China has the lowest wealth expectancy gap among 10 markets across Asia, Africa, and the Middle East. This means that China has the highest possibility to improve the lives of many because the country has the highest capacity to close the wealth gap.
For instance, the average wealth expectancy of China's top-tier wealth creators is more than $2 million. Its emerging affluents are at more than $500,000, while the high net-worth individuals are at more than $40,000.
Those figures mean that they are that close to attain their wealth aspirations, may it be to become a new billionaire or the next trillionaire.
These figures are from the latest Wealth Expectancy Report released by Standard Chartered bank. The report compared the wealth expectancy of rich people in China, Hong Kong, India, Kenya, Malaysia, Pakistan, Singapore, South Korea, Taiwan, and the UAE.
The report said that a big boost to China's wealth expectancy is coming from the government's high level of pension policy. Further, the Chinese showed a great amount of commitment to savings. The wealthy Chinese are putting as much as 48% of their incomes in savings, the highest among the markets surveyed fro the study.
Their strong commitment to savings made 7 in 10 of all Chinese wealth creators 50% closer in achieving their financial aspirations. On the other hand, only 1 in 10 affluent Chinese is more than 80% away from their aspirations.
The report also found that wealthy Chinese have the highest optimism regarding investment products. They invest more in fixed-income investments compared to their counterparts across the 0 markets surveyed for the study.
With this, the report also found that 92% of China's wealth creators are happy or very happy with their quality of life given their current wealth.
The report from Standard Chartered is in line with other findings from different market analysts. A consensus of observers said China had pulled itself to No. 2 as the world's largest economy and is pose to clime to No. 1.
The Asian powerhouse currently has a GDP of $13.1 trillion. While the United States remained to be at No. 1, the general forecast is that China is only 6% shy away from doubling its economy.
A big boost to this economic goal is the growing number of Chinese affluents. Also, the country's middle-class is increasing its buying power at a consistent rate in the past 10 years.
Indeed, analysts said China could build supercities in the coming years. Twenty-three of these supercities could have populations thrice than New York while five could house as many as 120 million people.
