POST Online Media Lite Edition



 

100 million millionaires: China ahead of U.S.

Christian Fernsby |

KEY POINTS
  • Viewed in terms of wealth per adult, Switzerland tops
  • The main loser was Australia
  • North America dominates the regional breakdown

Global wealth grew during the past year 2.6% to USD 360tn and wealth per adult reached a new record high of USD 70,850, 1.2% above the level of mid-2018.

Article continues below



Topics: MILLIONAIRES    CHINA    U.S.   

US, China and Europe contributed the most towards global wealth growth with USD 3.8tn, USD 1.9tn and USD 1.1tn respectively.

Viewed in terms of wealth per adult, Switzerland tops (up USD 17,790) followed the United States (USD 11,980), Japan (USD 9,180) and the Netherlands (USD 9,160).

The main loser was Australia (down USD 28,670) largely down to exchange rate effects, with other significant losses in Norway (down USD 7,520), Turkey (down USD 5,230) and Belgium (down USD 4,330).

Estimates for mid-2019 show 46.8 million millionaires worldwide, up 1.1million on 2018.

The United States added more than half of this number 675,000 new millionaires to its sizeable stock.

The decline in average wealth in Australia resulted in 124,000 fewer millionaires, but losses were relatively modest elsewhere, e.g. 27,000 in the United Kingdom and 24,000 in Turkey.

Among the UHNW group in mid-2019, the report estimates that 55,920 adults are worth at least USD 100 million, and 4,830 have net assets above USD 500 million.

North America dominates the regional breakdown, with 84,050 members (50%), while Europe has 33,550 (20%), and 22,660 (14%) live in Asia-Pacific countries, excluding China and India.

This year, for the first time, China recorded more members of the global top 10% (100 million) than the United States (99 million).

Wealth inequality declined within most of the countries during the early years of the century.

Today, the share of the bottom 90% accounts for 18% of global wealth, compared to 11% in the year 2000.

While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future.


What to read next

Iran mineral exports earn $5.4 billion in seven months
Lower funding activity in smart grid and efficiency categories
Battery and energy efficiency businesses bring in $2.8 billion in funding

Excessive rainfall in Carolinas and southern Rockies; dangerous heat returned to western U.S.

 
A cool air mass arriving from central Canada is bringing a welcome relief to the heat and humidity into the northeastern quadrant of the country today.
 
 

Latest

U.S. oil rig count rose this week
Matcha launches EV charging at Brooklyn Army Terminal
Telin and BW Digital to enhance DC-to-DC connectivity with new Indonesia - Singapore cable
First major windfarm in U.S. shut after incident

NEWS

Microsoft outage causes businesses from America to Australia to stop working

U.S. Senator Bob Menendez found guilty in corruption case
Heavy rainfall along U.S. eastern seaboard; dangerous heat wave shifting
U.S.: Dangerous heatwave
Severe thunderstorms across portions of U.S. Central Plains and Mississippi Valley; heat continues in Southern Plains
New Delhi airport roof collapses under heavy rain
 

BUSINESS

EIB: New agreement to provide additional €2bn to reconstruction of areas hit by central Italian earthquake

Los Angeles to begin work on film sound stage and production studio campus
U.S. drillers cut oil and gas rigs to 584
Scotland secured record inward investment in 2023
Chinese seaport cities register soaring output of port economy in 2023
U.S. bankruptcies in June hit record high since 2020
 

Trending Now

Matcha launches EV charging at Brooklyn Army Terminal

Telin and BW Digital to enhance DC-to-DC connectivity with new Indonesia - Singapore cable

E.ON and MAN Truck & Bus partner to establish Europe’s largest public charging network for electric trucks

Excessive rainfall in Carolinas and southern Rockies; dangerous heat returned to western U.S.


POLITICS

Slovenia considers diversifying its natural gas supply by importing from Azerbaijan

EU to invest record 7 bln euros into sustainable transport infrastructure
Attorney General Ken Paxton stops Biden’s ban on liquified natural gas exports
Germany to cut Huawei, ZTE parts in 5G network from 2026
North Macedonia to take 500 million euros loan from Hungary
Under Secretary Fernandez travels to Japan and Indonesia
 

Today We Recommend

EU to invest record 7 bln euros into sustainable transport infrastructure


Highlights 

EssilorLuxottica to buy Supreme Brand for $1.5 billion

Darden Restaurants to acquire Chuy's Holdings, Inc. in approximately $605 million transaction

Ericsson Q2 sales down but North America up


COMPANIES

UK: Ford white collar dispute worsens as over 1,200 office staff ballot for strike

