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This will have helped the middling rich, who have much of their assets in public markets, more than the very rich who rely more on alternative investments such as hedge funds and private equity.

Looking ahead the report expects somewhat slower growth in wealth, particularly for the developed world.Last year was exceptional in that global stock markets rose by 21 per cent, a performance unlikely to be repeated.One of the effects of quantitative easing does seem to be that owners of assets have benefited relative to earners, and QE in the US is coming to an end and in the UK has already done so.Mr Trump – slogan “Make America Great Again” – in a statement that rising property values in New York City, San Francisco, Miami explained the rise in his wealth from the nearly bn he had estimated when he launched his campaign last month.Among the disclosers were a m gain earned by Mr Trump’s stock-picking skills and more than 3m for his role hosting the NBC talent show The Apprentice over 14 seasons – he turned down the offer of a 15th season this year to run for president.

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