China Expands The Money Club – Now 3.5 Million Millionaires

China Expands The Money Club – Now 3.5 Million Millionaires

China gained 186,000 millionaires in 2018, bringing the total to 3.5 million, and is now second only to the US in its share of dollar millionaires according to the 2018 Global Wealth Report from Credit Suisse. China is working – hate or love the process but China is evidently working. In 1978, the country’s gross domestic product was $148 billion; today it’s $12.24 trillion, an 8,000% increase. Nigeria needs to invest efforts to understand the China Process because it is a miracle economic engine, not just for men, but also women which command up to 40% of China’s wealth.

China’s economy has come a long way in a very short time. In 1978, the country’s gross domestic product was $148 billion; today it’s $12.24 trillion an 8,000 percent increase.

As China’s economy has grown, so has the wealth of its citizens. Here’s the latest snapshot of the country’s economic development, according to Credit Suisse’s annual Global Wealth Report.

While China had just 41,000 millionaires in 2000, today it has more than 3.5 million.

n 2000, North America, Europe, and Asia-Pacific (not including India and China) commanded 92 percent of global wealth. In 2018, that dropped to 78 percent. The cause for that decline was, of course, China, whose own share of global wealth increased from 3.1 percent to 16.4 percent in that same time period.

Source: Quartz

 

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