EssilorLuxottica to buy Supreme Brand for $1.5 billion
E.ON and MAN Truck & Bus partner to establish Europe’s largest public charging network for electric trucks
Darden Restaurants to acquire Chuy's Holdings, Inc. in approximately $605 million transaction
Major funding secured for RWE’s hydrogen projects in Germany
APM Terminals Suape advances sustainable port operations with major investment in all-electric handling equipment
 

CAREERS

Africa Finance Corporation appoints executive director, financial services

Lindemann Metal Recycling: Markus Tandel named head of procurement and aftermarket
Travis Leonard joins Lockton as CFO
African Development Bank appoints director of statistics department
Azentio expands its leadership team with two new appointments
Afreximbank announces board changes
 

ECONOMY

Eurozone reports modest Q1 GDP growth, stable annual inflation

Italy sees faster economic growth in Q1
Slovenia's economy expected to grow 0.9 pct in Q1
Italy faces deficit infringement procedure
Real GDP increased in all 50 U.S. states
Inflation continues to decline in Germany
 

EARNINGS

Ericsson Q2 sales down but North America up

Lockton revenue $3.55 billion
Motorcar Parts of America Q4 sales $189.5 million
Limoneira Q2 revenue $44.6 million
Lululemon athletica Q1 revenue increased 10% to $2.2 billion
PVH Q1 GAAP EBIT $205 million
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Hong Kong suspends import of poultry meat, products from some areas in U.S.

Mozambican farmers to get $2 million fertilizer financing boost
Canada and Alberta supporting Alberta Beef Producers
EU allocates €77 million in emergency support to farmers in Austria, Czechia, Poland and Portugal
Brazil opened its market for Australian mutton and lamb
Hong Kong suspends import of poultry meat and products from areas in Australia and U.S.
 

LEADERSHIP

Study finds workers misjudge wage markets

Some organizations may need to expand their hierarchical structures earlier than others
Study finds there's right way and wrong way to deliver negative feedback in workplace
Allyship is critical and its needs appreciation
Generating 'buzz' about new products can influence their success
Hiring 'problem directors' can knock up to 64% off firm's value
 

CRIME

Italy issues $6.4 million fine over Chinese cars badged as Italian

EU Commission fines Mondelēz €337.5 million for cross-border trade restrictions
HSBC pays penalties for alleged breaches of Consumer Data Right rules
Sanofi to settle thousands of Zantac cancer lawsuits
Former asset manager and board member of Geneva private bank referred to Swiss Federal Criminal Court
South Africa: SAP ordered to pay SIU $26m over 'invalid' Eskom contracts
 

Magazine

TRAVEL

Radisson Hotel Group debuts in the heart of Tunisia’s capital city, Tunis

Morocco’s first Radisson branded hotel opens in Casablanca
Buna channels, an unreal and beautiful part of Bosnia and Herzegovina
JW Marriott unveils Mindful Haven with opening of JW Marriott Hotel Nairobi
Sotheby's Sports Week returns with fantastic artifacts
Red Roof properties open in Michigan
 

SEA, LAND, AIR

Citroën C3 Aircross, the most affordable compact SUV with 7 seats

2025 Chevrolet Equinox stands apart with fresh looks and capability
Hill Helicopters HX50, luxury in the sky
Opel Movano becomes fully equipped camper van
Porsche Panamera, new hybrid variants
Dodge Charger, 670 horsepower of electric
 

DESIGN

Cold night, hot fire pit, cool entertainment

Embellish your home with PVC panels
You'll have to hurry if you want one of 20 new Louis Vuitton watches
Luxury duvet looks good, fells good and keeps you healthy
Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design
 

GADGETS

MESA/Boogie Celebrates 40-year partnership with John Petrucci

reMarkable 2, monochrome tablet for your thoughts and your eyes
OnePlus Ace 3V, first with Snapdragon 7 Plus Gen 3
ASUS Zenfone 11 Ultra, flagship with a reason
Samsung Galaxy S24 is photography powerhouse
Casette tapes are making a big comeback, and so are portable players
 

HEALTH

New Alzheimer's treatment approved by FDA

UK introduced new pregnancy prevention measures for topiramate (Topamax)
UK: People with HIV can now donate eggs or sperm to start family
EU health watchdog urges vaccinations to stem surge in Whooping Cough cases
Brazil resumes insulin production after two decades
India launches first home-grown gene therapy for cancer
 

MEANTIME

Exoplanet-hunting telescope to begin search for another Earth in 2026

India to build first phase of its own space station by 2028
Roscosmos chief approves schedule of creating Russian orbital station through 2033
Potentially habitable 'exo-Venus' with Earth-like temperature discovered
Rare species of wild bees discovered in Berlin
SLAC completes construction of largest digital camera ever built for astronomy