Are there many people with $500,000 in savings?What level is it at home?The answer is unexpected

2022-06-24 0 By

Are there many people with $500,000 in savings?What level is it at home?The answer makes you think that the rough statistics of everyone’s bank account shows that the average person in China only has 20,000 yuan, 99.63% of people less than 500,000 yuan, and only 0.37% of people more than 500,000 yuan. That’s why insurance rules came later. In the case of bank failure, full compensation is paid, and the maximum is not more than 500,000 yuan.The country has a population of 1.375 billion. If we use this population figure, the number of residents over half a million is about 5.08 million.In the past, central-bank surveys focused on individual accounts, not households.Households with two people in a couple should be considered superimposed, and according to this algorithm, it is predicted that 1% of households should have more than half a million dollars in savings.In fact, we can also change the estimation method. First, from the perspective of first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, the population of these first-tier cities should start at least 20 million, and 10% of the people in first-tier cities should have no problem saving more than 500,000 yuan.For example, a city with a population of 2 million has a deposit of more than 500,000 yuan, and four cities with a combined population of 8 million have deposits of more than 500,000 yuan, and second-tier cities, such as the capitals of 30 provincial capitals of the country, have an average population of about 10 million yuan.Second-tier provinces, with a population of about 10m, and 5 per cent of them with deposits of more than 500,000, should not be a problem either.Other third -, fourth – and fifth-tier cities and rural areas should also have at least 10 million people with deposits of more than 500,000 yuan, making a total of 33 million people with deposits of more than 500,000 yuan.The figure is about 2%.The reason so many people have more than 500,000 yuan in savings is because as Chinese cities develop, there are more families destroying cities, and it should be easy for these families to have more than 500,000 yuan in savings.In a country of nearly 1.4 billion people, with just 33 million people, saving more than half a million isn’t much.China is a country that likes to save for other expenses, such as old age, sickness or child-rearing, and as the economy grows, so does the amount of saving.However, it has fallen sharply over the past decade, mainly because high housing prices have drained everyone’s pockets, so the number of households with 500,000 in savings has been steadily declining.There are also families who don’t like to keep their money in the bank, because the bank can’t keep up with the rate of inflation, and the more you save, the more your wealth loses value over time.As a result, many people invest their money in other financial products such as real estate, gold and stock speculation, so fewer and fewer people have more than $500,000 in the bank.