Underinvested, underinsured and over here – China’s wealthy on the move
By Will Grahame-Clarke, 11 Jun 18
China’s private wealth is growing at a break neck pace with four of its eastern provinces as wealthy as Portugal, according to analysis from Legal & General Investment Management (LGIM).
“With a middle class the size of America’s, the scale of China is often underappreciated,” said Shaunak Mazumder, global equities fund manager at LGIM.
“Despite slowing GDP growth, a dramatic shift in the underlying mix of goods and services of unprecedented proportions is underway.”
As recently as 2000, for example, over 1.1 billion of China’s 1.3 billion population had a GDP per capita of less than $2,500 (£1,860, €2,124).
By 2017, this number had fallen to just 137 million, with the rest of the population becoming several times richer on average.
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