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China. "Although the U.S. will remain a world leader in the number of millionaires, reaching as many as 20.5 million over the next five years, Credit Suisse fo
by phil248 7y ago
China.
"Although the U.S. will remain a world leader in the number of millionaires, reaching as many as 20.5 million over the next five years, Credit Suisse forecasts that China will mint new seven-figure fortunes at more than three times the rate over the same period."
https://www.bloomberg.com/news/articles/2018-10-18/u-s-to-remain-hub-of-world-s-richest-even-as-china-closes-gap https://www.bloomberg.com/news/articles/2018-10-18/u-s-to-re...
- PHGamer 7y agowell only if your chinese. chinese tend to not work well with non chinese.
- dlivingston 7y agoAre you Chinese yourself? I have a number of really great native-born Chinese colleagues.
- AnimalMuppet 7y agoPHGamer's comment could have been phrased better. But I suspect the actual point is this: It might be hard for a non-Chinese to become rich in China - harder, say, than for a non-US-citizen to become rich in the US.
- neom 7y agoI'd encourage you to read this book, it certainly made me think differently about China: Dealing with China: An Insider Unmasks the New Economic Superpower by Henry M. Paulson https://www.amazon.com/Dealing-China-Insider-Economic-Superpower-ebook/dp/B00CO7FMDC https://www.amazon.com/Dealing-China-Insider-Economic-Superp...
- Aaronstotle 7y agoThat makes sense given that China has ~4x the population of the United States.
- dlivingston 7y agoBut, with China having 4x the U.S. population, wouldn't "odds of becoming a (b/m)illionaire" still be higher in the States, even if raw amount of new millionaires is higher in China?
- awinder 7y agoThis is another oddly plucked stat from another Bloomberg clickbait article. Their internal rate of new millionaires is increasing, because they have fewer millionaires and more people. They’re still creating net less new millionaires than the US per year.