As if it wasn’t bad enough that China has more billionaires than the US now a report comes out saying that China has a bigger middle class than the US. When will the embarrassment end?
China’s middle class grew bigger than that of the US in the middle of 2015, according to an annual report from a global financial services company Credit Suisse Group, as reported by Chinese news agency Caixin.
The report defined middle class as an adult with wealth between $50,000 and $500,000 in the US. Middle class in other countries was set according to International Monetary Fund data on purchasing power parity values.
The report said China has the second-most household wealth last year with a total of $22.8 trillion, trailing only the $85.9 trillion in the US.
The report said, global wealth fell 5% on the strengthening of the U.S. dollar to $250 trillion. The sharp decline in China’s stock market hurt the country’s household wealth, but not by too much, according to the report,
The middle class makes up nearly 15% of the world’s total adult population, or about 664 million people. Out of that total, nearly 110 million were Chinese, and 92 million were Americans.