US and China main contributors as global wealth totals $360 trillion

More of the world’s richest 10 per cent live in China than America, according to Credit Suisse report

US and China main contributors as global wealth totals $360 trillion                                 

Global wealth has increased by 2.6 per cent to $360 trillion (£276.8tr) over the last year, with wealth per adult reaching a record high of $70,850, 1.2 per cent above the level of mid-2018, according to the tenth edition of Credit Suisse’s Global Wealth Report.

The research revealed that US, China and Europe contributed most towards the growth, with $3.8 trillion, $1.9 trillion and $1.1 trillion respectively.

In terms of wealth per adult, Switzerland tops the winners (up $17,790) followed by the United States ($11,980), Japan ($9,180) and the Netherlands ($9,160).

Australia was the lowest (down $28,670) largely because of exchange rate effects, with other significant losses in Norway (down $7,520), Turkey (down $5,230) and Belgium (down $4,330).

Estimates for mid-2019 show 46.8 million millionaires worldwide, up 1.1 million on 2018. Among the ultra high net worth group in mid-2019, the report estimates that 55,920 adults are worth at least $100 million, and 4,830 have net assets above $500 million.

North America dominates the regional breakdown, with 84,050 members (50 per cent), while Europe has 33,550 (20 per cent), and 22,660 (14 per cent) live in Asia-Pacific countries, excluding China and India.

This was the first year that China recorded more members of the global top 10 per cent (100 million) than the US (99 million).

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