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 Swiss bank's annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10% as of the middle of this year versus 99 million in the United States. The United States added more than half of this number -675,000 new millionaires - to its sizeable stock. It forecast global wealth -- which increased 2.6% over the past year -- would rise by 27% over the next five years to $459 trillion by 2024. The share of the world's bottom 90% accounts for 18% of global wealth, compared to 11% in the 2000.

Source: The Star October 21, 2019 07:30 UTC