China Surpasses the U.S. in Wealth of Top 10%


Despite an economic slowdown and facing increased tariffs from a trade war with the United States, China has surpassed America in having the highest number of residents in the top 10% of the world's wealth. That is according to the 2019 Global Wealth Report, put together by Credit Suisse Group, a Swiss multinational investment bank and financial services company.

The report shows both the growing wealth and the rising inequality around the world and particularly in China, the world's second-biggest economy.

"However, inequality has risen considerably since the year 2000," say the authors of the 10th edition of the Credit Suisse wealth report. "China now has 4.4 million millionaires and achieved another landmark this year with 100 million members of the global top 10%, overtaking for the first time the 99 million members in the United States."

In addition, the Chinese account for nearly half of the people considered to be in the middle class, with the Asian nation having managed to lift more than 850 million people out of poverty in the past 40 years.






China "was one of the few countries to avoid the impact of the global financial crisis," say the experts from Credit Suisse. "China's progress has enabled it to replace Europe as the principal source of global wealth growth and to replace Japan as the country with the second-largest number of millionaires."

Although the country started from a much lower position at the beginning of the 21st century, China has seen accelerated economic growth and developed wealth faster than other nations. During this century, total household wealth in China has risen seventeenfold, from $3.7 trillion to $63.8 trillion, more than triple the rate of the majority of nations.

"The global financial crisis caused a small setback, but wealth growth soon resumed and, unlike most other economies, China came close to matching its pre-crisis pace, at least until 2014," notes the report. More importantly, neither the debt level, nor the current trade conditions are seen as affecting China's consistent growth in the upcoming years, the experts from Credit Suisse report.





译文来源:三泰虎     http://www.santaihu.com/49038.html      译者:Joyceliu



Middle Class is Life soul to Social Equality. A country that had Majority of its Citizen In Middle class is a Successful Country because it means country as Society enjoy best possible standard of Living and Equality.




In addition, the Chinese account for nearly half of the people considered to be in the middle class, with the Asian nation having managed to lift more than 850 million people out of poverty in the past 40 years.




Definition of Wealth is what? A one-hundred square meter apartment, same quality and similar design, could cost $100,000 in a small city, and 10 times as much in NY, or Singapore, or Shanghai. And income could follow the same pattern. Nominally, that is a huge difference, but in terms of brick and mortar and utility and consumption, its the same. There is a difference between paper-wealth and real wealth. But a man in city A would essentially be enjoying the same standard of living as a man on those other mentioned cities which "cost" 10 times more for the same quality of life.




Of course because most of the ultra wealthy in this country no longer want to share or create or build they want to take




You can't have ultra wealthy people if everyone makes a good living.




If America had a fairer tax system, the rich wouldn't be so rich and we wouldn't be in debt.




Looks like the plan to create wealth by exempting billionaires from paying taxes in the US didn't work.




Of course they did. The US is 23 trillion dollars in debt and has a budget deficit. Additional the debt to GDP ratio of the US is 106%. A collapse is in the near future, you can’t keep up the facade forever.




China is more populous with 1.3 billion people vs US 350 million people. While the US economy is barely growing China's economy is still developing




In USA hospital and university wiped out middle class



Assassins Creed

That is great news for China. Hope they can keep climbing the ladder. Wish China would get more of their citizens in the top ranks.




Chinese are getting rich.




More bigger bolder tax cuts for millionaires and mega corporations!!!




Time to teach your kids Mandarin.




What do you expect? They are a uniform demographic of intelligent people. As our demographic changes, we are descending into a third world country.




The US, China and Europe have taken on how much debt since the financial crisis? I can juice the numbers by injecting 50 or 100 trillion dollars of borrowed money into the world economy. What was the cause of the financial crisis?




Wealth creation is the lifeline of economic growth and consumption.




And China's is a Centrally planned economy.It is not dependent on the vagaries of the Market and the Investors desire to maximize profit. They regulate the Market which gives it stability.



QT π

And while then Chinese are GROWING their upper and middle classes...the small group of plutocrats running the US keep stuffing their own pockets while hoarding EVERY resource they can get their greedy little hands on.




on no! a country of 1.3 billion people has more money than a country with a third as many people! If only Democrats would stop taxing us we would still be the richest!




"...China has surpassed America in having the highest number of residents in the top 10% of the world's wealth..." --- Thanks Trump!

“…世界上最富有的10%的人口中,中国人的人数已经超过美国。”- - -谢谢特朗普!



White House should do more to destroy China and other countries that pose a threat to American economy and wealth.




The 10th percentile of wealth in the USA have a median wealth of about $86,000 USD. The 10th percentile of wealth in China have a median wealth of about 320,000 RMB (Yuan) which is about $46,000 USD. As can be seen, the 10th percentile in wealth in China has about $40,000 USD less in wealth than the 10th percentile in wealth in the USA. This articles claim that China's top ten (10) percent in wealth surpasses the USA's top ten (10) percent in wealth can only be true if the Chinese top ten (10) percent in wealth is adjusted UPWARD due to a lower cost of living in China. That is, the article takes in to consideration, Purchasing Power Parity and the fact that more goods and services can be purchased in China than can be in the USA, for the same amount of exchanged currency.




The money left US long ago. China took it all.




...and what are they doing with the money? Making homeless people in America. They come over here or thru a corporation, and buy for cash houses in American cities that they then let stand empty. The result is fewer houses for hard working Americans to live in and higher and higher prices for the existing stock. It need not be this way. America is the only first-world country where foreigners are allowed to buy residential real estate. In most countries , you have to be a citizen to buy a house. We need to pass laws restricting or banning the sale of residential real estate to non-citizens.




Not surprising given their greater population. Crunching the numbers gives 30% of Americans in the top 10% worldwide versus only 7% of Chinese in the top 10% worldwide.




The world is now similar to what was common throughout history. That is, 3 social classes, the small group of over-wealthy, 30 percent serfs, and rest sl ves. The period from 1947 to 2000 was an aberration. Wake up peeps.




the reason being there is so many of them in population, they have the top graduates, top number of business, top students in maths and science only because there are so many of them, just like India.



richard t

This was bound to happen eventually. For the most part, everything we own is made in China. They have a workforce that receives very low wages, can work unlimited hours, and receive no benefits. When China takes over building cars and housing, nothing will be manufactured here.




Why are they still classified as a developing country


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