According to a report by Credit Suisse, China has overtaken the U.S in the World’s richest people ranking. The number of rich people in China is more than the number of rich people in America. And this happened for the first time.
The bank’s annual wealth survey revealed that 100 million Chinese people were among the world’s top 10% of richest people in comparison to 99 million in the U.S.
The report stated that the “rapid transformation of China from an emerging nation in the transition to a fully-fledged market economy” helped in creating the record number of rich people.
Nannette Hechler-Fayd’herbe, the global head of economics and research at the Swiss bank said, “Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8tn and $1.9tn respectively.”
Earlier we informed our readers that India will overtake China as the world’s most populous country in less than a decade, as per a United Nations report.