The Global Wealth Report by Credit Suisse Research Institute has revealed that total global wealth soared to $317tn during the 12 months to mid-2018, representing an increase of 4.6%.

The 2018 report added that the rise outpaced population growth, where wealth per adult grew by 3.2%, reaching global mean wealth of $63,100 per adult.

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According to the report, the US had a majority share in global wealth with $98tn. China stood second with a total of $52tn, and is expected to hold nearly 19% of global wealth by 2023.

International wealth management regional chief investment officer for EMEA, Michael O’Sullivan said: “Much of the year-on-year variation in wealth levels can be traced to changes in asset prices and exchange rates and had the heaviest impact in Latin America and parts of Asia Pacific.”

Switzerland the most mean wealth per adult. Additionally, the report says that 40% of the global wealth is currently held by women.

Credit Suisse predicts global wealth to increase by approximately 26% over the coming five years to $399tn by 2023. The proportion of millionaires is also expected to surge to a new all-time high of 55 million.

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While North America and Europe currently amount to 60% of total household wealth, economist and report author Anthony Shorrocks projects that emerging economies will recover and catch up by 2023.

Shorrocks noted: “Since the global financial crisis, wealth inequality has trended upward, propelled in part by the rising share of financial assets, and a strengthening US dollar.

“These underlying factors appear to be waning, so it seems more likely that wealth inequality will fall in future rather than rise.”