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Thread: Rich Chinese Outnumber Rich Americans For the First Time Ever

  1. #1

    Rich Chinese Outnumber Rich Americans For the First Time Ever

    ·October 22, 2019

    Rich Chinese Outnumber Rich Americans For the First Time Ever

    For the first time, there are now more rich Chinese people than there are American ones, a study by Credit Suisse revealed.

    As of the middle of this year, 100 million Chinese people now rank in the global top 10% compared to 99 million Americans.

    Findings from the Swiss bank’s annual wealth survey was released on Monday, reports Reuters.

    “Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively,” Nannette Hechler-Fayd’herbe, global head of economics and research at Credit Suisse CSGN.S was quoted as saying.

    Based on the report, the global millionaires’ ranks have risen by 1.1 million to an estimated 46.8 million. They collectively own $158.3 trillion in net assets, which is 44% of the world total.

    The United States added 675,000 new millionaires to this increasing number.

    Meanwhile, exchange rates are seen to be causing a reduction in average wealth in Australia, which has reportedly resulted in 124,000 fewer millionaires. Britain also lost some 27,000 millionaires and Turkey 24,000.

    It is estimated that 55,920 adults are currently worth at least $100 million while 4,830 have net assets above $500 million.

    According to Credit Suisse, global wealth has increased by 2.6% over the past year and would continue to rise by 27% over the next five years to $459 trillion by 2024.

    The number of millionaires is also seen to increase by almost 63 million over this period.

    As for the world’s bottom 90%, they account for 18% of global wealth, which increased from 11% in 2000.

    “While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future,” she noted.

    https://nextshark.com/rich-chinese-m...credit-suisse/

  2. #2
    There is one rich Chinese woman that Trump asked Canada to lock up. The GOP have an obsession to "Lock her up!"

  3. #3
    Of course America has third of China's population. Btw, if you live in Toronto and have a house, you're a millionaire, too.
    "I voted numerous times when I was a senator to spend money to build a barrier to try to prevent illegal immigrants from coming in," Hillary Clinton

  4. #4
    Remember, China is a communist country...

  5. #5
    They are mainly devotees of Tom Vu." I look at you from head to toe my friend, I see a loser. You ain't going no place till you take my seminar. TAKE MY SEMINAR!!"

  6. #6
    Quote Originally Posted by jcpro View Post
    Of course America has third of China's population.
    Are you saying there are more Chinese poor than American poor?

  7. #7
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    Which begs the question, what the hell are the rest of you doing?


    At the bottom of all the tributes paid to democracy, is the little man, walking into the little booth, with a little pencil, making a little cross on a little bit of paper - no amount of rhetoric or voluminous discussion can possibly diminish the overwhelming importance of the point.

  8. #8
    Quote Originally Posted by onthebottom View Post
    Which begs the question, what the hell are the rest of you doing?
    Watching the decline of the American Empire. (with sadness)
    The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent anybody else.

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    Quote Originally Posted by danmand View Post
    Watching the decline of the American Empire. (with sadness)

    Seriously- The US of A S s has not been known for producing quality goods for decades.
    TDL
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  10. #10
    Thought it was understood. Unless you are producing something and have a manufacturing base, then you are on your way out. China figured it out.

  11. #11
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    Quote Originally Posted by danmand View Post
    Watching the decline of the American Empire. (with sadness)
    I doubt you’ll live long enough


    At the bottom of all the tributes paid to democracy, is the little man, walking into the little booth, with a little pencil, making a little cross on a little bit of paper - no amount of rhetoric or voluminous discussion can possibly diminish the overwhelming importance of the point.

  12. #12
    Quote Originally Posted by onthebottom View Post
    I doubt you’ll live long enough
    Read a history book.

  13. #13
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    Quote Originally Posted by onthebottom View Post
    I doubt you’ll live long enough
    You're right, we weren't born yesterday.
    Orange is the new Orange.

  14. #14
    What is rich in GTA?

  15. #15
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    Daily chart
    Millions of millionaires

    BEFORE BORIS JOHNSON was counting Brexit votes as Britain’s prime minister, he was boasting about another number as mayor of London. “We have now in London 72 billionaires, which is more than New York,” he said in an interview in 2014. “London is to the billionaire as the jungles of Sumatra are to the orangutan.” Although the city now claims some 95 billionaires, their millionaire cousins may be faring less well. In the past year, Britain lost 27,000 millionaires (measured in dollars) because of the weakening of the pound as a result of uncertainty over Brexit.

    Elsewhere their numbers are growing. There are now 46.8m dollar millionaires worldwide, according to this year’s “Global wealth report” by the Credit Suisse Research Institute, an increase of 1.1m from mid-2018. Their ranks include more than 4m Chinese, 3m Japanese and 2m Germans. Yet no country has deeper pockets than America, which claims nearly 19m millionaires (see chart), and accounts for more than half of this year’s increase. Despite market gyrations, trade wars on several fronts and fears of a recession, the country generated 675,000 new millionaires in the 12 months to mid-2019. To be fair, wealth is a confused topic. It has grown a lot because low interest rates have increased asset prices. Moreover, it is tied up in retirement savings as well as varying degrees of social insurance.

    https://www.economist.com/graphic-de...ebook%22%7D%7D


    At the bottom of all the tributes paid to democracy, is the little man, walking into the little booth, with a little pencil, making a little cross on a little bit of paper - no amount of rhetoric or voluminous discussion can possibly diminish the overwhelming importance of the point.

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