New research sheds light on global wealth composition – with an uncertain outlook for the UK. Global wealth grew by 2.6% to $360 trillion over the past year, thanks to strong figures recorded by the US and China. Despite trade tensions, the two nations grew $1.9 and 3.8 trillion respectively, according to the Credit Suisse Research Institute, as Europe trailed behind with a growth of $1.1 trillion. As of mid-2019, the report estimates that there are 46.8 millionaires worldwide, a rise of 1.1 million from last year. The UK, on the other hand, has a posted a ‘modest’ loss of 27,000 millionaires as wealth per adult grew by 2.2 % overall over the last year. After a ‘difficult year’ following the result of the 2016 EU referendum, both the UK’s exchange rate and stock market fell sharply, but wealth per adult between 2017 and 2018 rose by 21% in GBP terms and 13% in US dollar terms. Average wealth in GBP is now 41% above its 2007 level, but the UK’s outlook now ‘uncertain’, the report noted, with future prospects depending on the outcome of Brexit.
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