China has a bigger middle class than America

[Tresbon]

The Chinese Dream is coming true for millions.

China's middle class is now the biggest in the world, and growing much faster than America's, according to research by Credit Suisse.

There are 109 million Chinese with wealth of between $50,000 and $500,000. Since 2000, twice as many Chinese as Americans have joined the middle class.

Credit Suisse measured wealth rather than income to avoid temporary changes caused by unemployment, for example.

Chinese are getting richer at an astonishing rate. Wealth per adult has quadrupled to about $22,500 since 2000. The country now accounts for a fifth of the world's population, while holding about 10% of global wealth.

Related: China has more than 1 million millionaires

"The wealth of the country's households could well continue to leapfrog the growth rates of developed economies," Credit Suisse said.

China should also see the number of millionaires soar 74% to 2.3 million by 2020, according to the report.

A report by UBS and PricewaterhouseCoopers found that a new billionaire was created almost every week in China in the first quarter of the year.

China has a bigger middle class than America - Oct. 14, 2015

 

[Stannis Baratheon]

I think according to the 2012 supa powa agenda, India has the most middle class in the world, one billion!

And they will surpass China by 2020

 

[Raphael]

Credit Suisse Wealth Report: There Are More Poor People In America Than China

Credit Suisse Wealth Report: There Are More Poor People In America Than China

 

[AndrewJin]

Whatever,china will collapse soon,and indian will be supa powa

We will wait until 2012!

 

[anon45]

China's metric for the Middle Class is less strict than US metric.

Likewise many considered below middle class in the US Metric would be considered Middle Class under China's metric.

Same for below poverty line.

Hope a study that accounts for the difference in Metric comes out, but I doubt it.

 

[TheTruth]

China's metric for the Middle Class is less strict than US metric.

Likewise many considered below middle class in the US Metric would be considered Middle Class under China's metric.

Same for below poverty line.

Hope a study that accounts for the difference in Metric comes out, but I doubt it.

Yep, someone who earns $12,000 in the US will be dead in two weeks.

 

[anon45]

Yep, someone who earns $12,000 in the US will be dead in two weeks.

erm no?

He would have to have mental problems to be dead from hunger/thirst witth 12k in 2 weeks.

 

[TaiShang]

Yep, someone who earns $12,000 in the US will be dead in two weeks.

That's an Indian person acting like a US person.

Whatever,china will collapse soon,and indian will be supa powa

India will have lots of White slaves serving the middle class.

 

[opruh]

As expected, Chinese economy is growing at an incredible rate while american economy is on life-support.

 

[Hamartia Antidote]

China has a bigger middle class than America - Oct. 14, 2015

Quoting from the article:

"Yet we know very well that America and Europe are very much richer than China. So, what’s going on? Is it all just that the wealth is being taken by the plutocrats in our deeply unfair and unequal societies? No, it isn’t. Because we’ve got to understand what this number actually is. It is wealth, not income. And it is also net wealth, that is the value of all assets minus the value of all debts. As the report makes clear:...

So, you need $3,000 or so to be in the top half of the world’s wealthy people. And $70,000 or so to be in the top 10%. In pretty much all of Europe and America this means that anyone who has paid off their mortgage is in the top 10%. And anyone with a reasonable private pension would be too.

So, how do we end up with all those poor people, poor in wealth that is, in those rich countries? Because of this:

If you’ve no debts and have $10 in your pocket you have more wealth than 25% of Americans. More than that 25% of Americans have collectively that is.

It is possible to have negative wealth. To have debts that are greater than your assets. But this is only possible in a reasonably advanced society, where there’s a financial and banking system that will lend to people without assets. And that’s what that negative wealth is. Part of the financial life cycle rather than evidence of great poverty. For example, that newly minted Harvard graduate, carrying perhaps $150k of debt [student loans] and now coining it on Wall Street as a junior analyst would be counted, in this wealth measurement, as being in those poorest 10% of the world."


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In other words if you have a home mortgage and its outstanding balance is greater than what you have in the bank + retirement you are basically considered poor. All you need is $3000 in the black and you are "wealthy".

So the teen with no job and $10 in his pocket with zero assets is "wealthier" than somebody who makes $200,000/yr and bought a $200,001 house. He owes a dollar so he is in the red. Technically he doesn't own the house yet until he pays that dollar so it can't be counted as an asset. So he is considered poor. The next day he pays the dollar and now he's shoots to the top 10% of wealth because he owns a $200,001 asset.

 

[Shinigami]

Quoting from the article:

"Yet we know very well that America and Europe are very much richer than China. So, what’s going on? Is it all just that the wealth is being taken by the plutocrats in our deeply unfair and unequal societies? No, it isn’t. Because we’ve got to understand what this number actually is. It is wealth, not income. And it is also net wealth, that is the value of all assets minus the value of all debts. As the report makes clear:...

So, you need $3,000 or so to be in the top half of the world’s wealthy people. And $70,000 or so to be in the top 10%. In pretty much all of Europe and America this means that anyone who has paid off their mortgage is in the top 10%. And anyone with a reasonable private pension would be too.

So, how do we end up with all those poor people, poor in wealth that is, in those rich countries? Because of this:

If you’ve no debts and have $10 in your pocket you have more wealth than 25% of Americans. More than that 25% of Americans have collectively that is.

It is possible to have negative wealth. To have debts that are greater than your assets. But this is only possible in a reasonably advanced society, where there’s a financial and banking system that will lend to people without assets. And that’s what that negative wealth is. Part of the financial life cycle rather than evidence of great poverty. For example, that newly minted Harvard graduate, carrying perhaps $150k of debt [student loans] and now coining it on Wall Street as a junior analyst would be counted, in this wealth measurement, as being in those poorest 10% of the world."


------------------------------------------------------------------------------------------------------------------------------------

In other words if you have a home mortgage and its outstanding balance is greater than what you have in the bank + retirement you are basically considered poor. All you need is $3000 in the black and you are "wealthy".

So the teen with no job and $10 in his pocket with zero assets is "wealthier" than somebody who makes $200,000/yr and bought a $200,001 house. He owes a dollar so he is in the red. Technically he doesn't own the house yet until he pays that dollar so it can't be counted as an asset. So he is technically poor. The next day he pays the dollar and now he's shoots to the top 10% of wealth because he has a $200,001 asset.

dont waste your time with all this, they wont understand. the army is given fixed scripts to post and they are paid by the number of posts

 

[C130]

Credit Suisse Wealth Report: There Are More Poor People In America Than China

Credit Suisse Wealth Report: There Are More Poor People In America Than China

define poor

and I wonder how many black Americans make up the lion share of the poor in the U.S

 

[Hamartia Antidote]

dont waste your time with all this, they wont understand. the army is given fixed scripts to post and they are paid by the number of posts

I believe the median home price in the US last year was about $190K. It's going to take a while before people get into the black.

 

[C130]

More Than 82 Million Chinese Live on Less Than $1 a Day - China Real Time Report - WSJ


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