Global market research firm New World Wealth has estimated that the UK’s total wealth – the private wealth held by all individuals in the country, including assets – is $8.7 trillion (£7.1 trillion).

But that figure fell by 5pc in 2015, from $9.2 trillion, thanks primarily to the decreasing value of sterling since the vote to leave the European Union.

France, Italy and Germany also saw a decrease in their total private wealth. France’s figure of $6 trillion, which marked a 10pc fall from 2015, was due to lack of new businesses forming and a large outflow of millionaires from the country, the report found.

Italy, meanwhile, fell from $5 trillion to $3.9 trillion – a drop of 12pc – because of the country’s high state pension obligations and fears of a banking crisis.

Germany experienced a 6pc decrease to $8.7 trillion thanks to the outflow of millionaires, the migrant crisis and a loss of jobs to Asia.

The United States topped the table with total private wealth of $51.3 trillion, while China came in second with $19.1 trillion. In third place was Japan, with $16 trillion.

The big movers in 2016 were India, which was up 12pc to $6.2 trillion, and Canada, up 15pc to $5.4 trillion.

Australia also grew strongly, up 11pc to $5 trillion. New World Wealth revealed last month that Australia was the world’s most popular country for migrating millionaires, who are drawn Down Under by its proximity to emerging markets in Asia and its successful healthcare system.

An estimated 11,000 millionaires made their way to Australia last year, putting it on top of the table for the second year in a row. That compared to 10,000 who moved to the United States, and 3,000 who moved to the UK.

The report also reveals Monaco is comfortably the world’s wealthiest country per capita, followed by Liechtenstein and Luxembourg.

The average private wealth per person in Monaco is $1.7m, reflected by its tax haven status and prime location on the French Riviera.