(Yicai Global) Oct. 22 -- China's total household wealth climbed to almost USD52 trillion during the 12 months through June, taking it ahead of Japan to second in global standings, behind the United States.

The figure grew USD2.3 trillion, international financial services provider Credit Suisse said in its 2018 Global Wealth Report.

Gains were mainly a result of realty business development, Dong Dengxin, dean of finance and securities at Wuhan University of Science and Technology, told China National Radio yesterday.

Average debt per adult at the mid-point this year was USD4,690, or 9 percent of gross assets, Credit Suisse said. There has been some concern expressed over rising household debt in China, but the debt level is relatively low when compared with international standards, it added.

China's total wealth is expected to gain another USD23 trillion over the next five years, increasing its share of global wealth to 19 percent in 2023 from 16 percent now, according to the report.

Mean wealth was USD47,180 -- below the world average of USD63,100 and far below Japan's USD227,000. The wealthiest nation was Switzerland, with adults being typically worth USD530,000.

Global wealth increased by USD14 trillion on the year to USD317 trillion, but the wealth gap remained large with more than half of the total belonging to just 1 percent of the population.

Editor: James Boynton