(Bloomberg) -- Private wealth will expand at a weaker pace through 2020 than previously forecast because the global economy isn't advancing as quickly as expected, according to Credit Suisse.

Wealth is now expected to expand 6.6% a year to $345 trillion through June 2020, the Zurich-based bank said in its annual wealth report on Tuesday. That compares with last year's projection of an increase of 7% a year to $369 trillion by 2019.

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