APAC is the world's richest region: report

Its total wealth comes to US$114.56t.

Asia Pacific, including China and India, is the largest wealth region with total wealth at US$114.56t, according to the Credit Suisse Global Wealth Report.

The region’s wealth increased by 3% since mid 2017.

China ranked second place in the world wealth hierarchy, despite its average wealth per adult of $47,810 in mid 2018 which is lower in comparison to Japan’s US$227,240. Singapore was the only Asian city amongst the top 10 major economies in terms of wealth per adult, placing ninth with US$283,120.

With countries such as China, Japan, Australia, Korea and Taiwan being home to 8.8 millionaires, APAC made a significant contribution to the global pool of high net worth wealth, the report notes. In total, they represent over 20% of the global total.

The Credit Suisse Global Wealth Report measures and analyses global household wealth.