For the first time, there are more rich Chinese than Americans in the top 10%.
A new report from Credit Suisse (CS) shows that wealth in China is ticking up, and the country now accounts for 100 million of the richest 10% of people in the world. There are 99 million Americans in the same category.
The report highlights the extent to which global wealth is concentrated at the very top. The bottom 50% of adults account for less than 1% of total wealth, while the top 10% own 82%. The top 1% alone owns almost half of all global assets, according to Credit Suisse.
While it is too early to say that wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the foreseeable future," the report''s authors write.
[–]Peter_Plays_GuitarKey difference: you can''t transfer large sums of money out of China without being very connected to the government.China can only artificially control the value of their currency if they control how it interacts with the rest of the world.