World

China has more wealthy people than US for the first time - Report shows

Thursday, December 26, 2019 at 9:57 AM by Nkem Ikeke

- There are more Chinese “in the top 10% of global wealth distribution” than Americans, according to a report by Credit Suisse

- This has enabled the country to replace Europe as the principal source of global wealth growth

- Meanwhile, the United States accounts for 40 per cent of the world’s millionaires

For the first time, the number of wealthy Chinese people has overtaken the number of rich Americans.

A report by Credit Suisse shows that China has 100 million people among the world’s top 10% of richest people, compared with 99 million in the US.

However, there are still many more millionaires in the United States, 18.6 million, or 40% of the world's total, versus China's 4.4 million, CNN reports.

According to the report, the number of millionaires in the US increased by 675,000 last year to 18.6 million while China had an increase of 158,000.

The US 11th consecutive year of rising wealth has been attributed to its low-interest rates and Republican tax cuts.

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China has more wealthy people than US for the first time - Report shows — China is replacing Europe as the principal engine of global wealth growth.
Source: UGC

The report further notes that an average American is still much richer than their Chinese counterparts, with US wealth per adult at $432,365 compared with China's $58,544.

In spite of the trade war between both countries, China is replacing Europe as the principal engine of global wealth growth.

"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.

Meanwhile, Billionaire Bill Gates officially surpassed Amazon Chief Executive Officer (CEO), Jeff Bezos, as the world's richest person on earth with a net worth of $110 billion (N39,765,000,000,000).

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The Microsoft co-founder regained the lead on Friday, November 15, after Microsoft stock went up nearly 48% in 2019, helping boost the value of his stake in the tech giant.