Insider Business Rich Chinese outnumber wealthy Americans for first time

Rich Chinese outnumber wealthy Americans for first time

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.

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. (Reuters)

 

Top Stories

12-new covid cases at the same levels, nothing from abroad or schools

  12 new cases of Covid-19 were detected in Cyprus over the past 24 hours out of a total of 3 thousand 338 diagnostic tests. The...

Cyprus extends support to Armenia as FM calls counterpart

  Cyprus has expressed its deep concern over the escalating situation in Nagorno Karabakh over the past 48 hours and condemned 'the Azeri violation of...

International concern over Karabakh, as energy corridor is threatened (latest)

  Clashes erupted between Armenia and Azerbaijan over the volatile Nagorno-Karabakh region, reigniting concern about instability in the South Caucasus, a corridor for pipelines transporting...

38 C on Monday, close to 40 C on Tuesday, cooler on Wednesday

The warm air current affecting the island will take temperatures a touch under August levels over the next 48 hours, with 38 C on...

War fears in Karabakh as Armenia and Azerbaijan clash with civilian casualties

  Armenia declared martial law and mobilised its male population after clashes with Azerbaijan over the breakaway Nagorno-Karabakh region in which sources on both sides...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...