Top 20% in China are climbing toward US wealth average

[beijingwalker]

Top 20% in China are climbing toward US wealth average
Families in economic bracket have average net assets of US$657,000
By ASIA TIMES STAFF JANUARY 21, 2019 8:06 AM (UTC+8)

Chinese households in the top 20% in terms of total assets enjoy a level of affluence that is similar to the US average, according to a report co-published by Guangfa Bank and Southwestern University of Finance and Economics, National Business Dailyreported.

In recent years, the average value of household assets has grown rapidly, increasing from 970,000 yuan (US$143,000) in 2011 to 1.03 million yuan in 2017, with an average annual compound growth rate of 7.6%.

Net assets per family increased from 907,000 yuan in 2011 to 1.429 million yuan in 2017, with an average annual compound growth rate of 7.9%.

However, families in China belonging to the top 20% have average net assets of 4.456 million yuan. The average American family had assets worth 4.672 million yuan in 2017.

This means that if a Chinese family owns a property in a major city such as Beijing, Shanghai, Guangzhou or Shenzhen, their assets are comparable in value to the US average.

http://www.atimes.com/article/top-20-in-china-are-as-rich-as-their-us-counterparts-report/

 

[beijingwalker]

20% is about the population of the whole US and in big cities the ratio can be up to 80-90%, anyone who owns a house can have a higher wealth value than that average.

 

[dBSPL]

What is the situation for 20 percent of the US people? One of the countries with the highest inequality of income in the world is USA.

Or what is the situation for 20% of the bottom layer of the Chinese people?

The state is a social device. If you are considering US homeless people, you need to make the assessment under equal conditions. China 's happy living %20 , owes a lot to the remaining 80% of the population.

 

[beijingwalker]

What is the situation for 20 percent of the US people? One of the countries with the highest inequality of income in the world is USA.

Or what is the situation for 20% of the bottom layer of the Chinese people?

The state is a social device. If you are considering US homeless people, you need to make the assessment under equal conditions.

It refers to US average, not the top or bottom class, China has a huge population, one fifth of the whole humanity.

 

[dBSPL]

It refers to US average, not the top or bottom class, China has a huge population, one fifth of the whole humanity.

instead of taking the good sides of the China, to showing the injustice of income... umm, i think, its not a right approach.

You're four times bigger than the US. And you have average 4/8 times lower wages. This means a tremendous workforce ... Your economic size emerges with this large population. The source and diversity of the workforce created by the population of 1 billion people is the main reason for the wealth created by China. In many states of China, the minimum wage implementation far below world standards continues. Increasing the purchasing standards of this working class will be the most important factor that will give the Chinese economy a second momentum.

 

[Feng Leng]

Although it would great if it was true, this is definitely not true. Otherwise, the top social economic 20% of China, 300 million people, forming their own country would have GDP roughly equivalent to USA and the so the total China GDP would be much greater. Not to mention USA has accumulated wealth for decades if not centuries longer than China. The only way this could be true is if Chinese household is defined as an entire clan, like 10 or 20 people, while American households are one to four people.

 

[SBUS-CXK]

What is the situation for 20 percent of the US people? One of the countries with the highest inequality of income in the world is USA.

Or what is the situation for 20% of the bottom layer of the Chinese people?

The state is a social device. If you are considering US homeless people, you need to make the assessment under equal conditions. China 's happy living %20 , owes a lot to the remaining 80% of the population.

China's middle class population is 400 million. About 30% of the population.

For me, I think I am poor.

 

[Mista]

However, families in China belonging to the top 20% have average net assets of 4.456 million yuan. The average American family had assets worth 4.672 million yuan in 2017.

How true is that? 20% of the population of China is almost equivalent to US's population. With equal average wealth, this means that just the top 20% of China has a total wealth equal to the US.

2017 Total Wealth by country from Credit Suisse:

United States Total wealth:
93.6 trillion USD

China Total wealth :
29.0 trillion USD

http://www.finplanvzw.be/assets/media/documents/Credit Suisse Global Wealth Report 2017.pdf
Page 48 & 50

 

[beijingwalker]

4.6 million Yuan is not much considering an average apartment could cost much more than that, and every Beijing family at least owns one, that's the hard number, it can't be wrong.

 

[Hamartia Antidote]

4.6 million Yuan is not much considering an average apartment could cost much more than that, and every Beijing family at least owns one, that's the hard number, it can't be wrong.

Yeah but 20% of your country doesn't live in Beijing, Shenzen, and Shanghai.

You guys keep talking about how modern things are in top cities but that is less than 100 million out of 1.3 billion.

 

[beijingwalker]

Yeah but 20% of your country doesn't live in Beijing, Shenzen, and Shanghai.

You guys keep talking about how modern things are in top cities but that is less than 100 million out of 1.3 billion.

Beijing alone has over 30 million people, we still have the money traveling around the world and buying up world most luxury goods .

 

[Hamartia Antidote]

Beijing alone has over 30 million people, we still have the money traveling around the world and buying up world most luxury goods .

30,000,000/1,300,000,000=2% that's not 20%

The average selling price of a car in the US is $35,000. We have 910 cars per 1000 people.

 

[Mista]

Beijing alone has over 30 million people, we still have the money traveling around the world and buying up world most luxury goods .

Half of that are migrant workers, and owning an apartment doesn't mean it's fully paid...

 

[beijingwalker]

Half of that are migrant workers, and owning an apartment doesn't mean it's fully paid...

Many of them earn more money than local Beijingers, the richest bunch in Beijing are all outsiders.

30,000,000/1,300,000,000=2% that's not 20%

The average selling price of a car in the US is $35,000. We have 910 cars per 1000 people.

Don't be so dumb, I m just talking about one city, Beijing is far from the richest city in China in terms of average income, she actually can barely makes to top 10.

 

[Menthol]

20% of Chinese population is almost as equal as the size of the USA population.