China moves ahead of US on list of most number of rich people

Credit Suisse released the report of its annual wealth survey. The report found that China had overtaken the US for the first time in the world’s richest people ranking. The number of UK millionaires reduced by 27000 due to the Brexit effect. The report stated that there were 100 million Chinese people among the top 10% of the richest people in the world.

There were 99 million American people among the 10% of the richest people in the world. Nannette Hechler-Fayd’herbe, the global head of economics and research at the Swiss bank, said, “China and the US have fared strongly in wealth creation.” He added that the trade tensions between China and the US had not affected the wealth created by the two countries.

China contributed $1.9 trillion and the US contributed $3.8 trillion in terms of wealth creation. The criteria for becoming a part of the top 10% of the world’s richest people was set at having a personal savings of $109430. China overtook the US according to this criterion. The US is still ahead of China on the list of the world’s super-rich people. The report revealed that one in 14 adults of the US was a millionaire last year.

There were 18.6 million dollar millionaires in the US last year and the number increased by 675000 as compared to the previous year. The report found that 158000 new people became millionaires in China in 2018. The number of Chinese millionaires reached 4.4 million last year. The number of UK millionaires dropped due to the decline in the value of the pound after the Brexit. Japan, the US, and China are ahead of the UK on the list of the most number of millionaires.

The report stated, “Our estimates indicate a rise of 2.2% in wealth per adult from the end of 2018 to mid-2019.” According to the report, 1.1 million people became millionaires in 2018 on the global level. The world has 46.8 million millionaires now. These 46.8 million millionaires own the net assets of $158.3 trillion.