There are more wealthy Chinese than Americans for the first time

Dec 24 2019
Kwasi Godson
Photo Credit/Luxury Highlights

For the first time, there are more rich Chinese than Americans in the top 10%.

A new report from Credit Suisse (CS) shows that wealth in China is ticking up, and the country now accounts for 100 million of the richest 10% of people in the world. There are 99 million Americans in the same category.

The United States still has many more millionaires — 18.6 million, or 40% of the world’s total, versus 4.4 million in China. It’s also adding to the millionaire count at a faster clip. The report credits low-interest rates and Republican tax cuts for the country’s 11th consecutive year of rising wealth.

The average American is also still much richer than their Chinese counterparts, with US wealth per adult at $432,365 compared with$58,544 in China.

But China holds claim to a growing piece of the pie, replacing Europe as the principal engine of global wealth growth. That’s in spite of the trade war that’s weighing on the nation’s economy.

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

The report highlights the extent to which global wealth is concentrated at the very top. The bottom 50% of adults account for less than 1% of total wealth, while the top 10% own 82%. The top 1% alone owns almost half of all global assets, according to Credit Suisse.

Has the 1% peaked?

The threshold to make it into the top 10%, globally, is roughly $109,400 in net assets. To be in the top 1%, you’d need just above $936,400.

Still, the picture of wealth inequality since the 2008 financial crisis is complicated. While artificially low interest rates and bond-buying programs from central banks led to a boom in asset prices, raising the share of the top 1% of wealth holders, inequality “continued to decline for those below” that segment, Credit Suisse notes.

The share held by the bottom 90% now accounts for 18% of global wealth, up from 11% in 2000. Since 2016, the share held by the top 1% has broadly eased back, per the bank.

“While it is too early to say that wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the foreseeable future,” the report’s authors write. – CNN Business

Related:

43 Replies to “There are more wealthy Chinese than Americans for the first time”

  1. I simply want to mention I’m new to blogs and honestly enjoyed this blog. Almost certainly I’m likely to bookmark your blog . You certainly come with amazing articles and reviews. Appreciate it for revealing your web site.

  2. I think youve produced some genuinely interesting points. Not too many people would in fact think about this the way you just did. Im truly impressed that theres so substantially about this subject thats been uncovered and you did it so properly, with so a lot class. Good one you, man! Genuinely great stuff here.

  3. Thanks for your recommendations on this blog. One particular thing I would like to say is that purchasing electronic products items on the Internet is nothing new. The truth is, in the past ten years alone, the marketplace for online electronic products has grown substantially. Today, you could find practically just about any electronic gizmo and product on the Internet, including cameras and also camcorders to computer parts and game playing consoles.

  4. I really love your blog.. Great colors & theme. Did you develop this amazing site yourself? Please reply back as I’m hoping to create my very own website and would like to know where you got this from or exactly what the theme is named. Cheers!

  5. Greetings! Very useful advice within this post! It is the little changes that produce the most significant changes. Thanks a lot for sharing!

  6. I was very pleased to find this web-site. I intended to many thanks for your time for this fantastic read!! I most definitely appreciating every little of it and I have you bookmarked to take a look at new stuff you blog post.

  7. Oh my goodness! Impressive article dude! Thank you, However I am going through troubles with your RSS. I don’t know why I am unable to join it. Is there anybody having identical RSS problems? Anyone that knows the solution will you kindly respond? Thanx!

  8. You are so interesting! I don’t suppose I have read anything like that before. So wonderful to discover another person with some original thoughts on this subject. Seriously.. thanks for starting this up. This website is something that is needed on the web, someone with a little originality.

  9. The next time I review a blog site, I hope that it does not dissatisfy me as long as this one. I imply, I understand it was my selection to review, however I in fact thought youd have something intriguing to say. All I listen to is a lot of whimpering about something that you could deal with if you werent as well active trying to find interest.

  10. That is a really good tip especially to those fresh to the blogosphere. Simple but very accurate info… Thanks for sharing this one. A must read post!

  11. MetroClick specializes in building completely interactive products like Photo Booth for rental or sale, Touch Screen Kiosks, Large Touch Screen Displays , Monitors, Digital Signages and experiences. With our own hardware production facility and in-house software development teams, we are able to achieve the highest level of customization and versatility for Photo Booths, Touch Screen Kiosks, Touch Screen Monitors and Digital Signage. Visit MetroClick in NYC at http://www.metroclick.com/ or , 121 Varick St, New York, NY 10013, +1 646-843-0888.

