Plunging property values mean the rally in equities has barely helped heal the wealth destruction over the last 18 months, according to research by McKinsey, which said the 30-year rise of financial globalisation "may now stall".

Global financial assets have fallen $28.8 trillion in value since the start of 2008 from a record of $194 trillion at the end of 2007, according to the research, which was conducted by the management consultancy's think-tank, the McKinsey Global Institute.