China's HNI Lost Equivalent of Nigeria's GDP in 2018
Chinese money people (high networth individuals, HNI) lost $530 billion in 2018. Yes, that is like the size of the GDP of Nigeria. 2018 was really bad in China; 2019 may not be easier either when you consider that President Trump is still firing with the trade wars. If this trend continues, we will have recession in months and it may be global in scale.
Trade tensions with the US gripped the Chinese economy during 2018, and as growth sputtered worldwide, China’s wealthy lost nearly $530 billion, likely because of a dip in the country’s stock market.
After seven years of increases in the number of high-net-worth individuals (HNWI), approximately 100,000 people fell from the global elite between 2017 and 2018, with the Asia-Pacific region hit the worst. Wealth among the rich in the Asia-Pacific region fell $1 trillion—from $21.6 trillion to $20.6 trillion—according to the 2019 World Wealth report from Capgemini, a French consulting firm.