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China overtakes the US in the ranking of the richest people in the world business

According to a report by Credit Suisse, the number of wealthy Chinese has exceeded the number of wealthy Americans for the first time.

The Swiss Bank's annual wealth survey found that 100 million Chinese were in the top 10% of the world population. of the richest people compared to 99m in the United States. The report states that China's "rapid transformation from an emerging nation in transition to a full-fledged market economy" has helped create a record number of wealthy people.

"Despite US-China trade tensions over the past 1

2 months, both countries have made a significant contribution to wealth creation: $ 3.8 billion, or $ 1.9 billion," said Nannette Hechler. Fayd & # 39; herbe, Global Head of Business & Research at Credit Suisse Be part of the top 10% of the richest people in the world. While China has overtaken America at this level, the US is still the leader in the super-rich, accounting for 40% of the world's millionaires.

The number of dollar millionaires in the US rose last year by 675,000 to 18.6 m. This means that about one in four adults in America is a millionaire.

There are 4.4 million millionaires in China, an increase of 158,000 over 2018 and 10% of the world total. An estimated 1.1 billion adults live in China.

Brexit's depreciation of the pound resulted in a 27,000 decline in the number of British millionaires to 2.46 million. Britain, with 3 million millionaires – 5% of the total – held fourth place in the global ranking behind the US, China and Japan.

The authors of the report commented on the UK as follows: "The outlook is uncertain now, with prospects for the future that are very dependent on what is happening in terms of Brexit. We estimate that assets per adult increased by 2.2% from the end of 2018 to mid-2019. However, both the stock market and the exchange rate saw increased volatility in the summer, reflecting growing concerns about Brexit. "

Worldwide, another 1.1 million people joined the millionaire club, increasing the number of people from six to zero to 46.8 meters. Together, they have net assets of $ 158.3 billion, or 44% of the world's total assets. The report estimates that 55,920 adults have a value of at least $ 100 million and 4,830 have net worth of more than $ 500 million. Net assets are defined as realizable savings less debt and do not include the value of real estate.

Credit Suisse predicted that global wealth – which had risen 2.6% last year – would rise 27% to $ 459 billion over the next five years. The number of millionaires is expected to increase in this period rises to almost 63 million.

Anthony Shorrocks, economist and author of the report, said: "With nearly two decades of data, we can see two distinct phases of prosperity growth. The century began with a "golden age" of robust and inclusive wealth creation. However, prosperity growth collapsed during the financial crisis and growth never recovered to its previous level.

"At the time of the financial crisis, there was a seismic shift as China and other emerging economies emerged as drivers of wealth creation. In the meantime, the United States has passed an astonishing 11-year period of prosperity per adult.

The report found that millennials – born between the early 1980s and the mid-1990s – are the least affluent age group.

The report said, "Not only were they vulnerable to the global financial crisis, the associated recession and the resulting poor employment outlook, but they were also disadvantaged and low in many countries by high property prices and low interest rates Income, making it difficult for them to buy property or accumulate wealth. Studies in several countries have shown that millennials are likely to fare worse than their parents. "

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