Credit Suisse’s sixth annual Global Wealth Report predicts global wealth could reach USD 345 trillion by mid-2020, 38% above the level in 2015.
This year, USA was again titled as the richest nation in the world, with a substantial rise in household wealth of USD4.6 trillion while China posted an annual rise of USD 1.5 trillion.
The report suggested that the number of dollar millionaires could exceed 49.3 million adults in 2020, a rise of more than 46.2%.
China is likely to see the largest percentage increase in dollar millionaires, with the number of millionaires increasing by 74.0%.
It added that there are an estimated 123,800 ultra-high net worth (UHNW) individuals worldwide, defined as those with a net worth exceeding USD50 million.
North America dominates the regional rankings with 61,300UHNW residents (50%), while Europe has 29,900 (24%) and 27,600 (22%) live in Asia Pacific countries.
China has the second most UHNW individuals in the world at 9555, but falls way behind first place USA which has 58,855. Hong Kong has 1600.
The report added, however, that wealth inequality has continued to increase since 2008, with the top percentile of wealth holders now owning 50.4% of all household wealth. The top 1% of wealth holders now own half of all household wealth.
“From 2008 onwards, wealth growth has not allowed middle-class numbers to keep pace with population growth in the developing world. Furthermore the distribution of wealth gains has shifted in favor of those at higher wealth levels. These two factors have combined to produce a decline in the share of middle-class wealth.” said Credit Suisse Research Institute’s Markus Stierli.
China’s middle class ranks the largest in the world with 109 million members surpassing the USA with 92 million. The net worth of the middle class in 2015 amounted to USD 80.7 trillion worldwide, or 32% of global wealth.
Countries with the most ultra-high net worth individuals:
1. United States: 58,855
2. China: 9,555
3. United Kingdom 5,378
4. Germany 4,948
5. Switzerland 3,836
6. France 3,744
7. Italy 2,831
8. Japan 2,467
9. Canada 2,432
10. Taiwan 2,184 6.6%
11. India 2,083
15. Hong Kong 1,600