Global wealth more than doubled since 2002: report

GENEVA, Dec. 6 (Xinhua) -- The world is expected to generate 60 trillion U.S. dollars over the next five years, the Credit Suisse Research Institute said Wednesday.

The overall pace of wealth creation will be relatively moderate, the report produced by the research arm of Switzerland's second biggest bank said.

"Unsurprisingly, emerging markets will advance more dynamically than their developed peers," the report noted.

And in terms of wealth segments, nearly a quarter of the global population will belong to the middle class by 2022.

"China, India and the Eurozone also made major contributions to the new record level of global wealth, equivalent to 56,540 U.S. dollars per adult," said the report.

Since the year 2000, global wealth more than doubled the report said.

However, the global financial crisis severely altered the pace and the pattern of wealth creation observed until 2007.

Evident differences divided the first decades of the new century into two distinct periods: the pre- and the post-financial crisis.

Prior to the crisis, global wealth grew at an annual pace of 9.5 percent.

"After recording a very sharp decline of minus 12.6 percent in 2008, the wealth aggregation resumed at a much more moderate rate of just 3.8 percent per year. And it doesn't seem to speed up anytime soon," said the report.

The report projects that in the coming years wealth will continue to grow at a very similar pace and by 2022 the world should get richer by 60 trillion U.S. dollars.

While the annual rate of wealth increase is projected to be 3.3 percent for developed markets, which is slightly below the global average, the estimate for emerging economies is nearly double at around 6.5 percent, says the report.

Between 2000 and 2017, emerging markets have increased their share of global wealth from 11 percent to 19 percent.

"And they are set for further growth: In the next five years they are expected to accumulate wealth twice as fast as developed markets and hold as much as 22 percent of global wealth," says the Credit Suisse Institute. Enditem