US holds rich lead over China and India
Source: Agencies |
October 10, 2011, Monday
|
Print Edition
Print Edition
THE United States has 10 times more affluent households than China or India, research has showed, undermining arguments the global economy can be sustained by consumption in emerging markets.
A survey of affluent households around the world - defined as having wealth of more than US$100,000 - by research firm TNS found 80 percent of such people live in Western countries.
While the number of affluent households in China and India is 3 million each, the US has more than 31 million, the survey shows.
The results challenge hopes the boom economies of Asia can supplant an ailing US as the world's consumer and keep global growth ticking over.
Reg van Steen, a director of business and finance at TNS, said researchers had to drop the wealth threshold to US$40,000 for Brazil to make it possible to find a large-enough sample.
"What really surprises is China has surpassed Germany, France and the UK when it comes to the number of affluent. (But) it will take some time before we really see a shift from West to East," he said.
Households with over US$100,000 in liquid assets stand at 2.9 million in the UK, 2.5 million in Germany and 2.7 million in France, the survey of 12,000 people in 24 countries found.
The study also highlights the tiny proportion of overall population taken up by the affluent middle classes in China and India compared with developed countries.
The incidence of affluence in the US is 27 percent, the study shows, 20 percent in Canada and 11 percent in the UK, while it is 0.75 percent in China. India's affluent make up 1.25 percent of its population.
A global study of wealth published this year found China has the world's fourth-largest number of millionaires.
A survey of affluent households around the world - defined as having wealth of more than US$100,000 - by research firm TNS found 80 percent of such people live in Western countries.
While the number of affluent households in China and India is 3 million each, the US has more than 31 million, the survey shows.
The results challenge hopes the boom economies of Asia can supplant an ailing US as the world's consumer and keep global growth ticking over.
Reg van Steen, a director of business and finance at TNS, said researchers had to drop the wealth threshold to US$40,000 for Brazil to make it possible to find a large-enough sample.
"What really surprises is China has surpassed Germany, France and the UK when it comes to the number of affluent. (But) it will take some time before we really see a shift from West to East," he said.
Households with over US$100,000 in liquid assets stand at 2.9 million in the UK, 2.5 million in Germany and 2.7 million in France, the survey of 12,000 people in 24 countries found.
The study also highlights the tiny proportion of overall population taken up by the affluent middle classes in China and India compared with developed countries.
The incidence of affluence in the US is 27 percent, the study shows, 20 percent in Canada and 11 percent in the UK, while it is 0.75 percent in China. India's affluent make up 1.25 percent of its population.
A global study of wealth published this year found China has the world's fourth-largest number of millionaires.
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