The report also said aggregate global wealth rose 4.6 per cent to US$317 trillion in the same 12-month period, outpacing population growth.
China's wealth is projected to grow by a further Dollars 23 trillion in the next five years, taking its share of global wealth from 16 percent in 2018 to just above 19 percent in 2023.
"In the 12 months to mid-2018, in USD terms wealth in India grew a modest 2.6 per cent to around $ 6 trillion and wealth per adult stayed flat at $ 7,020, mainly due to currency depreciation of 6 per cent against the dollar", it said. During the reporting period too, the USA contributed the most to global wealth, adding $6.3 trillion, taking the total to $98 trillion.
The currency depreciation against the United States dollar affected wealth trends in some of the major regional economies such as Australia and India, John Woods, Chief Investment Officer Credit Suisse-Asia Pacific, said. Country wise, China and India witnessed 4.6 per cent and 2.6 per cent growth, respectively, in wealth.
Amidst the increasing inequality, the country added a whopping 7,300 millionaires during the 12 months to mid-2018, taking the total number of dollar-millionaires to 3.43 lakh, with a collective net worth of around $6 trillion, says the report.
The country's total wealth has increased by 1,300 percent to $51.9 trillion in the last ten years.
The US contributed most to global wealth, adding $6.3trn, taking its total to $98trn and continuing its unbroken run of growth in total wealth and wealth per adult every year since 2008. Credit Suisse is predicting that global wealth will continue to rise by about 26 percent in the next five years, reaching approximately $399 trillion by 2023.
It said Indians' personal wealth is dominated by property and other real assets, which make up 91 per cent of estimated household assets.
With an average wealth per adult of US$283,120 when it comes to wealth per adult, Singapore, placed ninth in the world. The number of wealthy people is predicted to reach an all-time high of 55 million within a period of five years.
The Asia-Pacific (including China and India) emerged on top as the largest wealth region, as household wealth increased by 3 percent to more than US$114 trillion.
In the first place in this ranking is the U.S. with 70 540 such citizens, followed by China (16 511 people), Germany (6323), United Kingdom (4665), Japan (3576), India (3339), Italy (3217), France (3036).
Asia-Pacific economies "continue to make significant contribution to global high net worth wealth pool, with China, Japan, Australia, Korea and Taiwan making up more than 8.8 million millionaires, representing over 20 per cent of the global total", Mr Woods said. The country's wealth is projected to grow another US$23 trillion in the next five years to comprise 19 per cent of global wealth by 2023.
By 2023, the wealth of Indian millionaires is expected to grow by 8 per cent per annum to reach $8.8 trillion with an estimated 5,26,000 millionaires, an increase of more than 53 per cent or 8.9 per cent per annum. "The main outcome of the new wealth valuations is confirmation of what many observers already suspected, that China is now clearly established in second place in the world wealth hierarchy", the report said.