November 17, 2022 (Investorideas.com Newswire) The US and China are the two largest economies in the world, accounting for the lion’s share of global household wealth. According to MoneyTransfers.com, the US and China account for half of the world’s total household wealth.
Commenting on the data, CEO of MoneyTransfers, Jonathan Merry, said, “The US and China are sitting pretty on top of the world. These are strong economies with the highest GDPs. The unemployment rates in these countries are very low, and people are keen on wealth acquisition.”
China’s increasing economic clout has led to a more significant portion of the global pie. The United States and China have grown their shares of the world’s wealth, with the former accounting for 31.5% and the latter for 18.4%. Besides, the quality of life in China has significantly improved during the previous two decades.
However, not every Chinese has felt the effects of the hike. The gap between the rich and the poor has widened. For instance, the wealthiest 10% are getting richer. Yet, the poorest 50% are getting poorer. Besides China, the US also has an unequal distribution of wealth.
The number of multimillionaires in both the United States and China is growing, with asset inflation playing a role. The ranks of multimillionaires globally will likely continue to swell in the coming years. But, unless measures are taken to close the gap between the rich and the poor, inequality will remain a problem. The full story and statistics can be found here: The US and China Account For 50% Of the World’s Household Wealth
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