China boasts most billionaires in the world and makes for a great long-term investment
Our Asian Edge Index and Trend Indicator clearly stated back in 2005 that China would lead the way in economic growth and eventually overtake the U.S. in many areas. China now boasts the world’s largest middle class, and it is growing much faster than our own.
According to Credit Suisse, 109 million Chinese have a savings network that ranges from $50,000 to $500,000. The momentum gained traction in 2000; since that time, China’s middle class has grown at twice the U.S. rate. To avoid changes such as unemployment, Credit Suisse measured wealth rather than income. Hence, these numbers are quite shocking when you consider that the average worker in the U.S. does not even have $5,000 in savings. Makes you wonder which country is third world and which is first world.
China comprises a fifth of the world's population but accounts for 10% of global wealth. In the years to come the pace will continue to increase, eventually propelling China to the number-one place.