Global household wealth grew last year by 5.2 million, with global household wealth continuing to climb.

Credit Suisse's latest worldwide wealth study indicated that adult wealth rose 6% to $79,952 (£57,598) last year.

Domestic price rises and stock market resurgence contributed to an increase in millions of people by 5.2 million last year to 56.1 million.

Between January and March last year, the total worldwide household wealth fell 17.5 billion dollars (£12.6 billion) or 4.4 percent but was largely reversed until the end of June.

The total global wealth of the household has increased by 7.4% to $418.3 billion at the end of the year, or $28.7 trn (~£20.7trn).

"The global wealth not only remained constant in the midst of this instability but also expanded significantly in the second half of the year." Anthony Shorrocks, economist and reporter, stated.

"The production of wealth in 2020 seems totally separated from the economic problems arising from COVID-19.

"When asset prices increase, the worldwide wealth of the household might well have decreased."

"There is nothing denying the action taken by governments and central banks to develop massive income transfer programs that support people and businesses who have been affected more seriously by the pandemic and lower interest rates," said Nannette Hechler-Fayd'herbe, Chief International Innovation Officer and Global Head of Economics and Research at the Credit Suisse Group.

She added: "Central banks have probably been most affected by decreased interest rates.

"These are the main reasons why stock prices and property prices have grown and these are immediately reflected in our household wealth assessments."