The rise of China over the past 15 years has created huge wealth for a select group of citizens.
The number of millionaires – those with at least $1 million in assets – in China has risen by a multiple of more than 25. The chart below, included in a Credit Suisse report on globalization, shows the extent of the increase.
Credit Suisse said in a the note:
“Urbanization and gainful employment has translated into greater wealth accumulation that is more pronounced in Asia, led by the rapid increase in the number of millionaires in China in the last decade. Although the rapid rise of wealth in China supports our theory of multipolarity, we also put in a note of caution that such uneven distribution of wealth is unsustainable, a potential threat pointing to the end of globalization as we know it today.”
- Credit Suisse