China has overtaken the U.S. in the number of citizens in the global top 10% of wealth, according to a report by Credit Suisse
China has overtaken the U.S. in the number of citizens in the global top 10% of wealth, a report by Credit Suisse has revealed.
The U.S., China and Europe led the way in global wealth growth with $3.8 trillion for the U.S., $1.9 trillion for China and $1.1 trillion for Europe. Nannette Hechler-Fayd’herbe, CIO of wealth management at Credit Suisse adds that “Despite the trade tension between U.S. and China over the past 12 months, both countries have fared strongly in wealth creation contributing $3.8 trillion and $1.9 trillion respectively.”
However, the report comes after data released Friday showed China’s economic expansion slowing to just 6.0%, the lowest mark in almost three decades.
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