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Wealthy Chinese outnumber wealthy Americans for the first time

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China is producing billionaires faster than any other nation Description video: Correction: 27% of Chinese citizens live under the poverty line of $5.50 per day, according to the World Bank, not 40% as originally stated in the video. The earlier […]

China is producing billionaires faster than any other nation

Description video:
Correction: 27% of Chinese citizens live under the poverty line of $5.50 per day, according to the World Bank, not 40% as originally stated in the video. The earlier number reflects an older figure. NewsHour regrets the error.\n\nCommunist China’s planned economy once prevented its citizens from becoming wealthy. But China now produces billionaires faster than any country in the world, even as President Xi Jinping has cracked down on ostentatious displays of wealth. Special correspondent Katrina Yu reports on the fourth in a 10-part series, \”China: Power and Prosperity,\” with support from the Pulitzer Center.\n\nStream your PBS favorites with the PBS app: https://to.pbs.org/2Jb8twG\nFind more from PBS NewsHour at https://www.pbs.org/newshour\nSubscribe to our YouTube channel: https://bit.ly/2HfsCD6\n\nFollow us:\nFacebook: http://www.pbs.org/newshour\nTwitter: http://www.twitter.com/newshour\nInstagram: http://www.instagram.com/newshour\nSnapchat: @pbsnews\n\nSubscribe:\nPBS NewsHour podcasts: https://www.pbs.org/newshour/podcasts\nNewsletters: https://www.pbs.org/newshour/subscribe

Wealthy Chinese outnumber wealthy Americans for the first time

For the first time, wealthy Chinese have outnumbered wealthy Americans, according to a study by Credit Suisse, as both countries continue to "stamp" millionaires.

A Swiss bank’s annual poll released on Monday showed that China has overtaken the United States this year as the country with the largest population of the world’s richest 10%..

«Despite trade tensions between the United States and China over the past 12 months, both countries have made significant gains in wealth creation, contributing $ 3.8 trillion and $ 1.9 trillion, respectively, ” said Nannette Hechler-Faidherbe, head of global Economics and Research Credit Suisse.

Wealthy Chinese outnumber wealthy Americans for the first time

The study estimates that the number of global millionaires increased by 1.1 million to 46.8 million, with a combined net worth of $ 158.3 trillion, 44% of the global total..

More than half – 675,000 new millionaires – are from the United States. In terms of the number of millionaires, the United States is far ahead of China. IN US about 18.6 million people own a fortune from 1 million dollars, and in China – 4.4 million.

The decline in the average wealth in Australia – mainly due to exchange rates – has resulted in 124,000 fewer millionaires there, while the UK lost 27,000 and Turkey 24,000..

Global wealth, which grew 2.6% over the past year, is forecast to grow 27% over the next five years to reach $ 459 trillion by 2024. The number of millionaires will also increase over this period to nearly 63 million..

90% of the world’s population accounts for 18% of the world’s wealth, up from 11% in 2000.

«It is too early to say that material inequality is now in a downward phase, the prevailing evidence suggests that 2016 could peak in the near future.», – said in a statement.