Report: China is world's 3rd-wealthiest nation

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China now has a total wealth of US$20 trillion, ranking third around the world. [File photo]

China now has a total wealth of US$20 trillion, ranking third around the world. [File photo]

China is expected to overtake Japan as the world's second wealthiest country by 2016, said Credit Suisse AG in its annual Global Wealth Report.

According to the report, China will hold total fortune of US$39 trillion by 2016, compared to US$82 trillion for the U.S. and US$31 trillion for Japan.

However, the report said China's accumulation of fortune will happen alongside the expansion of wealth gap in the country. The report warned that China's Gini coefficient, a commonly used gauge of wealth inequality, has already reached an extremely dangerous level.

China currently holds a total wealth of US$20 trillion, ranking third around the world behind the U.S. and Japan, according to the report.

In the 18 months between January 2010 and June this year, China is the second largest wealth generator in the world only behind the U.S., with its total fortune rising by US$4 trillion.

Wealth per adult in China reached US$21,000 this year, more than tripled from the US$6,000 in 2000, said the report.

37 percent of China's adult population are now in the middle segment of the wealth pyramid with a fortune of between US$10,000 to US$100,000 per adult, while 5.8 percent of the adult population have a fortune of less than US$1,000 and 2.3 percent have a fortune of over US$100,000 each.

According to China's latest census, the country had a population of nearly 1.34 billion by late last year, with about 70 percent of the population aged between 15 and 59.

With the increasing wealth of successful entrepreneurs, professionals and investors, inequality has been rising strongly in China, the report warned.

So far this year, Chinese millionaires for the first time reached one million and now has more than 5,000 ultra-high net worth individuals with average fortunes above US$50 million, behind only the US, the report said.

Asia Pacific has become a key contributor of global wealth growth, accounting for 36% of global wealth creation since 2000 and 54% since 2010, said the report.


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