For the first time, there are now more rich Chinese people than there are American ones, a study by Credit Suisse revealed.
As of the middle of this year, 100 million Chinese people now rank in the global top 10% compared to 99 million Americans.
Findings from the Swiss bank’s annual wealth survey was released on Monday, reports Reuters.
“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,” Nannette Hechler-Fayd’herbe, global head of economics and research at Credit Suisse CSGN.S was quoted as saying.
Based on the report, the global millionaires’ ranks have risen by 1.1 million to an estimated 46.8 million. They collectively own $158.3 trillion in net assets, which is 44% of the world total.
The United States added 675,000 new millionaires to this increasing number.
Meanwhile, exchange rates are seen to be causing a reduction in average wealth in Australia, which has reportedly resulted in 124,000 fewer millionaires. Britain also lost some 27,000 millionaires and Turkey 24,000.
It is estimated that 55,920 adults are currently worth at least $100 million while 4,830 have net assets above $500 million.
According to Credit Suisse, global wealth has increased by 2.6% over the past year and would continue to rise by 27% over the next five years to $459 trillion by 2024.
The number of millionaires is also seen to increase by almost 63 million over this period.
As for the world’s bottom 90%, they account for 18% of global wealth, which increased from 11% in 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,” she noted.
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