Saturday, September 24, 2022

The typical Chinese adult is now richer than the typical European adult, a new wealth report finds — Jyoti Mann

  • Credit Suisse found China's median wealth outpaced Europe's in its 2021 Global Wealth Report.
  • The average Chinese citizen has a wealth of $26,752, around $60 more than the average European.
  • Chinese wealth has surged in the past two decades, with median wealth per adult growing more than eight-fold.
Credit Suisse's annual Global Wealth Report.
h/t Naked Capitalism

Also at Insider
  • China cut US debt holdings by 9% from the end of 2021 to July this year, according to Nikkei Asia.
  • Meanwhile, the Cayman Islands saw a $38.5 billion rise in China's Treasury holdings, and Bermuda saw a $7 billion increase.
  • China may be protecting dollar-denominated assets from any future sanctions like the kind that froze Russia's foreign currencies.
China shifts US bond holdings offshore, potentially beyond the reach of any future currency sanctions, report
Brian Evans


Further precedent for Russian selling subs and sub technology to China?

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Peter Pan said...

They also have conveniences, like indoor heating!

Nebris said...

Sixty bucks is a lousy trade off all things considered.

Ahmed Fares said...

The average Chinese citizen has a wealth of $26,752, around $60 more than the average European.

The Chinese have a high level of precautionary savings. Here in Canada, for example, we have government-funded single-payer health care. That and the social safety net. So we don't need as high a level of savings. Or to put it more accurately, the government does the saving through higher levels of taxation. Same for Europe.

France has a high quality healthcare system that offers universal coverage for all citizens, regardless of age or economic situation. It consists of an integrated network of public and private services including doctors, hospitals, and specialist providers.

As for China:

With inconsistent standards between rural areas and the big cities, the health care system in China has been rated as 144th in the world by the World Health Organization. The country spends 5.5% of its GDP on health and has a relatively low number of doctors (1.6 per 1,000 population).

Most countries spend about 10-12% of GDP on health care so that seems low.

So I don't think you can compare savings across countries without taking that into effect.

Apples and oranges.

Matt Franko said...

“Meanwhile, the Cayman Islands saw a $38.5 billion rise in China's Treasury holdings,”

Xi people finally bailing? So this why the coup?

Matt Franko said...

Maybe military caught wind of these transfers by the Xi people?

Matt Franko said...

Maybe Xi has the numbers? Now military has him hanging by ankles trying to get the numbers?

Peter Pan said...

It is said that Americans can barely scrape together $400 for an emergency. Is that for lack of trying?

Matt Franko said...

USD zombie China military would paratroop in to Us grass cutters for $15 per lawn …

Matt Franko said...

While China military built to eat dog and cut US grass …