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Private wealth around the globe has reached £121tn as the number of millionaires shot up Reuters

The number of millionaires around the globe has skyrocketed as total private household wealth reaches $152tn (£121tn).

Private wealth jumped by 15% from $90tn (€66.5tn, £53.7tn) last year, according to a report from the Boston Consulting Group, whilst the total amount of households around the world which surpassed the $1m mark surged from 13.7 million in 2012 to 16.3 million in 2013.

The study says that the confidence that has been placed back in the stock markets is one of the main reasons behind the rise.

"In nearly all countries, the growth of private wealth was driven by the strong rebound in equity markets that began in the second-half of 2012," the report read.

Global wealth was also boosted by strengthening economies in the Asia pacific region, particularly China where private wealth rose by 49%.

China is the world's fastest growing economy and the report estimates that China will overtake Europe eventually with predictions that its private wealth will rise to almost $61tn by the end of 2018, placing it behind the United States.

"At this pace, the region is expected to overtake Western Europe as the second-wealthiest region in 2014, and North America as the wealthiest in 2018," the report continued.

For now, North America remains the strongest region, although its growth rate is dwarfed by that of China as it grew by 15.6% to $50.3tn.

It was a case of slow and steady for Western Europe as collective wealth reached $37.9tn – an increase of 5.2%.

"This performance was spurred by relative economic stability in Europe and the US and signs of recovery in some European countries, such as Ireland, Spain and Portugal," added BCG.