2019-10-29 s555555555 21335
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For the first time, there are more rich Chinese than Americans in the top 10%.


A new report from Credit Suisse (CS) shows that wealth in China is ticking up, and the country now accounts for 100 million of the richest 10% of people in the world. There are 99 million Americans in the same category.


The report highlights the extent to which global wealth is concentrated at the very top. The bottom 50% of adults account for less than 1% of total wealth, while the top 10% own 82%. The top 1% alone owns almost half of all global assets, according to Credit Suisse.


"While it is too early to say that wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the foreseeable future," the report''s authors write.

原创翻译:龙腾网 http://www.ltaaa.com 翻译:s555555555 转载请注明出处

Key difference: you can''t transfer large sums of money out of China without being very connected to the government.
China can only artificially control the value of their currency if they control how it interacts with the rest of the world.


Seems like they have a massive advantage.
American money pours out into other countries all the time.


What you see as a bug is actually a significant feature. Other comment said it well, but the largest factor of American power abroad is the Dollar''s standing as the primary reserve currency.


America is at the center of a global financial system. It and other countries integrated into it have lots of capital flows in and out. For every US dollar that''s invested abroad there is a foreign dollar invested in America.


Pretty sure more money comes into America than leaves by the nature of being the reserve currency.


Thats a tremendous advantage for America. You think that outflow doesnt yield anything for the US?


And they are all headed to Vancouver and California.


You will find them any where housing prices make your eyes water.


Considering America''s century-long head start in industrialization and other geographical resource advantages, it''s actually quite remarkable how much wealth the Chinese managed to accumulate in just a few decades.
Actually, this crude national comparison between the US and China isn''t the most interesting (and debatable) part of the Credit Suisse report.
More strikingly, the report has the number of high net worth people exploding in a really short period of time. Supposedly, the number of millionaires in the US more than doubled from 2010 to 2019, from 7.4M to 18.6M. The number in China went from 0.38M to 4.4M! Even accounting for the effects of the recovery from the global financial crisis, this amount of volatility seems surprising.



I live in Shanghai.
It isn''t unheard of for the children of factory workers to rise up to be millionaires. Upward mobility is a thing.



China needed help with that quantum satellite. The science is down pat for thorium. It is just not need in the US because of cheap gas while China doesn''t want to rely on foreign oil for it''s energy needs. China still has not built the reactors to my knowledge so that is up in the air. Same with the space-based solar satellite so I am not sure why the comparison to the US was made. They both don''t have one. US private tech companies are still in the lead when it comes to AI from what I have seen but China is making good progress with it''s state push.
It would be wrong to say that China does not innovate in some ways, but there is reason they still commit the most economic espionage of any country. They can''t innovate in many ways without foreign help or spying.


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