The world’s millionaire population will leapfrog to 53 million from 35 million over the next five years, supported by an explosion of wealth in emerging markets, according to Credit Suisse.
China will be a large driving force in the growth of global wealth, alongside Indonesia, India, Mexico and Brazil, the bank said.
The number of Chinese millionaires is set to double to more than 2 million by 2019, the bank projects. While Indonesia, India, Mexico and Brazil, will see substantial increases of 64 percent, 61 percent, 57 percent and 47 percent, respectively.
Outside of developing economies, the U.S., France, the U.K. and Germany will also churn out their fair share of millionaires.
The U.S. is home to around 14.2 million millionaires, the largest share globally. It’s expected to hold on its throne, with the number of millionairesseen growing almost 40 percent to 19.7 million by 2019, according to the bank.
Millionaires aside, overall household wealth is forecast to grow notably over the next five years. Average wealth per adult worldwide will rise by over 30 percent, or $18,000, to $74,000, the bank projects.
Median wealth per adult in China, currently at $7,000, could grow at more than twice the rate in the United States, reaching $11,400 in 2019, the bank said.
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In India, the growth rate will be well above the global average, rising by 37 percent to $6,400 per adult.
Still, in terms of wealth per adult, Switzerland will remain the undisputed leader, followed by Australia and Sweden.
Switzerland’s average wealth per adult rose to a new world record of $581,000 this year. It is the first – and so far only – country in which average wealth has exceeded $500,000. By comparison, the average wealth per adult in Australia stands at$430,800.
“The composition of household wealth in Australia is heavily skewed towards real assets, In part, it reflects a large endowment of land and natural resources relative to population, but it is also a result of high urban real estate prices,” the bank said.