Chinese millionaires to double by 2026, Credit Suisse says, despite slowing economy (2024)

FAQs

Chinese millionaires to double by 2026, Credit Suisse says, despite slowing economy? ›

Sept. 20, 2022, at 5:29 a.m. HONG KONG (Reuters) - The number of Chinese millionaires is expected to double by 2026, according to a report by Credit Suisse issued on Tuesday, despite Beijing's national drive to ease wealth inequality and a sharply slowing economy.

China has 780,000 millionaires, while the US has nearly 7 times that. While China and the US are comparable in nominal GDP, there are far more wealthy individuals in America than in China.

A decade ago, China's citizens were estimated to hold just 9% of the world's wealth. That figure has now more than doubled, while median wealth in the country has skyrocketed from $3,111 to $26,752 between 2000 and 2021.

About 5.2 million Chinese families had a total wealth of 6 million yuan (US$900,000) or more as of January 2022, up 2.1% year over year. Their combined wealth grew 2.5% year over year to 164 trillion yuan, according to a report by Hurun Research Institute released Friday.

The U.S. makes up 23.93% of the total global economy, says Investopedia. The World Bank Group lists China as the second richest country in the world as of 2021, possessing a GDP of $17.734 trillion along with a GDP per capita of $12,556.3. China makes up 18.45% of the total global economy.

To a reasonable level of accuracy there's no one in China in the bottom 10% of the world's population by wealth. And yet there's some 10% of those global poor in North America, and another 20% or so in Europe. So, yes, it really is true that there're more poor people in America (and Europe) than there are in China.

2. Maximum and minimum salary range. The average salary in China ranges from 7,410 Yuan per month (USD 1,066) to 131,000 Yuan (USD 18,842) per month — with 7,410 Yuan being the minimum salary and 131,100 Yuan being the maximum salary.

According to data from Forbes, the United States has the highest number of billionaires in the world with a total of 724 billionaires. This is followed by China with 698 billionaires and India with 237 billionaires. Germany and Russia complete the top five countries with 136 and 117 billionaires respectively.

Capital fright. Faced with such headaches, many have been looking to leave. That was hard in 2020-21, when covid controls hit emigration. But in 2022 some 10,800 high-net-worth individuals, who have an average wealth of $6m, left the country, with the flow accelerating at the end of the year as covid controls eased.

Is average Chinese richer than average American? ›

Median wealth in China was more than four times greater than in Russia, where median wealth was $6,379 in 2021. China's average wealth, however, was still less than a third of the wealth of the median American ($93,271) — and only about 10% of the wealth of the median Belgian ($256,336).

The World Bank defines a high-income nation as one with a nominal gross national income (GNI) per capita above $13,205.

China dominates every aspect of the bilateral economic relationship, as a net exporter, net creditor and net investor, despite Russia long being a richer country than China.

As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

The U.S. currently has the largest economy in the world by far with $23 trillion in 2021 GDP, according to the World Bank's data, while China has the second-largest GDP at $18 trillion and India the sixth-largest at $3 trillion.

There is still much work to be done to propel China to the top of the world's economy, but it is certainly possible that the Chinese economy can surpass the power of the US by 2050. It may also be too early to make definitive projections of China's future.

The US Census declared that in 2014 14.8% of the general population lived in poverty: As of 2010 about half of those living in poverty are non-Hispanic white (19.6 million). Non-Hispanic white children comprised 57% of all poor rural children.

Which country has zero poverty? ›

Iceland stands at the top of countries with the lowest poverty rates with a poverty rate of 4.9% in 2021.

The family's 2022 poverty threshold (below) is $35,801.

How Does the Healthcare System Work in China? China does have free public healthcare which is under the country's social insurance plan. The healthcare system provides basic coverage for the majority of the native population and, in most cases, expats as well. However, it will depend on the region you reside in.

The exception to cheap groceries in China is dairy products. One gallon of milk costs $7.20 to $8.80 and a pound of local cheese costs $5.55 to $6.75.

Minimum Wages in China remained unchanged at 2590 CNY/Month (363.503 USD/Month) in 2023. The maximum rate of minimum wage for employees was 2480 CNY/Month and minimum was 690 CNY/Month.

The Breakdown You Need To Know:

Specifically, Black people represent 8% of total millionaires in the U.S., 76% are white, 8% are Asian, and the Hispanic community captures 7% of the total millionaire population across the country.

“90% of all millionaires become so through owning real estate.” This famous quote from Andrew Carnegie, one of the wealthiest entrepreneurs of all time, is just as relevant today as it was more than a century ago. Some of the most successful entrepreneurs in the world have built their wealth through real estate.

Millionaires make up about 2% of the U.S. adult population. While an ultra-high net worth will be out of reach for most, you can amass $1 million by managing money well and investing regularly.

Singapore, named the world's best place to do business by the Economist Intelligence Unit, has for years been building a reputation as a haven for high-worth Chinese, particularly since the rise of Xi Jinping, China's most powerful leader in decades, who has led his country in an increasingly authoritarian and ...

According Hurun, the average Chinese millionaire is 39 years old, a full 15 years younger than your average millionaire in the US. There's around 960,000 millionaires in China, a land of 1.4 billion inhabitants.

Why do rich people want to leave China? ›

China's wealthy community is looking to move out of the country as President Xi Jinping's crackdown on big tech industries, real estate and education, and his push for "common prosperity" over the past two years have terrified them, reported ANI citing The Singapore Post.

