China has overcome the U.S. to become the top country in the world with the richest people, a Credit Suisse report concluded.
Credit Suisse Research Institute found in its most recent annual global wealth survey that the 99 million Americans in the top 10% of wealth is now less than China, which has 100 million in the highest tier.
The report said: “The rapid transformation of China from an emerging nation in transition to a fully fledged market economy” led to China leaping ahead despite trade tensions and global economic slowdown.
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The U.S. still leads in overall millionaires though with 40% of the world’s population making seven-digit incomes.
The report found that U.S. millionaires rose almost 675,000 to 18.6 million, meaning one in 14 citizens is a millionaire, compared to only 4.4 million millionaires in China.
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