Rich Chinese Outnumber Wealthy Americans for the First Time As The American Middle Class Shrinks

The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed. Welcome to The Atlantis Report. The Swiss bank's annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10 percent as of the middle of this year versus 99 million in the United States, Reuters reported. "Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively," said Nannette Hechler-Fayd'herbe, global head of economics and research at Credit Suisse. The ranks of the world's millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net assets, 44 percent of the global total, the study found. The United States added more than half of this number — 675,000 new millionaires — to its sizeable stock. A decline in average wealth in Australia — largely due to exchange rates — resulted in 124,000 fewer millionaires there, while Britain lost 27,000 and Turkey 24,000. The report estimated that 55,920 adults are worth at least $100 million, and 4,830 have net assets above $500 million. It forecast global wealth — which increased 2.6 percent over the past year — would rise by 27 percent over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million. The share of the world's bottom 90 percent accounts for 18 percent of global wealth, compared to 11 percent in 2000. "While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future," it said. The threshold to make it into the top 10%, globally, is roughly $109,400 in net assets. To be in the top 1%, you'd need just above $936,400. Still, the picture of wealth inequality since the 2008 financial crisis is complicated. While artificially low-interest rates and bond-buying programs from central banks led to a boom in asset prices, raising the share of the top 1% of wealth holders, inequality "continued to decline for those below" that segment, Credit Suisse notes. The share held by the bottom 90% now accounts for 18% of global wealth, up from 11% in 2000. Since 2016, the share held by the top 1% has broadly eased back, per the bank. "While it is too early to say that wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the foreseeable future," the report's authors write. The United States added more than half of this number –675,000 new millionaires – to its sizeable stock. A decline in average wealth in Australia — largely due to exchange rates — resulted in 124,000 fewer millionaires there, while Britain lost 27,000 and Turkey 24,000. The report estimates that 55,920 adults are worth at least $100 million, and 4,830 have net assets above $500 million. It forecast global wealth — which increased 2.6% over the past year — would rise by 27% over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million. 50 YEARS OF GLOBALISM CREATED A COUPLE OF HUNDRED BILLIONAIRES, AND BANKRUPTED EVERYONE ELSE. 1913 THE YEAR CONTROL OF THE ECONOMY WAS GIVEN TO FOREIGN BANKS. 1963 KENNEDY HIT, THE YEAR THE MIDDLE CLASS WAS ASSASSINATED. $40 Trillion of pension funds invested by wall street in China alone. $21 Trillion of debt run up. Thirty million US jobs offshored to China, including 6 million Manufacturing jobs. One hundred million immigrated into the US in the past 50 years. - 50 million illegals. 63% of all immigrants now on welfare, and the rate increases every year. Two million green cards and H1B visas per year to drive wages down. $40 trillion paid in welfare reparations with zero effect. - the number of poor blacks doubled. China is not a richer country than the US in terms of GDP. Only the GDP adjusted to Purchasing Power Parity (PPP). In per capita GDP, China is miles behind. In terms of the average wealth of its citizens, China is doing better, as even poorer Chinese save hard, and due to the property boom, there have been more and more millionaires created. For many American's as good-paying manufacturing jobs fled the country for distant shores, life has become more difficult. Many of the people who have experienced the slip into an economic quagmire and rough times often will tell you, "I never thought it would happen to me." In the end, expect these people to become a burden to society. The number of people living on government transfers of wealth has grown over the years, as of today the National Debt Clock shows that over 167 million people are currently "receiving benefits" and 38 million Americans were food stamp recipients up from 28 in 2008. Thank you, Bush and Obama, Greenspan and Bernanke, Paulson, and Geithner. They bailed out the Elites who caused the mess and left the middle class to rot. The government is not the solution; it is the problem. The most expensive and inefficient sectors of the economy, healthcare, and education are dominated by government subsidies and regulations. And, of course, taxation is theft and along with with debt, the main source of government revenue. We must starve the beast. This was all predicted over two centuries ago by Jefferson (not that I care for him all that much, but at least he was correct in this instance). Here are two of his verified quotations: "And I sincerely believe with you, that banking establishment is more dangerous than standing armies; & that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." "Bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs." and, perhaps the most famous quote of all, which in fact, probably did not originate with Jefferson, but with some other person in the same age, possibly Franklin or perhaps even Washington himself, although it does sounds like something Franklin would have said. "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered."







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