China has beat the U.S. to become the world’s richest nation, according to a new report.
Key findings: Global net worth soared from $156 million in 2000 to $514 trillion in 2020, making the world wealthier than it was at any point in history. China accounted for nearly a third of the increase, the report from management consultancy firm McKinsey & Company stated.
China has outranked the United States in having the highest number of residents in the top 10% of global wealth.
Credit Suisse Group, a Swiss financial services company, recently highlighted the growing wealth and the widening inequality gap around the world in its 2019 Global Wealth Report.
Shanghai, China is the most expensive city for luxury goods and services in Asia, according to Bank Julius Baer & Co.’s 2018 Wealth Report.
Hong Kong, which previously held the top spot, now trails behind Singapore in third place.
Hong Kong is now the world’s multi-millionaire and billionaire capital after outranking New York as the city with the most ultra-wealthy residents, a new report from net worth intelligence and data company Wealth-X suggests.
According to the sixth edition of the World Ultra Wealth Report, Hong Kong’s population of people worth at least $30 million (ultra-high net-worth individuals) is now 10,010 which equates to a 31% increase from last year, Business Insider reported.
A 29-year-old man from Hangzhou, the capital of China’s Zhejiang Province, is facing prison time after he squandered millions of dollars to spoil his model and live-streamer girlfriend.
Zhang Xiaoen was born to a wealthy Chinese family and was accustomed to a luxurious lifestyle of spending a lot of money on anything he wished.
Angeline Francis Khoo will do anything for love — including giving up her entire inheritance.
According to Daily Mail, the former heiress to the Laura Ashley fortune had been dating her now-husband, Jedidiah Francis, since their days at Oxford. Francis hails from the Caribbean and currently works at ASOS as the Head of Data Science, while Khoo had been groomed to help run the family business.
U.S. President Donald Trump may have accused China of manipulating currency and stealing American jobs, but that rhetoric is not stopping Chinese billionaires from making more money today.
Data from the Bloomberg Billionaires Index showed that the 36 Chinese billionaires it tracks have increased their fortune by 13.2% since Trump was elected on November 8. That’s a $39.2 billion bump that puts their combined net worth to a whopping $336 billion.
Bill Gates, who currently has a net worth of $84.8 billion, could possibly be the world’s ever (publicly known) trillionaire.
If the Microsoft co-founder can somehow sustain the rapid growth of his business for the next 25 years, the world will see the first ever confirmed trillionaire.
While Asian Americans may be poised to become the wealthiest ethnicity in the U.S., there still exists a growing economic inequality within the group.
A new report by the Center for American Progress reveals that the inequality is far greater than that among white Americans.
Russia, India and Thailand are the most unequal nations in the world in terms of wealth distribution, a recent study has revealed.
According to Credit Suisse’s Global Wealth Report 2016, the top 1% of the Russian population controls a whopping 74.5% of the country’s wealth. Meanwhile, India and Thailand come in close 2nd and 3rd, with each country’s 1 percenters owning 58.4% and 58% of their nation’s resources, respectively.
The wealth disparity between the world’s richest and poorest has worsened to the point that 62 of the richest people in the world now own as much as the poorest half of the planet combined, according to Oxfam.
Their report titled “An Economy for the 1%” reveals that the poorest half of the world’s 3.6 billion people has become poorer by 38% — a loss of $1 trillion — since 2010, while the richest 62 people have increased in wealth by more than half a trillion dollars to now own $1.76 trillion.
Millionaires, the kind of people that non-millionaires despise but still hope to become one day, are taking a good chunk of the world’s money. Those who fear these hungry hungry hippos of the world’s financial resources call them the one percent, and their growing wealth correlates with the rich getting richer and the poor getting poorer.
Last year, millionaires controlled 41% of the world’s wealth. By 2019, they will control 46%, or almost half, of all total wealth, according to a report by Boston Consulting Group. The report qualifies private wealth as relatively liquid holdings like cash, stocks and bonds; assets like property and business ownerships were excluded. As of last year, there were 17 million millionaires in the world.