For the first time, there are more rich Chinese than Americans. China now accounts for 100 million of the richest 10% of people in the world. There are 99 million Americans in the same category.
A new report from Credit Suisse shows that wealth in China is ticking up, and the country now accounts for 100 million of the richest 10% of people in the world. There are 99 million Americans in the same category.The United States still has many more millionaires — 18.6 million, or 40% of the world's total, versus 4.4 million in China. It's also adding to the millionaire count at a faster clip.
The report highlights the extent to which global wealth is concentrated at the very top. The bottom 50% of adults account for less than 1% of total wealth, while the top 10% own 82%. The top 1% alone owns almost half of all global assets, according to Credit Suisse.Has the 1% peaked?The threshold to make it into the top 10%, globally, is roughly $109,400 in net assets. To be in the top 1%, you'd need just above $936,400.
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