Rich Chinese outnumber wealthy Americans for first time

[mickeyd]

100,000,000 vs 99,000,000 but I'll wager that there are still billions of Chinese citizens living in poverty. I wonder how many are Hong Kong folks?

The Swiss bank's annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10% as of the middle of this year versus 99 million in the United States.
"Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively," said Nannette Hechler-Fayd'herbe, global head of economics and research at Credit Suisse.

https://www.yahoo.com/news/rich-chinese-outnumber-wealthy-americans-073000138.html

 

[rk911]

and how or who did the swiss bank survey? i
musta missed the call.

 

[Sunset]

Perhaps that explains the more crowded tourist locations these days..

 

[marko]

Of course on a percentage of the population it's a different story.

 

[dixonge]

100,000,000 vs 99,000,000 but I'll wager that there are still billions of Chinese citizens living in poverty. I wonder how many are Hong Kong folks?
https://www.yahoo.com/news/rich-chinese-outnumber-wealthy-americans-073000138.html

First, there are not billion(s) (plural) of Chinese citizens, just over one billion. Second, China has made insane progress with poverty.

https://www.telegraph.co.uk/china-watch/society/decreasing-chinas-poverty/

 

[gerntz]

First, there are not billion(s) (plural) of Chinese citizens, just over one billion.

That "just over" number is larger than entire USA population.

 

[VanWinkle]

First, there are not billion(s) (plural) of Chinese citizens, just over one billion. Second, China has made insane progress with poverty.

https://www.telegraph.co.uk/china-watch/society/decreasing-chinas-poverty/

"THIS CONTENT IS PRODUCED AND PUBLISHED BY CHINA DAILY, PEOPLE’S REPUBLIC OF CHINA, WHICH TAKES SOLE RESPONSIBILITY FOR ITS CONTENTS"

Is their press any more reliable than ours?

 

[UnrealizedPotential]

Without looking up the numbers, China's population is over 1.4 billion and the USA has close to 330 million. So I would say based on the realtive small population of the USA, compared to China anyway, for the USA to even be in the ballpark with China with numbers of wealthy people is impressive. IMHO.

 

[Chuckanut]

When I see people like Elon Musk emigrating to China instead of the USA to start their new rocket company, then I will be concerned.

IMHO, the increasing authoritarian ways of Chinese government will kill or at least weaken the goose the is laying the golden eggs.

The rest of the world is better off worrying about what they are doing inside their own borders to improve the lives of their people, and ecourage economic growth and social responsibility.

 

[6miths]

Dandy Don Meredith comes to mind but it was a Willie Nelson song. It's just a matter of time. China has taken the long view for quite awhile now. Hopefully I am totally wrong but I wouldn't put any money on it.

 

[RobbieB]

China Rocks!

 

[dixonge]

That "just over" number is larger than entire USA population.

Yes, but my point was that there can not be 'billions' of Chinese in poverty since there aren't 'billions' of Chinese.

 

[Mdlerth]

Raise your hand if you retired on 90 grand

The title says "Rich" but the article talks about the global top 10%. That's a threshold of slightly over $90k in net worth.

 

[Senator]

First, there are not billion(s) (plural) of Chinese citizens, just over one billion. Second, China has made insane progress with poverty.

https://www.telegraph.co.uk/china-watch/society/decreasing-chinas-poverty/

I agree. Chinese citizens all work. As far as I know, no one can just sit around and collect a check in China.

China will even build a city that no one needs, to be able to keep people working.

 

[ncbill]

"THIS CONTENT IS PRODUCED AND PUBLISHED BY CHINA DAILY, PEOPLE’S REPUBLIC OF CHINA, WHICH TAKES SOLE RESPONSIBILITY FOR ITS CONTENTS"

Is their press any more reliable than ours?

Statistical reporting from any 3rd world country is a bad joke.

I'm sure they've grossly inflated the numbers.

 

[tfudtuckerpucker]

This chart shows the number of millionaires per country

https://www.economist.com/graphic-detail/2019/10/22/millions-of-millionaires

There are now more middle class in China, than the total US population. I think that's a more meaningful observation.

 

[Letj]

Statistical reporting from any 3rd world country is a bad joke.



I'm sure they've grossly inflated the numbers.

I am familiar with developing countries and I won’t trust any reporting coming out of China. It’s the same reason I will never buy anything from China that I need to ingest. The controls and oversight just aren’t there. The Chinese middle class population is about the size of the US population but relative to a population of 1.4 billion, they have a long way to go. Most people still live in serious poverty.

 

[Senator]

This is to be expected as the global wealth and wage equalization takes place.

 

[Chuckanut]

China will even build a city that no one needs, to be able to keep people working.

IIRC, they have already done that.

https://theplaidzebra.com/ghost-city-china/

If you were to walk into a full-scale city with skyscrapers, condos, malls and shops—and there wasn’t a single person to be seen for miles, your first question would probably be: where the hell did everyone go? But walking into one of China’s desolate ghost cities isn’t a question of where everyone went—it’s why they never came in the first place.

 

[Chuckanut]

I watched the RS Facisim show last night. As Mr. Steves described how the Fascits ruled in Italy and Germany I was reminded of modern day China - An unholy alliance between big business and the state, all people serve the state, certain minority groups are trouble makers and need to be dealt with, build a big military and intimidate your neighbors, information hungry policing and monitoring that tracks everybody, etc.

Maybe somebody out to show the Fascism video to the NBA team owners, Apple, and anybody else whose economic future depends on China.

 

[tfudtuckerpucker]

A good read: https://www.scmp.com/economy/china-economy/article/2168177/question-mark-hanging-over-chinas-400-million-strong-middle

It's interesting that, in the US the top 10% of families held 76% of the wealth in 2013, compared to China, where the top 10 per cent hold about 75% of the assets. Half of the US is middle class, compared to less than 1/3 in china today. Compare to Korea's 2/3 level, or Japan's 90% level.