China's wealth set to increase faster than U.S. in next five years: media

Tourists admire the skyline view of Lujiazui area at the Bund in Shanghai, east China, Jan. 6, 2020. (Xinhua/Wang Xiang)

"The rise of China's wealth in the past two decades is almost equal to the 80 years of growth of wealth in the U.S. from 1925 until 2005," said Anthony Shorrocks, an economist and author of a wealth report.

HONG KONG, June 23 (Xinhua) -- China's wealth will increase at a faster pace than that of the United States in the next five years, the South China Morning Post reported on Tuesday citing a wealth report.

China's millionaires will increase three times faster than those of the U.S. from 2020 to 2025, according to the Global Wealth Report published by Credit Suisse Research Institute.

Customers shop along the renovated East Nanjing Road Walkway in east China's Shanghai, Sept. 12, 2020. (Xinhua/Fang Zhe)

"The rise of China's wealth in the past two decades is almost equal to the 80 years of growth of wealth in the U.S. from 1925 until 2005," Anthony Shorrocks, an economist and the report's author, was also quoted by the newspaper as saying on Tuesday.

China's rise in household wealth was mainly due to gains from the country's stock markets and housing prices, and the country had a better control on the pandemic, the report said.

China's economy grew 18.3 percent year on year in the first quarter of 2021, as strong domestic and foreign demand powered a recovery from a low base in early 2020.