Rich Chinese Outnumber Wealthy Americans For First Time - Credit Suisse

(Yahoo! News) October 21 2019 ZURICH Oct 21 (Reuters) - The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires a study by Credit Suisse showed. The Swiss banks annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10 as of the middle of this year versus 99 million in the United States. 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 said Nannette Hechler-Faydherbe global head of economics and research at Credit Suisse. The ranks of the worlds millionaires have risen by 1.1 million to an estimated 46.8 million collectively owning $158.3 trillion in net assets 44 of the global total the study found. The United States added more than half of this number 675000 new millionaires to its sizeable stock. A decline in average wealth in Australia -- largely due to exchange rates -- resulted in 124000 fewer millionaires there while Britain lost 27000 and Turkey 24000. The report estimates that 55920 adults are worth at least $100 million and 4830 have net assets above $500 million. It forecast global wealth -- which increased 2.6 over the past year -- would rise by 27 over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million. The share of the worlds bottom 90 accounts for 18 of global wealth compared to 11 in the 2000.