The world's wealth has grown to a new record of $263 trillion, and it's being spurred by China's growing middle and upper classes, which are helping the country catch up to U.S. wealth at an rapid rate.  

According to Credit Suisse's Global Wealth Report 2014, wealth per adult in China has more than tripled since 2000 to $21,330 from $5,670. And China now has more people in the top 10 percent of global wealth holders than any other country besides the U.S. and Japan. That has moved China into third place, overtaking France, Germany, Italy and the U.K.

Like Us on Facebook

And that wealth is only expected to rise as China could see its number of millionaires double to more than 2 million over the next five years. According to Credit Suisse, China's $21.5 trillion of wealth is comparable to that of America's wealth circa 1970. However, if recent trends continue, the report says that by 2019 the country could match the wealth level that the U.S. had in1989. That would result in an advancement of 19 U.S. years in just five real years.

"What is most striking is the fact that if Japan's lackluster performance during the last decade continues, we expect China to surpass Japan as the second-wealthiest economy in the world," the report said.

The report also said that despite China's significant slowdown in GDP growth in recent years, its economy continues to have relatively high growth levels, and projects an annual growth rate of 11 percent for the country. Median wealth per adult in China is currently $7,000, and that could grow at more than twice the rate in the U.S., reaching US$11,400 in 2019.

Much of the wealth increase has come from the top in China. Since 2000, "the number of millionaires in China has risen by a multiple of 28, with the financial crisis causing only a minor pause in the seemingly inexorable rise," the report said.

However, the middle class is also carrying its weight. China's share of the middle class has doubled since 2000, and now covers one-third of the global membership - 10 times that of India, a comparable emerging market.

But China still has a ways to go for its wealth to catch up to its population. "Despite making enormous strides in recent years, China accounts for 21.4 percent of the adult population of the world, yet only 8.1 percent of global wealth," said the report.

Since 2010, Credit Suisse has collaborated with Professors Anthony Shorrocks and Jim Davies, the principal authors of "Personal Wealth from a Global Perspective" to publish the Global Wealth Report. The report measured and analyzed trends in wealth across nations "from the very base of the 'wealth pyramid' to the ultra-high net worth individuals."

TagsChina wealth, Global wealth, Credit Suisse, Global Wealth Report 2014, Catching Up to U.S.