Interesting report from an international conference co-hosted by The National Bureau of Economic Research (NBER) of the U.S. and an university in China. Total 2010family wealth in America is USD $57.1 trillion vs China's USD $69.7 trillion. For the Chinese part, the ratio of city and non city residents taken in the survey is 181:139. Given in absolute terms China's GDP is less than half of the U.S. in 2010, this result can be puzzling.
China still has around just under 50% of its citizens who are non city residents, meaning farmers, and significant portion of that population is lagged behind by China's 3 decade long economic boom. And they drag down the per capita data.
For those of you who will point out that China has 4 times the population, here is finding from another report: A typical middle class city citizen's family asset is RMB 2,400,000, or USD$ 380,952. Average family debts of city residents is RMB100,000 or USD $15,873, in other words, average Chinese city family close to have zero debts, including mortgage and so a typical middle class China city citizens average family net worth is almost 4 times higer than average American family's net worth (USD $370,000 vs $77,000)
How can that be? The answer, Chinese save like today does not exist while Americans spend like there is no tomorrow.
As hard as it is to believe in this report, I actually believe it. All my contacts, friends, family, business associates, they have no debts and lots of equity. Many of them much are richer than me or Taipan
. There is a slogan in Beijing that immigration companies use as marketing pitch . "Sell a condo and you can immigrate to U.S.A"
One of the biggest accomplishment of the government is how fast they have engineered urbanization, lifting people out of non city status. in the 1980s, more than 90% of the citizens were non city residents. As gobigandgohome pointed out, another 150 million people will join the city residents rank in the next 5 years. http://e.chengdu.cn/page/1/2012-06/30/0 ... 04_pdf.pdf