China overtakes U.S. in rankings of world’s richest people
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 Swiss bank’s annual wealth survey found there were 100m Chinese people among the world’s top 10% of richest people, compared with 99m in the United States. 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, Credit Suisse’s global head of economics and research.
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. [Continue reading…]