ZURICH: The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed.
The Swiss bank’s annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10% as of the middle of this year versus 99 million in the United States.
“Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively,” said Nannette Hechler-Fayd’herbe, global head of economics and research at Credit Suisse.
The ranks of the world’s millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net assets, 44% of the global total, the study found.
The United States added more than half of this number –675,000 new millionaires – to its sizeable stock.
A decline in average wealth in Australia — largely due to exchange rates — resulted in 124,000 fewer millionaires there, while Britain lost 27,000 and Turkey 24,000.
The report estimates that 55,920 adults are worth at least $100 million and 4,830 have net assets above $500 million.
It forecast global wealth — which increased 2.6% over the past year — would rise by 27% over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million.
The share of the world’s bottom 90% accounts for 18% of global wealth, compared to 11% in the 2000.
“While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future,” it said.
Rich Chinese outnumber wealthy Americans for first time
Rich Chinese outnumber wealthy Americans for first time
Kuwait forecasts 54.7% rise in fiscal deficit as oil revenues weaken
JEDDAH: Kuwait expects its fiscal deficit to widen sharply in the 2026–2027 budget year as lower oil income weighs on public finances, with the shortfall projected to rise 54.7 percent to 9.8 billion dinars ($31.9 billion).
Announcing the draft budget, Finance Minister Yaqoub Al-Refaei estimated total expected revenues at 16.3 billion dinars, marking a 10.5 percent decline compared with the previous fiscal year.
Kuwait is pushing Vision 2035 reforms to diversify its economy and boost non-oil growth but remains exposed to oil price volatility despite moderate inflation and strong non-oil expansion.
“The minister disclosed that oil revenues were budgeted at 12.8 billion dinars, a 16.3 percent contraction compared to the current budget ending March 31, 2026,” the Kuwait News Agency, known as KUNA, reported.
Highlighting a positive trend for fiscal diversification, non-oil revenues are projected to rise 19.6 percent to 3.5 billion dinars.
He noted that total expenditure is expected to reach 26.1 billion dinars, with salaries and subsidies accounting for 76 percent, capital spending 11.8 percent, and other expenditures 12.2 percent. The FY 2026–2027 budget is based on a conservative oil price estimate of $57 per barrel.
The minister, however, stressed that Kuwait’s fiscal break-even price — the price needed to balance the budget — is significantly higher, at $90.5 per barrel.
The draft budget, covering April 1, 2026, to March 31, 2027, includes capital spending of 3.1 billion dinars, with significant allocations for infrastructure and strategic projects, according to a release by the Ministry of Finance.
Of this, 318 million dinars will fund the Ministry of Public Works for developments such as Mubarak Al-Kabeer Port, the Umm Al-Hayman plant expansion, the North Kabd station, and the expansion of Kuwait International Airport’s Terminal 2.
Additional allocations support the health ministry’s cancer control center, as well as the Defense and Interior ministries for military equipment.
Higher spending is also driven by a 741.2 million-dinar increase in the public treasury’s contribution to social insurance to cover pension fund deficits.
Conversely, support for fuel used in power generation and refined products declined by 449.2 million dinars due to falling global oil prices.
The ministry highlighted that the budget would create 14,518 new positions, reflecting efforts to boost employment while continuing to diversify revenue sources.
