According to the survey of 2,700 respondents was conducted by Credit Suisse in October and November 2009, household income in China soared over the last six years, especially for top earners, putting the country on track to eclipse the United States as the biggest consumer market in a decade.

The bank's survey reflected a big rise in property and car purchases, underscoring why many investors are betting big on a rise in China's consumer sector.

Dong Tao, China economist with Credit Suisse in Hong Kong expects the share of China's private consumption to GDP to reach 23.1% in 2020, just surpassing the US ratio at 22.9%, supported by growth in household income and measures of economic growth.

However, the amount that Chinese consumers save relative to household income has dropped to 12% in 2009 from 26% in 2004.

Despite incomes have been rising across the board, the richest Chinese have been benefiting the most. Top earners can invest more in China's booming stock and property markets, accounting for the widening wealth gap.

The Credit Suisse survey data showed a much bigger income gap than official numbers show, a trend that could have significant long-term social implications. Thus, for instance, household income rose by 50% since 2004 for the bottom 20% of earners, while the top 10% saw a 255% rise.

Meantime, first-time home buyers are also becoming a big force in China's property market, making up 36% of the market in 2009 compared with 23% in 2006. The share of property bought for investment rose moderately to 18% last year from 13% in 2006.