Zurich - The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed.
The Swiss bank's annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10% as of the middle of this year versus 99 million in the United States.
"Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion (R57 trillion) and $1.9 trillion (R38 trillion) respectively," said Nannette Hechler-Fayd'herbe, global head of economics and research at Credit Suisse.
The ranks of the world's millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net assets, 44% of the global total, the study found.
The United States added more than half of this number – 675 000 new millionaires – to its sizeable stock.