The number of millionaires globally will reach 63 million over the next five years.
Credit Suisse’s Global Wealth Report 2019 found wealth is projected to rise by 27%, reaching $459trn (£353trn, €411trn) by 2024.
During the past year, global wealth grew by 2.6% to $360tn and wealth per adult reached a record high of $70,850.
US, China and Europe contributed the most towards global wealth growth at $3.8tn, $1.9tn and $1.1tn, respectively.
Also, for the first time, China recorded more members of the global top 10% wealth holders (100 million) than the US (99 million).
Millionaires
Estimates show there are currently 46.8 million millionaires worldwide, up 1.1 million from last year.
The US had the biggest number at 18.6 million, which is set to rise 23% in five years to 22.9 million.
China (4.4 million), Japan (3.0 million), the UK (2.5 million) and Germany (2.2 million) made up the top five countries.
India is expected to have the biggest rise in millionaires to 1.2 million from 759,000 by 2023.
Regionally, the breakdown is:
- Africa – 171,000;
- Asia Pacific – 7.5 million
- Europe – 13.3 million;
- Latin America – 673,000; and
- North America – 19.9 million.
Per adult
The report also found in terms of wealth per adult, Switzerland had the biggest positive change, up $17,790.
This was followed by the US ($11,980), Japan ($9,180) and the Netherlands ($9,160).
The main loser was Australia, down $28,670, largely down to exchange rate effects, with other losses in Norway ($7,520), Turkey ($5,230) and Belgium ($4,330).
Wealth inequality
Wealth inequality declined within most of the countries during the early years of the century.
Today, the share of the bottom 90% accounts for 18% of global wealth, compared to 11% in the year 2000.
While it is too early to say wealth inequality is now in a downward phase, evidence suggests that 2016 may have been the peak for the near future.
Nannette Hechler-Fayd’herbe, chief investment officer of international wealth management at Credit Suisse, said: “Despite the trade tension between US and China over the past 12 months, both countries have fared strongly in wealth creation contributing $3.8tn and $1.9tn respectively.
“China and other emerging markets have contributed significantly to this growing contingent and show signs of progress and opportunity for investors.”
