China’s economy is fueling a wealth boom.
According to Credit Suisse’s 2014 Global Wealth Report, the number of millionaires in China could grow from 1.18 million this year to 2.29 million people in 2019.
Here’s a chart showing that people in upper income brackets in China will get richer:
China’s household wealth totals $US21 trillion, which is where the US was in 1989.
“If recent growth trends continue, China could reach the real wealth level that the United States had in 1989, resulting in a jump of 19 United States years in just five actual years,” Credit Suisse analysts write.
“What is most striking is the fact that, if Japan’s lackluster performance during the last decade continues, we expect China to surpass Japan as the second wealthiest economy in the world.”