China has overtaken the US to have the most wealthy people in the world

louis vuittonReuters

  • China has overtaken America as the home of the highest number of rich people in the world.
  • There are 100 million Chinese among the richest 10% of people in the world, compared to 99 million Americans, Credit Suisse found in its latest annual wealthy survey.
  • People in the top 10% had personal savings of at least $109,430.
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China has overtaken America as the home of the highest number of rich people in the world.

There are 100 million Chinese among the richest 10% of people in the world, compared to 99 million Americans, Credit Suisse found in its latest annual wealth survey.

"The rapid transformation of China from an emerging nation in transition to a fully fledged market economy" helped it to create the record number of rich, in spite of a global economic slowdown and increased trade tensions, the report said.

People in the top 10% of world wealth have at least $109,430 in personal savings.

However, the US is still home to 40% of the world's millionaires, meaning it remains the home for the super-rich. The number of millionaires in the US rose by 675,000 to 18.6 million, meaning one in every 14 adults is a dollar millionaire, the report found. Meanwhile, only about 4.4 million people in China are millionaires.

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