Rich Chinese outnumber wealthy Americans for first time: Credit Suisse

23 Octobre, 2019, 11:58 | Auteur: Auguste Feret
  • FINANCE Monday 21 October 2019 17:23
Hong Kong Amongst High Net Worth Wealth Loss Leaders

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

China's economy has enjoyed 30 years of explosive growth, seeing it become the world's largest.

A specific query on the reasons for doubling up of household wealth was not answered by the bank, which also has operations in the country as a brokerage and other activities.

Jack Ma created Alibaba and turned it into a business worth US$352.28 billion at the end of December 2018.

Israelis gained wealth at a higher rate than nearly any other country, ranking 7th with an average gain per adult of around $5,000.

Credit Suisse stated in its annual Global Wealth Report: "Trade conditions and debt levels are causing concern, but signs for the coming years are otherwise fairly positive".

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The study notes that the ranks of the world's millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3trn in net assets (or 44 percent of the global total).

Despite these numbers, the United States remains to have more millionaires at 18.6 million or 40% of the world's total compared with 4.4 million in China and is also adding more to the millionaire count faster due to low interest rates and tax cuts.

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

"There are lots of people in the U.S. that are just below the millionaire threshold, so it doesn't take a lot to push them over it", Anthony Shorrocks, the report's author, said at the event. China (10 percent) has moved past Japan (6 percent) followed by the United Kingdom (5 percent).

The ranking by median wealth per adult showed the top country to be Switzerland (US$227,890), with Australia (US$181,360) second, Hong Kong (US$146,890) third, and Belgium (US$117,090) fourth.

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