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China on path to become world's No. 2 in wealth

(Shanghai Daily)

14:01, October 20, 2011

BEIJING, Oct. 20 (Xinhuanet) -- China is expected to replace Japan as the world's second-wealthiest country after the United States with total fortune shooting to nearly US$40 trillion by 2016, Credit Suisse AG said in a report yesterday.

However, the accumulation of fortune will be achieved along with an expanding wealth gap in China where the Gini coefficient, a commonly used measure of inequality of wealth, has already passed an extremely dangerous level.

China, which has surpassed Japan as the world's second-biggest economy, will soon also catch up with the neighbor in terms of total wealth.

Overall wealth at the hands of Chinese mainland people is projected to reach US$39 trillion in the next five years, the firm said in its annual Global Wealth Report.

China now has a total wealth of US$20 trillion, third in the world behind only the US and Japan but ahead of France, according to the report, which analyzes the wealth distribution in more than 200 countries.

Total fortune in China increased by US$4 trillion from January 2010 to June this year and is the second-highest contributor of global wealth growth after the US, the report said.

Wealth per adult in China has more than tripled from US$6,000 in 2000 to US$21,000 this year, according to the report.

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