China is a major contributor to global wealth growth

China was the second-biggest contributor to global wealth growth last year as domestic households got richer amid rapid economic growth, said a report released by Credit Suisse AG on Wednesday.

The total wealth of households in China increased 6.7 percent, or $1.4 trillion, to $22.2 trillion from mid-2012 to mid-2013. The country is second only to the United States, which saw total household wealth rise 12.7 percent, or $8.1 trillion, to $72 trillion over the same period. Overall, global household wealth increased 4.9 percent, or $11.3 trillion, to $241 trillion.

China's expected economic growth slowdown will be gradual and won't stall the growth of household wealth, said Fan Cheuk Wan, Credit Suisse's chief investment officer for Asia Pacific. By 2018, China will be home to 2.11 million millionaires, up 88 percent from 1.12 million in 2013. At the moment, China has 5,831 ultra-high net worth individuals, who have assets over $50 million each, accounting for 5.9 percent of the world's total. Almost half of the world's ultra-high net worth individuals are in the US.