China's affluent population surpassed the United States for the first time, and China's millionaire reached 4.4 million dollars
In the past year, China has added 158000 millionaires (US dollars). At the same time, 100 million Chinese are among the richest 10% of the world's population.
On October 21, Credit Suisse Research Institute released the 2019 Global Wealth Report (hereinafter referred to as the report). According to the report, in the year to the middle of 2019, there will be 1.1 million new millionaires in the world, more than half of them in the United States, 187000 in Japan and 158000 in China.
In addition, the number of millionaires (US dollars) in China is 4.4 million, second only to the United States; The number of ultra-high net worth people with wealth of more than US $50 million is 18132, which ranks second in the world, second only to the United States.
Among the richest 10% of the world's population, the report analyzes that 100 million people in China belong to this range in 2019, surpassing 99 million in the United States for the first time.
Nannette hechler fayd & rsquo; s chief investment officer and head of global economics and research at Credit Suisse International Wealth Management; Herbe pointed out that the United States and China have strong ability to create wealth, contributing US $3.8 trillion and US $1.9 trillion respectively in the past year. The number of new millionaires in China and other emerging markets is the most significant contributor to the increase in the number of millionaires in the world, which is the embodiment of development signs and investment opportunities.
According to the report, the contribution to the rapid growth of millions of people in China and other emerging markets is mainly the growth of average wealth, which accounts for about 78% of the wealth growth. In addition, 16% of the population growth and 6% are attributed to the increase of wealth inequality.
Since 2000, China's total household wealth has increased from US $3.7 trillion to US $63.8 trillion, with a scale increase of more than 17 times and a growth rate of more than three times that of most other countries.
In terms of the proportion of non-financial assets, the proportion of non-financial assets in China's household assets increased from 43% in 2015 to 53% in 2019. According to the report, this reflects the strength of China's real estate market.
In addition, in mid-2018, the average real assets of Chinese adults were $29760, and the average debt was only $4410, equivalent to 7% of total assets. Credit Suisse pointed out in the report that despite concerns about the growth of Chinese household debt, this data is still at a low level according to international standards.
The report also points out that in the past year, the total global wealth increased by 2.6% to US $260 trillion, and the per capita wealth of adults reached an all-time high of US $70850, an increase of 1.2% over the middle of 2018. The United States, China and Europe contributed the most to global wealth growth, with us $3.8 trillion, US $1.9 trillion and US $1.1 trillion respectively.
John woods, chief investment officer of Credit Suisse Asia Pacific region, said that by 2024, the number of millionaires (US dollars) in China will increase by 55% to 6.9 million. In terms of ultra-high net worth people, 21300 ultra-high net worth people will be added in the Asia Pacific region, with a total of nearly 66000 people, of which 42% will come from China.
It is worth noting that the inequality between the rich and the poor is still serious.
According to the report, as of mid-2019, there were 46.8 million millionaires (US dollars), accounting for 0.92% of global adults, with a total wealth of US $158.3 trillion, accounting for 44% of the total global wealth.
In addition, the wealth of 2.9 billion adults (about 57% of global adults) is expected to be less than $10000 in 2019.
The population of US $10000 to US $100000 is the fastest growing population since the 21st century, which is expected to increase from 514 million in 2000 to 1.7 billion by the end of 2019. This reflects the prosperity of emerging economies, especially China, and the expansion of the middle class in developing regions. The average wealth of this group is US $33530, slightly less than half of the global average wealth level, but significantly higher than the average wealth level of the country in which this group lives.
The report also points out that women's wealth has increased faster than men's wealth due to increased female labor force participation, more equal distribution of wealth between husband and wife and other factors.
For millennials, parents' financial support and inheritance can help them accumulate wealth. According to the report, the millennials are not lucky enough. They not only experienced the global financial crisis when they were young, resulting in the economic recession and the attendant bleak employment prospects, but also encountered adverse factors such as high house prices, low interest rates and low income in many countries, so it is difficult for them to buy real estate or accumulate wealth. Although millennials seem to face many disadvantages, they may benefit from their parents' financial support and property inheritance. It is expected that the surge in inherited wealth will bring wealth distribution and wealth inequality to both developed and emerging economies. The consequences of wealth distribution caused by future inheritance may be more prominent, which may exacerbate the pressure of inequality caused by other reasons.
This is the 10th time that Credit Suisse Research Institute has released the global wealth report. Credit Suisse was founded in 1856 and headquartered in Zurich. Its business covers more than 50 countries around the world, with a total of about 45680 employees. As of the fourth quarter of 2018, Credit Suisse managed assets of 1347 billion Swiss francs (about 9671.3 billion yuan)&# 8203;&# 8203;&# 8203;&# 8203;