China overtook Japan to become the second richest country in the world, after the United States, according to the latest Credit Suisse World Wealth Report. The report, released Tuesday, also stated that China now has the largest middle class in the world with 109 million people.
The United States is the richest country in the world with $85.9 trillion. China is second with $22.8 trillion, and Japan is third with $19.8 trillion. China was able to replace Japan this year mainly due to unfavorable changes in exchange rates and a 15% decrease in individual wealth in Japan. China currently holds 10.4% of the world’s wealth.
It is expected that China’s total wealth will reach $36 trillion by 2020. By then, China is expected to reach 2.32 million millionaires.
There are 664 million adults globally considered middle class, up from 524 million in 2000. This is equivalent to 14% of the world’s population.
China has the largest middle class in the world with 109 million adults, despite the fact that it only makes up 11% of the population. The United States has 92 million middle class adults. China’s middle class wealth has increased a whopping 330% since 2005, owning $7.2 trillion or 32% of the nation’s wealth.
Middle class adults in the United States have 50,000 to 500,000 U.S. dollars. The numbers in other countries are adjusted to align with purchasing power in each nation.
Source: inews.qq.com
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Keywords: China middle class Credit Suisse World Wealth Report China second richest country
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Where I come from, middle class people are also educated, intellectual and have dignified behaviour. I guess we need to remove most criteria if Chinese people are to call themselves middle class.
Oct 16, 2015 12:34 Report Abuse
This is not per capita wealth. This is the combined wealth of everyone in the country. China has the largest population, so of course it should be #1 right? Well, it looks like wealth in the USA is eclipsing the great China by $63 trillion USD. The USA has a huge population, but it's still a 1/4 of China's. So, if you perform math calculations, the average American possesses 15x the wealth the average Chinese citizen does. And Americans aren't even the richest if you calculate per capita. In conclusion, the average Chinese citizen is still poor. Do something about it CCP!
Oct 15, 2015 17:14 Report Abuse
The people living in the countryside are sadly forgotten . Most people don't have a clue. I had one Chinese woman tell me that everyone in the countryside is rich . I told her I've been to the countryside many times . She changed the subject after that .
Oct 15, 2015 05:56 Report Abuse
Math is hard. Let's begin with 664 million adults being 14% of the world's population, which is 7.28 billion but that includes children. 664 million people is only 9% of the world's population. Enter confusion. If 664 million is 14% of the adult population, the latter would be 4.74 billion. Possible and it's safe to assume that part of the 2.5 billion children belong to middle class parents. Apples and oranges. Next. USA middle class is 92 million, population 322 million, so middle class is 28.6% of the population in the USA. Disregarding children. China middle class is 109 million, pop. 1.37 billion, so middle class is 8% of the population in China. Again, disregarding children. Conclusion: USA middle class is about 3.5 times that of China per capita, and since China has a one-child policy and the USA do not, it probably is even more. Then this. China holds 10.4% of the world's wealth. With 18.8% of the world's population. Glorious. And finally: China's middle class, according to the article 11% of the population, holds 32% of the country's wealth. Now that is what I call interesting. I sense a connection to Lord Hanson's comment. Magic is hard, but when you throw in some math, it may all seem real.
Oct 14, 2015 22:46 Report Abuse
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