 11% annually over the period 2000-2019 and the wealth per adult is estimated at $14,569 in mid-2019 after a year of moderate growth.

Net worth, or wealth, is defined by the report as the value of financial assets plus real assets, mainly housing, owned by a household, minus its debts.

Worldwide wealth grew in the a year ago, but growth was modest, with global wealth rising by $9.1 trillion to $360.6 trillion, representing a 2.6% growth rate.

Number of Chinese ranked in the global top 10 per cent in Credit Suisse's wealth survey this year.

"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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