The average Chinese citizen has a wealth of $26,752, around $60 more than the average European.
Chinese wealth has surged in the past two decades, with median wealth per adult growing more than eight-fold.
A major new report from investment banking and wealth management giant Credit Suisse has found that the average Chinese adult is now wealthier than the average European.
Although North America and Europe together account for 57% of total household wealth globally, China is squeezing out Europe in rankings of wealth per median adult.
Credit Suisse’s annual Global Wealth Report, which was released this month, estimates the average wealth of households around the world.
It found that the Chinese median wealth per adult, at $26,752, now outstrips Europe, where the average adult has a wealth of $26,690. The European figure takes into account the whole of the continent, which includes many less wealthy nations in its southern and eastern regions.
The median wealth in China was more than four times greater than in Russia, where the median wealth was $6,379 in 2021.
China’s average wealth, however, was still less than a third of the wealth of the median American ($93,271) — and only about 10% of the wealth of the median Belgian ($256,336).
Global wealth increased by 9.8% in 2021 compared to the year before, reaching a total of $463.6 trillion.
“All regions contributed to the rise in global wealth, but North America and China dominated, with North America accounting for a little over half the global total and China adding another quarter,” the report said.
Europe, Latin America, Africa, and India account for only 11.1% of global wealth, which the report puts down to local currency depreciation against the dollar in those regions.
In Europe for instance, the euro reached parity with the dollar for the first time in 2022, while the pound has plunged to near four-decade lows.
China has squeezed out countries in Europe that previously dominated its rankings through its “exceptional rate of wealth growth.”
China attained the top spot for fastest median wealth growth out of any region, rising more than eight-fold in the past two decades, growing from $3,111 in 2000 to $26,752 in 2021, Credit Suisse said.