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Despite tensions between the U.S. and China over the past 12 months, both countries have fared strongly in wealth creation, contributing US$3.8 trillion and US$1.9 trillion, respectively.

China’s total wealth, not including Hong Kong, currently amounts to US$63.8 trillion, more than 17 times the US$3.7 trillion recorded in 2000, according to the Global Wealth Report released by Credit Suisse on Monday.

The U.S. still leads the world with a total wealth of US$106 trillion.

Global wealth grew 2.6% to US$360 trillion in mid-2019 year-over-year, while the average wealth per adult reached a new record high of US$70,850, up 1.2%.

In terms of average wealth per adult, Switzerland ranks No. 1 with US$564,650, followed by Hong Kong (US$489,260), Australia (US$386,060), and Singapore (US$297,870).

China had more members of the global top 10%, with with 99,908,000, than the U.S. (98,855,000) for the first time.

China has 4.4 million millionaires compared with 18.6 million in the U.S. However, China is expected to have a much stronger growth rate over the next five years, according to John Woods , chief investment officer for Credit Suisse Asia Pacific.

“While the United States continues to top the world league table, with China in second place, the relative positions are likely to be eroded as we project a 23% rise in the number of millionaires in the United States, compared to a 55% increase to 6.9 million for China,” he wrote in the report.

Globally, there are 46.8 million millionaires, or 0.92% of the world’s adult population in mid-2019. They collectively own US$158.3 trillion, or 44% of global wealth, according to the report.