We are currently witnessing a seismic shift in the location of wealth around the world. The rise of the market economy in both former and current communist states, together with globalisation, technological and demographic change, and a growing thirst for commodities, have combined to produce conditions under which the mass creation of wealth has been made possible in many low-income countries around the world.

Over the coming decade, the gap in wealth between the world's most developed countries and the leading ‘emerging markets’ will continue to narrow.

At the same time, the continuing economic dominance of the world’s established powerhouses can no longer be taken for granted. This shift in the balance of power is already well under way, as can be seen from the way in which countries such as China, India and the Gulf nations are being relied upon to sustain the momentum of the global economy as developed countries in North America and Europe start to run out of steam.

Over the coming decade, the gap in wealth between the world's most developed countries and the leading ‘emerging markets’ will continue to narrow, with many new millionaires created in China, India, Russia and other countries that are undergoing rapid development. This trend suggests that a point will soon come when it is more appropriate to say that these countries are central players in the global economy, and should no longer be classed as emerging or developing.

The rapid rate of growth and often spectacular returns from local equity and real estate markets have attracted a new and often inexperienced investor public in the new wealth centres. Home bias and an undiversified approach to the allocation of assets is a common characteristic and investor education will play an increasingly important role. Barclays Wealth Insights ‘Evolving Fortunes’, examines how personal wealth will change over the coming decade in 50 countries around the world, and explores the factors that will drive these trends. Our analysis is based on a new Household Wealth Index, created especially for this report, which predicts how the global distribution of household wealth will change over the next ten years. For investors, entrepreneurs and executives who are keen to understand the changing patterns and flow of personal wealth, the forecast paints a vivid picture of a rapidly evolving global financial landscape.