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China overtakes US in rankings of world's richest people
Source: The Guardian
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 Wealth correspondent
@RupertNeate
Mon 21 Oct 2019 17.26 BST
Last modified on Mon 21 Oct 2019 19.59 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.
-snip-
Credit Suisse survey shows Brexit effect has reduced number of UK millionaires by 27,000
Rupert Neate Wealth correspondent
@RupertNeate
Mon 21 Oct 2019 17.26 BST
Last modified on Mon 21 Oct 2019 19.59 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.
-snip-
Read more: https://www.theguardian.com/business/2019/oct/21/china-overtakes-us-in-rankings-of-worlds-richest-people
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