Rich Chinese Are More in Number than Rich Americans says Credit Suisse

In China, the wealthy rich are growing in number, says a report from Credit Suisse. Top 10 percent of the richest are found in China, says the report.

However, the U.S. continues to have more millionaires. The number of rich people in the U.S. is at 18.6 million versus 4.4 million in China.

While speaking about an average citizen, the average American’s wealth is at $432,365, while the average wealth of a person from China is at $58,544.

While speaking about the average wealthy, the number of average wealthy in Australia has gone down by 124,000. In Turkey, this line has gone down by 24,000 while in Britain it has gone down by 27,000.

The Global Wealth Report, which is an annual report from Credit Suisse, says that the wealth is concentrated on the higher strata of people. The top 10 percent own 82 percent wealth. The bottom 50 percent in the tier hold only 1 percent of the total wealth says the report.

The report further states that the wealthy in China continue to grow, as interest rates are very low in the country. The Republican tax cuts are another reason, says the report. I

In spite of the trade war harming the economy, the wealthy rich in China continue to grow. The ongoing trade war is more than a year old. Though negotiations continue, there are many sticking points that continue to hamper a final deal.

The top rich in China is at 100 million people for 99 million in the U.S., says the survey, released on Monday.

The Global Wealth Report further states that the number of millionaires will touch almost 63 million within the next five years. Global wealth will increase by 27 percent by the end of 2024, says the report.

The yawning gap between the wealthy rich and those at the bottom level is growing, says the report.

About: Akash Gokhe