(ECNS)-- China has become the second richest country in terms of household wealth, the Switzerland based Credit Suisse Research Institute reported on Tuesday.
According to the Global Wealth Report 2015 issued by the institute, China's househould wealth has reached $22.8 trillion, $1.5 trillion more than that of last year. The volume surpasses Japan to rank China second on the list, only after the United States.
The report says global wealth has shrunk $12.4 trillion to $250.1 trillion in the year ended June 30, the first fall since the 2008 financial crisis, mainly due to a strong dollar.
The report suggests that the United States remains the wealthiest country with $85.9 trillion. Affected by its weakened currency, the wealth of Japan's families contracted 15 percent to $19.8 trillion. Meanwhile, China's wealth per capita has almost quadrupled over the past 15 years to stand at $22,513 in 2015.
However, Chinese families mainly invest in financial markets, making them relatively vulnerable to financial risks.
The report also notes the rapid expansion of China's rich. So far, it has recorded more than one million Chinese dollar millionaires and 120 thousand Chinese whose net possessions exceed $50 million. China's middle class is also growing fast, covering 109 million people, one million more than the United States.
