China overtakes US in rankings of world's richest people

[CEOCambodiaNews]

China overtakes US in rankings of world's richest people
Credit Suisse survey shows Brexit effect has reduced number of UK millionaires by 27,000

Rupert Neate
Mon 21 Oct 2019 17.26 BST
Last modified on Tue 22 Oct 2019 01.15 BST

The number of wealthy Chinese people has overtaken the number of rich Americans for the first time, according to a report by Credit Suisse.

The bank’s annual wealth survey found there were 100 million Chinese people among the world’s top 10% of richest people, compared with 99 million in the US.

The report says the “rapid transformation of China from an emerging nation in transition to a fully fledged market economy” helped create a record number of rich people.

“Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8tn and $1.9tn respectively,” said Nannette Hechler-Fayd’herbe, the global head of economics and research at the Swiss bank.

Personal savings of $109,430 (£83,630) are required to be part of the top 10% of the world’s richest people. While China has overtaken America at this level, the US is still ahead when it comes to the super-rich, accounting for 40% of the world’s millionaires.

The number of dollar millionaires in the US increased by 675,000 last year to 18.6 million. This means about one in 14 adults in America is a millionaire.

In China, there are 4.4 million millionaires, an increase of 158,000 on 2018, according to the report, and 10% of the global total. There are an estimated 1.1 billion adults in China.

The Brexit-led decline in the value of the pound caused the number of UK millionaires to drop by 27,000 to 2.46 million. The UK held on to fourth place in the global league table behind the US, China and Japan with 3 million millionaires – 5% of the global total.
https://www.theguardian.com/business/20 ... est-people