Average net worth increased by 2% to $748,800 between 2016 and 2019, the bank reported in September 2020, the most recent year it published the data. Median net worth, however, rose 18% over that same time period to $121,760. You might wonder why the average and median net worth figures are so different.

The Gini coefficient, one of the most widely used metrics of inequality, shows that in 2019 the United States (0.481) and China (0.465) both still have highly unequal income distributions in absolute terms and relative to other countries.

Here are the 10 richest countries in the world: United States - $18.62 Tn. China - $11.22 Tn. Japan - $4.94 Tn.

Breakdown of annual middle class household income in China 2021-2022. As of January 2022, the largest share of Chinese middle-class families had an annual income of between 100 thousand and 300 thousand yuan per year. According to the same survey, almost 90 percent of respondents have at least one child.

Pew defines “middle class” as those earning between two-thirds and twice the median American household income, which in 2021 was $70,784, according to the United States Census Bureau. That means American households earning as little as $47,189 and up to $141,568 are technically in the middle class.

China isn't just Moscow's diplomatic partner in opposing what they see as U.S. domination of global affairs. Its thriving economy is the biggest buyer of Russian oil and gas exports, pumping billions of dollars into Putin's treasury and helping the Kremlin resist Western sanctions over its invasion of Ukraine.

Russia's economy is roughly a tenth the size of the U.S.' (the World Bank stated that Russia's GDP in 2015 was $1.3 trillion.) According to the Stockholm International Peace Research Institute, U.S. military expenditures in 2015 were 3.3 percent of GDP, and Russia's were 5 percent of its GDP.

Fun facts: three U.S. states have larger economies than Russia: California ($3.1 trillion), Texas ($1.78 trillion) and New York ($1.7 trillion). And California's GDP is more than twice the GDP of Russia. The Russian economy is twice the size of the little island of Taiwan.

Does anyone owe the US money? ›

1 Foreign governments hold a large portion of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and holders of savings bonds.

U.S. debt to China comes in the form of U.S. Treasuries, largely due to their safety and stability. Although there are worries about China selling off U.S. debt, which would hamper economic growth, doing so in large amounts poses risks for China as well, making it unlikely to happen.

According to usafacts.org, as of January 2023, Japan owned $1.1 trillion in US Treasuries, making it the largest foreign holder of the national debt. The second-largest holder is China, which owned $859 billion of US debt.

Investors in Japan and China hold significant shares of U.S. public debt. Together, as of September 2022, they accounted for nearly $2 trillion, or about 8 percent of DHBP. While China's holdings of U.S. debt have declined over the past decade, Japan has slightly increased their purchases of U.S. Treasury securities.

In this graphic, Julie Peasley shows how many one-dollar bills it would take to stack up to the total U.S. debt of $31.4 trillion.

The new middle-class population in China has the following characteristics: Age: individuals between 25 and 40 years old. City: living in third-tier cities and above.

Among them, Beijing is the city with the most middle-class families, followed by Shanghai, while Guangdong was the province with the most middle-class families. These three regions had a total of 16.6 million middle-class families, accounting for 50.08 percent of the whole of the Chinese mainland.

The Classroom

The class size in China is large, averaging 40-60 students. The seats in the classroom are usually arranged in rows and lines. Students in one class usually have a fixed chair and desk and they change their seats regularly.

The U.S. currently has the largest economy in the world by far with $23 trillion in 2021 GDP, according to the World Bank's data, while China has the second-largest GDP at $18 trillion and India the sixth-largest at $3 trillion.

Is China's economy larger than US? ›

China is already the world's largest economy, its economy is more than 20 percent larger than the US economy, according to the IMF.

There's a staggering amount of wealth and high-net-worth individuals in the United States. It's home to $65.4 trillion in private wealth, by far the largest wealth market in the world. For comparison's sake, second-place China has $21.7 trillion.

China's average wealth, however, was still less than a third of the wealth of the median American ($93,271) — and only about 10% of the wealth of the median Belgian ($256,336). Global wealth increased by 9.8% in 2021 compared to the year before, reaching a total $463.6 trillion.

The cost of living in China can vary by location and type of purchase. On average, China's cost of living is 45% lower than the U.S according to Numbeo. Rent in China is 60% lower than the U.S. on average.

China purchased $165 billion in goods and services from the United States in 2015, representing 7.3 percent of all US exports and about 1 percent of total US economic output.

There is still much work to be done to propel China to the top of the world's economy, but it is certainly possible that the Chinese economy can surpass the power of the US by 2050. It may also be too early to make definitive projections of China's future.

According to the latest available data from the World Bank, the United States of America is currently the world's largest economy, with a GDP of over $23 trillion in 2021.

This data suggests that if U.S. hypothetically stops buying Chinese goods, China's export will suffer a 18% loss, which accounts for 18%*20% = 3.6% of China's GDP. It is unlikely a 3.6% loss in GDP will collapse the Chinese economy.

76% of millionaires in the U.S. are white, and white people account for 60% of the total U.S. population. There are about 62.5 million millionaires globally, a 11.4% increase from 2020.

What state has most millionaires? ›

by state U.S. 2020. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets.

1. Median salary. The median salary in China is 26,800 Yuan (USD 3,855) per month. That means half of the population draws an average income less than the median salary.

Despite the recent declines, Chinese immigrants still represent the third largest origin group among U.S. immigrants (after those from Mexico and India), accounting for 5 percent of the 45.3 million immigrants in the United States as of 2021.