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China is home to 7,600 individuals with net worth above US$50 million each
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CHINA’S mainland is home to 7,600 ultra-high net worth individuals, whose net worth exceeds US$50 million, while the world’s wealth per adult hit a new record high of US$56,000 in mid-2014, a private report showed today.
According to Switzerland’s second-biggest bank Credit Suisse, China’s mainland ranks the second after the United States in terms of the amount of ultra rich individuals. The number of Chinese ultra wealthy people accounted for 6 percent of the global total of 128,200.
The mainland now has more people in the top 10 percent of global wealth holders than any other country except for the US and Japan mainly due to strong record of growth, rising asset values and currency appreciation, the bank said in the report.
Total household wealth on China’s mainland is comparable to the US in 1970, which adds up to US$ 21.5 trillion.
It is expected to reach what the US had in 1989 by 2019, if recent growth trends continue, which marks a jump of 19 years of wealth growth in the US in just five years.
Additionally China may surpass Japan as the second wealthiest economy in the world in the next five years, if Japan’s lackluster performance during the last decade continues, said the report.
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