Global wealth grew 2.6% in the past year to $360 trillion and wealth per adult reached a record high of $70,850, according to the tenth edition of the Credit Suisse Research Institute’s Global Wealth Report.

US, China and Europe contributed the most towards global wealth growth with $3.8 trillion, $1.9 trillion and $1.1 trillion respectively.

The report said global wealth is projected to rise 27% over the next five years, reaching $459 trillion by 2024.

The number of millionaires will also grow markedly over the next five years to reach almost 63 million, said the report.

However, the report said an estimated 2.9 billion individuals – 57% of all adults in the world – have wealth of below $10,000 in 2019.

The next segment up, covering those with wealth in the $10,000-$100,000 range, has seen the biggest rise in numbers this century, trebling in size from 514 million in 2000 to 1.7 billion in mid-2019.

This reflects the growing prosperity of emerging economies, especially China, and the expansion of the middle class in the developing world.

The average wealth of this group is $33,530.

Nannette Hechler-Fayd’herbe, Chief Investment Officer International Wealth Management and Global Head of Economics & Research 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 USD 3.8tn and USD 1.9tn respectively.

“The number of millionaires has also risen globally by 1.1 million to 46.8 million in 2019, collectively owning USD 158.3 trillion or 44% of the global total.

“China and other emerging markets have contributed significantly to this growing contingent and show signs of progress and opportunity for investors.”