Foreign Media: China Has Passed Japan to Become World’s 2nd Richest Country, Middle Class Reaches 100,000,000 Citizens
On October 14th, the Reference News Network reported that on the 13th, foreign media claimed the investment bank Credit Suisse published an international wealth report which showed that China had superseded Japan to become the world’s 2nd wealthiest nation, behind only America. In addition, reports showed that China has the world’s largest middle class, reaching 109,000,000 people.
An October 13th report from Reuters News Agency said that, according to the value of the currency at the time of calculation, the total value of all the world’s wealth fell by 12.4 trillion USD to 250 trillion, a decline of 4.7%. Because the U.S. Dollar affects the value of other major currencies, it has counteracted the influence of stock and real-estate trends.
According to the report, dividing by country, the world’s three richest countries are America (85.9 trillion USD), China (22.8 trillion USD) and Japan (19.8 trillion USD). This year China took 2nd place, which was previously held by Japan, the main reason being unfavorable trends in the exchange rate. Household wealth in Japan dropped by 15%.
In China, market capitalization rose by almost 150% in the year to end-June 2015, however this had less impact on household wealth than was expected, because financial assets only account for half of household wealth, and equities only account for a small portion of financial assets.
“In mid-June China’s domestic stock market was shaken, but the negative influence on overall household wealth was limited, although this will be magnified during the forthcoming year by any RMB-USD depreciation.”, the report claimed.
The report predicted by 2020 China’s total wealth is expected to increase to to 36 trillion USD, accounting for 10.4% of the global total of 345 trillion, keeping China in 2nd place.
The report also said that the number of middle class people globally rose from 524 million in 2000 to 664 million in 2015, accounting for about 14% of the world’s total population.
Although China’s middle class accounts for only 11% of its adult population, it is still the largest in the world, at 109 million people, surpassing America’s 92 million middle class adults.
The report claimed that, using America as the standard, “middle class” was defined as an adult who has between 50,000 and 500,000 USD in wealth. (this figure was calculated using the mid-2015 price of the USD) In addition, using the purchasing power of the IMF Flat Value Series, calculated according to local buying power, the middle class range for other countries can be calculated.
Comments from Netease:
Becoming no. 1 is just around the corner, I’m crying tears of excitement.
I’m holding the motherland back.
If I wasn’t holding China back, it would already be the world’s richest country. I’ve failed my country.
China has more than 13 billion people, more than a hundred million middle class! If you compare the numbers, who can compare with China?
The feeling of being blessed has sprung up unbidden.
I’m not worthy of my country, I’m holding it back, the things you guys are saying are terrifying!
Rich and successful people say their wealth was paid for with hard work and sweat.
Work hard! Money doesn’t fall from the sky. Successful people have their own way of doing things, they don’t blame the gods. Keep working hard and maybe the next successful person will be you.
China has 1.5 billion people splitting its 22 trillion dollars. 90% of it is held by 50 million people. Japan has 120 million people splitting 20 trillion dollars, of that 100 million people split 90% of it. (Global Shit Report): China is Wealthier than Japan!
In 1955 the per capita income of a Chinese person was 3.2 times that of a Korean and 1.1 times that of a Japanese person. After more than 50 years of tremendous growth, in 2008 the per capita income of a Chinese person was 3% of a Japanese person’s income, and 7% of a Korean’s. Obama is currently accepting interviews saying: “The standard of living for Chinese people is that of an American in 1910.”
There was a premise they forgot to state, their calculations didn’t include the other 1.1 billion people!
The benevolent man cannot be rich!
China’s wealth gap index passed the warning line long ago, but the domestic experts still said it was normal. I don’t know if thats because its easy to bully Chinese people or if there is a problem with the warning line.
The U.N. fee should be raised, the country [China] is so rich. I suggest we pay little Japan’s fees too.
That is the people at the top! Most people are at the bottom and its difficult for them even to scratch out a meager existence.
网易福建省福州市手机网友 [寒冰浪人] 的原贴：
I wet myself laughing. America has 85.9 trillion, and only 300 million people. Japan has 19.8 trillion and only 120 million people. China has 22.8 trillion and 1.37 billion fucking people! Are you mocking yourselves? Seriously?
网易安徽省合肥市手机网友 ip：42.157.*.* [In response to the above comment]
Who are you comparing averages with right now? You don’t get it. When the U.N. is talking about fees we should emphasize our 900 million poor people, when talking about ranking we should emphasize our 100 million middle class.
The characters for “China” in this article have nothing to do with me.
More and more shameless…
I think North Korea is the richest, China is the second! This is the order of the universe!