Chinese middle class the world's largest

Private wealth is now expected to grow 6.6 per cent a year to US$345 trillion (S$483 trillion) by June 2020, the Zurich-based bank said in its 6th annual wealth report yesterday. "Depreciation of the rupee has continued since, so that wealth per adult has not regained its previous peak and was just Dollars 4,350 in mid-2015", the report says. "Are we really happy to live in a world where the top 1 percent own half the wealth and the poorest half own just 1 percent?"

Global inequality is continuing to grow as one per cent of the world's population now controls half of its wealth, according to new report from Credit Suisse. "The Chinese middle class is now, for the first time, the world's largest", Kersley noted. Both China and India are likely to post annual growth rates above 9 percent in the five coming years.

The unequal distribution of wealth is a growing theme in global politics.

Tidjane Thiam, the chief executive of Credit Suisse, said that middle class wealth has grown at a slower pace than wealth at the top end. This is obvious from the fact that 95 percent of the adult population has wealth below United States dollars 10,000, Credit Suisse says.

The number of millionaires in Spain dropped by around a quarter in 2014, according to a study published by Credit Suisse on Tuesday with the bank's Global Wealth Databook 2005, putting Spain ninth in the list of countries which lost the most millionaires.

Beyond tabulating the wealth of the super rich, the report examined the wealth of the so-called middle class, the definition of which changes depending on the country. Europe was the most sharply affected by this trend, with total wealth falling $10.7 trillion.

There are an estimated 752 ultra-high-net-worth individuals in Singapore with more than US$50 million net wealth.

The USA has the highest number with 48 percent of the total, followed by China, the United Kingdom, Germany, Switzerland, France, Italy and Japan.

Half of all adults in Ireland are middle class, according to a banking giant.

Millionaires will increase at least 70 percent in Taiwan, China, Saudi Arabia, Colombia and Poland, the bank's report said. The USA for a second year in a row lead the world with a substantial rise in household wealth of US$4.6 trillion - recording seven successive years of wealth gains.

The report notes that while the number of millionaires has risen quickly, median wealth has stagnated since the financial crisis.


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