Stories
Chinese Millionaires Outnumber Wealthy Americans
According to a survey by Credit Suisse, there are more number of wealthy Chinese individuals than American ones for the first time. The research study also reported almost 100 million wealthy Chinese are ranked in the global top 10 percent, as compared to 99 million rich Americans.
The findings of the Swiss Bank’s annual wealth survey said despite the trade tension between the United States of America and China over the past 1 year, both the Countries managed to fare well in wealth creation. Both the United States and China contributed $ 3.8 trillion and $ 1.9 trillion respectively.
The ranks of millionaires in the world also boomed as they rose by 1.1 million to approximately 46.8 million. All the millionaires of the world collectively own $ 158.3 trillion in net assets, which is 44 percent of the global total.
The United States alone contributed to half the increase by adding 675,000 new millionaires to the list. However, Australia saw a decline in its average wealth, largely due to exchange rates. This resulted in 124,000 losing their millionaire title. Similarly, 27,000 people in Britain and 24,000 in Turkey also lost their millionaire status.
The report also estimated out of all the millionaires in the list, 55,920 are worth at least $ 100 million and 4,830 have net assets worth more than $ 500 million. The report also predicted global wealth would rise by 27 % to $ 459 trillion in the next five years. Meanwhile, the number of millionaires is expected to grow to 63 million by 2024.
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