China’s Wealthy

by F.

According to the World Institute for Development Economics Research of the United Nations University (UNU-Wider), an adult needs to own

$61,000 of net assets to be in the richest 10 per cent of the world’s wealth distribution….

[I]n 2000, Chinese people represented less than 1-in-100 of this group.

But such is the pace of development that Professor Anthony Shorrocks of UNU-Wider thinks that China will soon have more people in this group than Japan.

But even with this change, wealth will remain concentrated in the G7:

Among the richest 1 per cent of the world’s adult population, some 85 per cent live in the group of seven countries – the US, Japan, Germany, the UK, France, Italy and Canada. Individuals needed $500,000 in 2000 to secure a place in this group, although since 37m people owned wealth of this amount, Mr Shorrocks said it could not be regarded as “exclusive.”

The rest of the story is here.