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China will create millionaires over three times faster than the US in five years through 2025

China will create millionaires at a quicker pace than the United States in the five years through 2025, as a rapid recovery from the world’s worst public-health crisis in a century helps corporate chieftains generate and accumulate wealth faster, according to the 12th Global Wealth Report by Credit Suisse.

The number of US dollar millionaires in China will increase by 92.7 per cent to 10.17 million by 2025, compared with a 27.8 per cent rise in the US to 28.06 million US dollar millionaires over the same period, according to a projection by the Swiss lender.

“The rise of China’s wealth between 2000 and 2020 is almost equal to the 80 years of growth of wealth in the US from 1925 until 2005,” Anthony Shorrocks, an economist and the report’s author, said in a video conference on Tuesday. “We are expecting very solid growth in wealth in the years ahead, in both China and India.”


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