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UK Rises To Fourth In World Wealth Chart

UK Rises To Fourth In World Wealth Chart

The average UK adult is worth £83,000, according to a world wealth table which also highlights growing inequality between rich and poor worldwide.

The Credit Suisse Global Wealth Report found that the UK's ranking by median wealth had climbed to four - behind New Zealand, Australia and Belgium respectively - reflecting greater home ownership in these countries.

But wider findings in the study, which covered the 12 months to 30 June, suggested the first annual decline in global wealth since the financial crisis in 2008.

It cited the effects of a strong dollar in particular but also weaker stock markets - largely a consequence of cooling developing market economies and the collapse in world oil prices.

The report found currency fluctuations knocked $12.4tn (£8.1tn) from global wealth during the period - with only China enjoying a slight appreciation from the US currency over the period.

It also said that the wealthiest 1% of the global adult population now laid claim to 50% of total wealth - with the UK accounting for the second-largest percentage of high net worth individuals.

The global statistic, the report said, was skewed by inequality in the US which is home to 46% of the world's richest individuals.

Median wealth in the US over the period stood at $49,800 (£32.700) - 60% lower than the UK total.

Its research also highlighted the huge financial pain inflicted on Russia as a result of the oil price plunge and sanctions imposed on it over its actions in Ukraine - with the rouble suffering terribly against the dollar during the 12-month period.

It noted a drop of 40% in the country's net worth alongside a 35% fall in the value of the Russian stock market.