Top 20% in China are climbing toward US wealth average
21 January, 2019
Chinese households in the top 20% in terms of total assets enjoy a level of affluence that is similar to the US average, according to a report co-published by Guangfa Bank and Southwestern University of Finance and Economics, National Business Daily reported.
In recent years, the average value of household assets has grown rapidly, increasing from 970,000 yuan (US$143,000) in 2011 to 1.03 million yuan in 2017, with an average annual compound growth rate of 7.6%.
Net assets per family increased from 907,000 yuan in 2011 to 1.429 million yuan in 2017, with an average annual compound growth rate of 7.9%.
However, families in China belonging to the top 20% have average net assets of 4.456 million yuan. The average American family had assets worth 4.672 million yuan in 2017.
This means that if a Chinese family owns a property in a major city such as Beijing, Shanghai, Guangzhou or Shenzhen, their assets are comparable in value to the US average.