China ranks third in the world in household wealth

A Chinese woman shows credit cards and other bank cards in Qionghai, South China's Hainan province, on April 14, 2012. [Photo/IC]

The global wealth has reached $256 trillion in the past year, increasing by $3.5 trillion or 1.4 percent, according to the 2016 Global Wealth Report released by the Credit Suisse Research Institute on Tuesday.

China, with 1.6 million millionaires, accounts for five percent of all millionaires worldwide and?nine percent of the top wealth holders, according to the report.

It ranks second with the number of ultra-high net worth (UHNW) individuals, whose personal net worth is above $50 million, amounting to 11,000 on the year, a 100-fold increase in the past 16 years, the report said.

The wealth per adult has risen from $5,670 in 2000 to $22,864 in 2016 in China. In addition, China has the third largest household wealth worldwide, following the United States and Japan.

China, after losing $680 billion due to the equity price adjustment and currency, had $23 trillion in total wealth in the past year, down 2.8 percent, the report said.

The report defines the term wealth as the value of financial assets plus real estate (housing) owned by the households and less their debts.