A new report on savings rates and retirement expectations around the world found that China was host to both the highest wealth accumulation rate and the lowest wealth expectancy rate.
The inaugural “Wealth Expectancy Report 2019” from Standard Chartered looked at 10,000 “wealth creators” from around the world – categorised as those with enough disposable income to set aside for saving and investment.
China was found to have the highest level of wealth accumulation out of countries surveyed, with Chinese survey respondents saving 48% of their monthly incomes on average.
China also had the lowest “wealth expectancy gap,” being the difference between what survey respondents believed they needed to retire comfortably, and the amount they would likely have at the age of 60 based on economic forecasts.
According to the report 44% of Chinese wealth creators are likely to meet their wealth aspirations upon reaching the age of retirement.