The UK was the only country in Europe to see its "ultra-wealthy" population shrink last year.

The number of ultra-wealthy individuals - those with $50M+ in net assets - rose by 10 per cent globally in 2017 according to a new report on global wealth.

The report, conducted by estate agency Knight Frank, found that the global ultra-wealthy population in 2017 stood at 129,730 worldwide. Between them, these individuals had a combined net worth of $26.4 trillion.

However, the UK has failed to keep pace with these global trends, with the number ultra-wealthy individuals resident in the country falling to 4,580, down by two per cent since 2016 and by six per cent since 2012.

This made the UK the only country in Europe to record negative growth in the past year.

Europe in general has struggled to match the pace of growth exhibited in other parts of the world, with a number of European countries such as Portugal, Italy and Spain registering low levels of growth.