Dubai: Wealth inequality has continued to increase since 2008, with the top one per cent of wealth holders now owning 50.4 per cent of all household wealth according Global Wealth Report from The Credit Suisse Research Institute.

While global wealth fell by $13 trillion (Dh47.7 trillion) from mid-2014 to mid-2015, due to dollar appreciation, if measured at constant exchange rates, global wealth would have risen by $13 trillion since last year.

The USA again led the world with a substantial rise in household wealth of $4.6 trillion. China also posted a large annual rise of $1.5 trillion. Switzerland again ranked highest in average wealth, but fell $24,800 to $567,100 per adult.

The number of dollar millionaires worldwide is projected to increase by 46 per cent in the next five years, reaching 49.3 million by mid-2020.

“By our estimates, wealth could grow at an annual rate of 6.6 per cent, reaching $345 trillion in 2020. Furthermore, the number of dollar millionaires could exceed 49.3 million adults in 2020, a rise of more than 46.2 per cent, with China likely to see the largest percentage increase,” said Michael O’Sullivan, Chief Investment Officer for the UK & EEMEA, Private Banking and Wealth Management at Credit Suisse

Overall, emerging markets account for 6.5 per cent of millionaires and will see their share rise to 7.4 per cent by the end of the decade. High-income economies will still account for the bulk of new millionaires, with 14 million adults entering this category.

Millionaire net wealth is likely to rise by 8.4 per cent annually, as more people enter this segment. Emerging markets will likely account for 9.1 per cent of millionaire wealth in 2020, 1 per cent above current levels.

Although global wealth is projected to reach $345 trillion by mid-2020, 38 per cent above its mid-2015 level and the number of dollar millionaires worldwide to increase by 46 per cent in the next five years, reaching 49.3 million by mid-2020, according to Credit Suisse estimates. Going forward, the global study expects global wealth distribution favouring the upper income bracket.

“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 favour 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.