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Rich Chinese outnumber wealthy Americans for first time: Credit Suisse
- Thread starter Banjo
- Start date
Oh please, it's ridiculous to insulate that the exchange rate has anything whatsoever to do with this trend. Among the most driving factors it perhaps ranks on the 20th position. How about a declining empire vs a rising empire that has 1.1billion more people and whose sheckles were just removed a few decades ago.
Obviously, that that lead will gain or narrow depending on fluctuations in the yuan.
Oh please, it's ridiculous to insulate that the exchange rate has anything whatsoever to do with this trend. Among the most driving factors it perhaps ranks on the 20th position. How about a declining empire vs a rising empire that has 1.1billion more people and whose sheckles were just removed a few decades ago.
this is a semi click bait article... global top 10% is what - $100k ish.
and here is the kicker.. it has a LOT to do with the exchange rate.... but not so much in the short term fluctuation...
vast number of these 'rich' chinese are city dwellers who have seen their residence appreciate 10 fold in the past 20 years (but meanwhile cash poor)... currently the top 4 cities, dubbed as BSGS, has real estate value higher than the entire US... say BSGS is 1/3 of the entire China RE market, then the exchange rate is more like 1:20, in which case the 100 million count will reduce to what - 20 million perhaps.
this is a unique situation with China in that the currency is not free exchange and all the money printed is trapped inside.... the stock exchange has lost all confidence... hence there is only 1 place to go - real estate.
you are certainly right in the intermediate and long run.Oh please, it's ridiculous to insulate that the exchange rate has anything whatsoever to do with this trend. Among the most driving factors it perhaps ranks on the 20th position. How about a declining empire vs a rising empire that has 1.1billion more people and whose sheckles were just removed a few decades ago.
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