Middle class China is bigger than the US equivalent, according to the latest edition of the Credit Suisse Global Wealth Report that was published this week. Wealth per adult in China has grown strongly since 2000, according to the report, quadrupling from $5,670 to $22,513 in 2015, and while the global financial crisis saw this fall by almost 20% it had risen to 12% above its 2012 level by mid-2015.
In terms of total household wealth, China lies in second place behind the US but 15% above Japan. Privatized housing, new construction and rural land were now increasingly important forms of Chinese wealth, it found. The report’s authors were less sanguine about the future, however, noting that forecasts of GDP growth had been revised downwards and the stock market remained unsettled, with the consequences for the economy over the next few years difficult to predict.
China’s performance was in stark contrast to that of Russia, where household wealth per adult stands at $11,730 – barely above 2005 levels.
Middle class China bigger than US – Credit Suisse
Source: shanghaidaily