  12. The next time I review a blog, I hope that it does not disappoint me as high as this. I imply, I recognize it was my selection to review, yet I actually assumed youd have something intriguing to claim. All I listen to is a bunch of whining regarding something that you could take care of if you werent also active looking for interest.

  13. Right here is the perfect website for everyone who would like to find out about this topic. You understand so much its almost tough to argue with you (not that I really would want to…HaHa). You certainly put a new spin on a subject that’s been written about for years. Great stuff, just excellent.

  14. An outstanding share! I’ve just forwarded this onto a colleague who had been conducting a little research on this. And he actually bought me breakfast because I found it for him… lol. So let me reword this…. Thanks for the meal!! But yeah, thanx for spending some time to talk about this topic here on your internet site.

  15. Hello there! I could have sworn I’ve been to this site before but after going through a few of the posts I realized it’s new to me. Anyways, I’m definitely pleased I discovered it and I’ll be bookmarking it and checking back frequently!

  16. I seriously love your site.. Pleasant colors & theme. Did you build this website yourself? Please reply back as I’m attempting to create my own personal website and would love to know where you got this from or just what the theme is named. Kudos!

  17. The next time I read a blog, Hopefully it doesn’t disappoint me just as much as this particular one. After all, I know it was my choice to read through, but I truly thought you would have something interesting to talk about. All I hear is a bunch of crying about something that you can fix if you weren’t too busy searching for attention.

  18. Having read this I believed it was very enlightening. I appreciate you finding the time and energy to put this informative article together. I once again find myself personally spending way too much time both reading and leaving comments. But so what, it was still worthwhile.

  19. Sapid Agency is a Search Engine Optimization company in New York City that provides SEO Services. Their proprietary SEO strategies help struggling websites and aspiring business owners to rank their websites higher in multiple search engines like Google , Yahoo and Bing. They provide local and gmb map ranking for businesses in NYC and many other local areas. Find more at https://www.sapidagency.com/ @ 145 E 57TH NEW YORK, NY 10022, USA, +1 971 341 5608 USA

  20. Faytech North America is a touch screen Manufacturer of both monitors and pcs. They specialize in the design, development, manufacturing and marketing of Capacitive touch screen, Resistive touch screen, Industrial touch screen, IP65 touch screen, touchscreen monitors and integrated touchscreen PCs. Contact them at http://www.faytech.us, 121 Varick Street, New York, NY 10013, +1 646 205 3214.

  21. Sapid Agency is a Search Engine Optimization company in New York City that provides SEO Services. Their proprietary SEO strategies help struggling websites and aspiring business owners to rank their websites higher in multiple search engines like Google , Yahoo and Bing. They provide local and gmb map ranking for businesses in NYC and many other local areas. Find more at https://www.sapidagency.com/ @ 145 E 57TH NEW YORK, NY 10022, USA, +1 971 341 5608 USA

  22. Sapid Agency is a Search Engine Optimization company in New York City that provides SEO Services. Their proprietary SEO strategies help struggling websites and aspiring business owners to rank their websites higher in multiple search engines like Google , Yahoo and Bing. They provide local and gmb map ranking for businesses in NYC and many other local areas. Find more at https://www.sapidagency.com/ @ 145 E 57TH NEW YORK, NY 10022, USA, +1 971 341 5608 USA

  23. I?m satisfied, I need to say. Really hardly ever do I run into a blog that?s both informative as well as enjoyable, and also let me tell you, you have hit the nail on the head. Your suggestion is outstanding; the issue is something that not nearly enough people are speaking intelligently about. I am really delighted that I came across this in my search for something relating to this.

  24. Hi! I could have sworn I’ve visited this site before but after looking at many of the articles I realized it’s new to me. Anyways, I’m certainly happy I stumbled upon it and I’ll be bookmarking it and checking back often.

  25. Galerimizdeki her seçkin Konya escortlari benzersizdir ve her karsilasmayi özel hale getirmek için çalisiyoruz , ancak biraz daha spesifik bir sey istiyorsaniz, bir noktaya kadar mecbur kaliyoruz.

Leave a Reply

Your email address will not be published. Required fields are marked *