Oct. 21 (UPI) -- The number of millionaires in the world increased to 46.8 million in the past year, according to a study released Monday.
The world added 1.1 million millionaires from the middle of 2018 to the middle of 2019 with the United States leading the way by adding 675,000 new millionaires during that period, Credit Suisse Research Institute's Global Wealth Report found.
Overall the world's billionaires are now worth a combined $158.3 trillion, holding 44 percent of the world's total wealth.
Despite the increase in millionaires, wealth inequality declined as the bottom 90 percent of the world accounts for 18 percent of global wealth compared to 11 percent in 2000.
The decrease in inequality was credited to a rising global middle class, as the number of people worth between $10,000 and $100,000 has tripled to 1.7 billion since 2000.
Overall global wealth increased by 2.6 percent to $360 trillion and wealth per adult reached a record high of $70,850.
The United States led the contribution to global wealth growth with $3.8 trillion, followed by China at $1.9 trillion and Europe at $1.1 trillion.
China also recorded more members of the global top 10 percent than the United States for the first time with 100 million to the United States' 99 million.