ZURICH: The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed. The United States added more than half of this number –675,000 new millionaires – to its sizeable stock. The report estimates that 55,920 adults are worth at least US$100 million and 4,830 have net assets above US$500 million. It forecast global wealth – which increased 2.6 per cent over the past year – would rise by 27 per cent over the next five years to US$459 trillion by 2024. The share of the world’s bottom 90 per cent accounts for 18 per cent of global wealth, compared to 11 per cent in the 2000.

Source: New Strait Times October 21, 2019 07:52 UTC