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

By Ramla Soni

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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