(Yicai Global) Oct. 23 -- Aggregate global wealth rose to USD360 trillion in the 12 months ending mid-2019, up 2.6 percent on the year.

China's household wealth has grown 17.2 times over the past 19 years, three times the rate of most other countries, and boosting the country's current total household wealth to rank second behind the US, according to the global wealth report Credit Suisse Research Institute recently released.

Chinese domestic wealth was USD63.8 trillion, 17.7 percent of the world's total, with over half of these assets being real estate.

The proportion of Chinese non-financial per-family assets rose from 43 percent in 2015 to 53 percent this year, reflecting a strong property market. Real assets were USD29,760 per adult in mid-2018. Financial assets account for 55 percent of global household assets, by contrast.

China's per capita debt was USD4,410, or 7 percent of gross assets. This ratio is much lower than the 12 percent global average, notwithstanding fears over growth of the nation's household debt.

Wealth inequality has ballooned since 2000, the report noted. China now has 4.4 million US-dollar millionaires and 18,132 with over USD50 million, second only to the US. Their ranks are projected to near 6.9 million by 2024.

Editor: Ben Armour