|
China to become second-wealthiest nation in
five years
Thursday October 11, 2012 02:14:40 PM,
IANS
|
|
|
|
|
Beijing: China will
overtake Japan as the world's second-wealthiest nation after the
US in the next five years, says a global report on personal
wealth.
According to the "Global Wealth Report 2012", the US will be the
world's richest nation with $89 trillion of household net worth,
the China Daily said Thursday.
The study carried out by the Credit Suisse Research Institute said
there were 964,000 millionaires in China by mid-2012, and the
number was expected to almost double to 1.9 million by 2017,
driven by the rapid development of the private sector.
It defined "household wealth" as the value of financial assets and
non-financial assets minus total household debts.
By mid-2012, China's total household wealth jumped $562 billion to
$20 trillion.
China is expected to add another $18 trillion in family wealth in
the next five years, the report said.
The projected $38 trillion total will surpass Japan's $35
trillion, and make China the second wealthiest country by 2017.
"Due to a high savings rate and relatively well-developed
financial institutions, a high proportion of Chinese household
assets are in financial form compared with other major developing
countries," the report said.
"At the same time, privatised housing, new construction and rural
land are very important forms of wealth in China," it said.
However, "wealth inequality" was rising in the country, with
increase in wealth of successful entrepreneurs, professionals and
investors.
|
|
Home |
Top of the Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
I |
|
|
|
|
More Headlines |
|
Karnataka holds on to Belgaum with second secretariat |
|
Toyota recalls 7.4 mn vehicles globally |
|
India ups stakes in Asia-Europe linkages |
|
e-governance a big hit in Kerala districts |
|
Salafists: New obsession of the West? |
|
Hopes, fears and the diary of Malala Yousufzai |
|
Russia warns over use of force against Iran |
|
Two lakh households to get cash for food
subsidy in Delhi |
|
Badal putting politics before Punjab on FDI:
Amarinder Singh |
|
Relax, don't do last minute studies before
CAT, say experts |
|
Keralites spend 9 percent of income on tobacco |
|
Congress
implicating Muslim youth in cooked up terror plots: BJP Chief |
|
|
|
Top Stories |
|
 Congress
govt implicating Muslims in cooked up terror plots: BJP Chief
Bhartiya Janata Party (BJP) party chief Nitin Gadkari accused the
Congress of implicating Muslim youth in false terror cases and
blamed
»
'Investigating Agencies are biased against Muslims'
Compensation, certificates to 61 Muslim youths
tortured in blast case
|
|
|
|
Most Read |
|
Hopes, fears and the diary of Malala Yousufzai
"I was
afraid of going to school because the Taliban had issued an edict
banning all girls from attending schools," wrote »
Millions pray for Pakistani girl injured by Taliban
|
|
Salafists: New obsession of the West?
So, it was with this in mind I read Husain’s blog post recently on
the CFR website about how he plunged into the lion’s den in search
of Salafists. He didn’t disappoint. Right off the bat, Husain
tells us that Salafism and Wahabism are the most “dangerous,
destructive strain of thought.” So he wasn’t looking for my
father’s
»
|
|
|
|
News Pick |
|
 Mayawati to continue support to 'anti poor'
UPA govt
Bahujan Samaj Party (BSP) chief Mayawati Wednesday once again
rapped the Manmohan Singh-led UPA 2 but stopped short of spelling
out whether she is snapping her »
|
|
Mumbai's millionaire polio activist
One of the early pioneers of polio activism in India was Fathema
Ismail, who was born in 1903. Ismail was the sister of the
flamboyant mill owner, Umar Sobhani, an ardent Congress party
activist who was very close to M.K. Gandhi
»
|
|
 'Mindless negativity' over graft damages
nation's image: PM
The government was committed to doing "everything possible to
ensure transparency and accountability" but the negativity and
pessimism »
|
|
Instances of Punjab militancy being monitored: Shinde
There have
been instances of Punjab militant activity reported in the recent
months, both within the country and abroad, and the situation is
being constantly monitored, Home Minister Sushilkumar
»
12 including a woman held for attack on Brar
|
|
|
|
Picture of the Day |
|
 |
|
Prime
Minister Dr. Manmohan Singh presenting the trophy for the best
branch of CBI to M.S. Khan, SP, CBI, ACB, Bhubaneswar at the
19th Conference of CBI and State Anti-Corruption Bureaux, in
New Delhi on October 10, 2012. |
|
|
|
|
|
|
Comments
|
Quick links