China Economy Statement by Investment Bank Credit Suisse

The average Chinese adult is now wealthier than the average European, according to new analysis by Credit Suisse, a bank and finance company headquartered in Zurich, Switzerland.

Although North America and Europe account for 57 percent of total household wealth globally, the average wealth per adult in China has surpassed Europe, according to a new report by investment bank Credit Suisse. The Global Wealth Report published by Credit Suisse this year also included data on the average wealth of households around the world. According to the research, the average wealth per adult in China was recorded as 26 thousand 752 dollars. In Europe, this figure remained at 26 thousand 690 dollars. However, the average figure in Europe includes poorer countries in the southern and eastern regions. The bank also reported that the average wealth in China is four times higher than in Russia, where the average wealth in 2021 is $6,379. The report also underlined that the average per capita wealth in China was 3 thousand 111 dollars in 2000, pointing to the huge increase in the last 20 years. China's average wealth is less than one-third of the average American's wealth of $93,271. Likewise, this figure corresponded to about 10 percent of the 256 thousand 336 wealth of the average Belgian. In the published data, it was stated that more than 140 thousand people in the USA have a fortune of 50 million dollars and above, while this number is 37 thousand 710 in China. "Despite inflation and setbacks in the Russia-Ukraine war, we believe total global wealth will continue to grow," the Credit Suisse report said. According to the data, global wealth also increased by 9.8 percent in 2021 compared to the previous year, reaching 463.6 trillion dollars. Experts writing the report said, "We expect household wealth in China to come close to catching up with the US." Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!