China's wealth will increase at a faster pace than that of the United States in the next five years, the South China Morning Post reported on Tuesday citing a wealth report.
China's millionaires will increase three times faster than those of the U.S. from 2020 to 2025, according to the Global Wealth Report published by Credit Suisse Research Institute.
"The rise of China's wealth in the past two decades is almost equal to the 80 years of growth of wealth in the U.S. from 1925 until 2005," Anthony Shorrocks, an economist and the report's author, was also quoted by the newspaper as saying on Tuesday.
China's rise in household wealth was mainly due to gains from the country's stock markets and housing prices, and the country had a better control on the pandemic, the report said.
China's economy grew 18.3 percent year on year in the first quarter of 2021, as strong domestic and foreign demand powered a recovery from a low base in early 2020.
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