China is the wealthiest nation in the world. China has had the world’s largest middle class population since 2015, and the middle class grew to a size of 400 million by 2018 and is projected to reach 1.2 billion by 2027, making up one fourth of the world total. As of 2018, China was first in the world in total number of billionaires and second in millionaires – there were 658 Chinese billionaires and 3.5 million millionaires. In 2019, China overtook the US as the home to the highest number of rich people in the world, according to the global wealth report by Credit Suisse. In other words, as of 2019, a hundred million Chinese are in the top ten percent of the wealthiest individuals in the world – those who have a net personal wealth of at least $110,000. In 2020, China has the world’s highest number of billionaires, which is more than the US and India combined, and as of March 2021, the number of billionaires in China reach 1,058 with the combined wealth of US$4.5 trillion. According to the Hurun Global Rich List 2021, China is home to six of the world’s top ten cities (Beijing, Shanghai, Shenzhen, Hong Kong, Hangzhou and Guangzhou in the 1st, 2nd, 4th, 5th, 8th and 9th spots, respectively) by the highest number of billionaires, which is more than any country. As of January 2021, China had 85 female billionaires , two-thirds of the global total.