China is now in possession of the largest population of middle class citizens in the entire world, as more than 109 million Chinese citizens have a wealth of somewhere between $50,000 and $500,000.
The middle class in China is also growing considerably faster than the middle class of the United States. Since the turn of the millennium, more than twice as many Chinese citizens have joined the middle class than American citizens.
The research was conducted by Credit Suisse, which focused on total wealth instead of annual income in order to avoid the potential factor of earnings changes caused by temporary unemployment.
The people of China are earning more money at an extremely fast rate. Per capita, adult wealth in China is currently around $22,500. This value is four times greater than that of 2000.
Credit Suisse said in a statement, “The wealth of the country's households could well continue to leapfrog the growth rates of developed economies.”
Meanwhile, China’s wealthy citizens are also doing well. The number of millionaire in the country is also expected to increase, as China is expected to be home to 2.3 million millionaires by 2020. This would be a 74% increase over current numbers. More than one million millionaires currently live in China.
Another report indicated that a new billionaire is produced by China on a weekly basis.
However, it isn’t all good news for China. While the country holds about 20% of the total population of the world, China only maintains about 10% of all global wealth.
Wang Jianlin is currently the richest person in China. He possesses a total net worth of more than $24 billion. Jianlian made his fortune through his massive real estate empire. He also owns 20% of the Atlético Madrid Spanish football club.
The top 30 richest people in China each have a net worth of more than $4 billion.