The main outcome of the new wealth valuations by Credit Suisse released Thursday show that China is now clearly established in second place in the world's total wealth ranking.
The Credit Suisse Research Institute says its 2018 Global Wealth Report released Thursday is the most comprehensive source of global household wealth information.
It analyzes wealth held by 5.0 billion adults across the globe, from the least affluent to the wealthiest individuals.
China's total wealth has climbed 1,300 percent in the 21st century to 51.9 trillion U.S. dollars, more than double the rate of any other nation, says the report.
While the United States is the leader in the number of dollar millionaires, reaching as many as 20.5 million over the next five years, Credit Suisse projects that China will make new millionaires at more than three times the rate over the same period.
"China has advanced so rapidly this century that a wealth gap that once appeared unassailable could vanish within a generation," the report said.
During the 12 months to mid-2018, aggregate global wealth rose by 14.0 trillion U.S. dollars (4.6 percent) to a combined total of 317 trillion U.S. dollars, outpacing population growth.
Wealth per adult grew by 3.2 percent, raising global mean wealth to a record high of 63,100 U.S. dollars for each adult.
The United States contributed most to global wealth adding 6.3 trillion U.S. dollar and taking its total to 98 trillion U.S. dollars.
This continues its unbroken run of growth in both total wealth and wealth per adult every year since 2008.
"Unsurprisingly, China is now clearly established in second place of the world wealth hierarchy. The country overtook Japan with respect to the number of ultra-high net worth (UHNW) individuals in 2009, total wealth in 2011 and the number of millionaires in 2014," said the report.
Switzerland, home to just 0.1 percent of the world's population, accounts for 1.8 percent of the top 1 percent of global wealth holders and it retains top spot in global wealth ranking.
Despite a slight decline in fortunes, the Swiss still enjoy the highest mean wealth for each adult, according to the Credit Suisse report.
It estimated that the average fortune of a Swiss adult was 530,240 U.S. dollars compared with 537,600 dollars the previous year.
The Alpine nation still comes out on top, followed by Australia 411,060 U.S. dollars and the United States 403,970 U.S. dollars. Enditem