There are more wealthy Chinese than Americans for the first time
(CNN Business)For the first time, there are more rich Chinese than Americans in the top 10%.
A new report from Credit Suisse (CS) shows that wealth in China is ticking up, and the country now accounts for 100 million of the richest 10% of people in the world. There are 99 million Americans in the same category.
The United States still has many more millionaires — 18.6 million, or 40% of the world’s total, versus 4.4 million in China. It’s also adding to the millionaire count at a faster clip. The report credits low interest rates and Republican tax cuts for the country’s 11th consecutive year of rising wealth.