James HesterGlobal wealth has been accelerating at a 6.4% annual pace, according to Credit Suisse.
The investment firm said the strong performance reflected gains across equity markets and non-financial assets.
Credit Suisse’s latest Global Wealth Report found that in the year to mid-2017, total global wealth rose at a rate of 6.4%, the fastest pace since 2012, to reach $280trn.
Mean wealth
As wealth growth outpaced population growth, mean wealth per adult also jumped to a new record high of $56,540, a 4.9% gain.
Coronavirus affects markets
However, the report highlighted a so-called “millennial disadvantage”, with tighter mortgage rules, higher house prices, increased income inequality and lower income mobility holding back younger workers and savers across the world.
On the bright side, the report also pointed to improved conditions in China and other emerging markets along with a rising number of billionaires under the age of 30.
