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China wealthy to exceed Japan's within next decade - report
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| Contributor | Servo |
| Last Edited | Servo Dec 11, 2006 01:49pm |
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| Category | News |
| News Date | Sunday, December 10, 2006 07:00:00 PM UTC0:0 |
| Description | The number of wealthy in China is expected to surpass those of Japan within the next decade, the Financial Times reported, citing research by the World Institute for Development Economics Research of the United Nations University (UNU-Wider).
The report said UNU-Wider's benchmark for being in the global top 10 pct of the wealthy is net assets of 61,000 usd.
It said in 2000, wealthy Chinese represented less than one pct of this group, but not much is required to displace Japan, whose wealthy currently account for a fifth of the global top 10 pct.
Anthony Shorrocks of UNU-Wider said millions of Chinese already have wealth slightly below the benchmark, their wealth is rising quickly, their savings rates are high and it is likely that Chinese wealth will become less equally shared. |
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