China knows its place despite surpassing US in number of millionaires

By Zhou Qing Source:Global Times Published: 2019/10/21 22:31:18

Photo: VCG

China still has long way to go to catch up with the US in terms of wealth, though it seems that the China-US trade dispute and a looming global slowdown did not stop China from manufacturing millionaires. 

According to a Reuters report, rich Chinese outnumbered wealthy Americans for the first time, citing a Credit Suisse study released on Monday. Instead of being taken as iron-clad evidence for China overtaking the US, China should not be confused by such data.

A total of 100 million Chinese people are now fairly better off, ranked in the global top 10 percent in wealth, making a new milestone for China that underscores the success of China's reform and opening-up.

However, it is more important for China to compare GDP per capita rather than the number of the richest people with the US. If the bottom 20 percent on the wealth spectrum in China and its middle class with a growing population can gain more wealth than Americans, then it is time for China to claim a successful overtaking.

China needs to remain conscious about where it stands despite those shining records. China's GDP per capita is still below $10,000. With a gigantic 1.4 billion population, the country has a heavy responsibility to lead its people to wealth and prosperity. 

Also, China and the US are just two countries but they have the largest share of rich people in the world. They should heed the rising inequality while taking head counts of rich guys. 

The author is a reporter with the Global Times.


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