A major new report from investment banking and wealth management giant Credit Suisse has found that the average Chinese adult is now wealthier than the average European.

Although North America and Europe together account for 57% of total household wealth globally, China is squeezing out Europe in rankings of wealth per median adult.

Credit Suisse’s annual Global Wealth Report, which was released this month, estimates the average wealth of households around the world.

It found that Chinese median wealth per adult, at $26,752, now outstrips Europe, where the average adult has a wealth of $26,690. The European figure takes into account the whole of the continent, which includes many less wealthy nations in its southern and eastern regions.

Median wealth in China was more than four times greater than in Russia, where median wealth was $6,379 in 2021.

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