Over the past 10 years the average wealth of an individual Chinese has increased five fold. The growth, the fastest in Asia, took the average individual wealth to 3,300 euros ($4,500), reported the Allianz Group, a global financial services company.

In Asia, excluding Japan, about 220 million people are being categorized as upper-middle class (their financial assets is from 6,000 to 32,400 euros per head), and more than half of them are Chinese. In emerging economies such as China, India and Indonesia the average value of financial assets for individuals has risen more than 40 percent since 2007.

The nation with the highest average value of assets for each individual is Switzerland, where people has assets worth 207,393 euros ($282,590), followed by the US, Japan, Denmark and the Netherlands.

By Liang Yi