Americans are the fourth wealthiest people in the world based on their average net worth of about $301,000, putting them behind Switzerland, Australia and Norway, according to a new Credit Suisse report.

Don't break out champagne. Happy days aren't here again. 

A huge difference between average net worth and median net worth in the United States highlights income inequality in the country. (Editor's Note: The amount by which the individual's assets exceed their liabilities is considered the net worth of that person. The median figure is the point at which half of people are richer than you and half are poorer than you.) Based on their median net worth of $44,900, Americans rank as the 19th wealthiest, below much of the Western world, the Credit Suisse Global Wealth report reveals.

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That's because extremely wealthy Americans increase the difference between the average and median figures. The United States has by far the largest number of the world's wealthiest top 1 percent and 42 percent of the world’s millionaires. The nation has nearly eight times as many ultra-high net worth people, those with more than $50 million, as that of the next country, China.

Although varying widely between countries, inequality is also a global issue, according to the report. Average wealth reached a new high of $51,600 per adult, but the world's top 10 percent owns 86 percent of the wealth, while the bottom half holds barely 1 percent.

The housing market recovery and bull market for stocks fueled the increase in wealth in the United States. Although Japan also had a strong bull market, Japanese didn't benefit as much as they don't own as much equities as Americans.

The researchers predict global wealth will increase nearly 40 percent during the next five years, with emerging markets accounting for 29 percent of that growth.

In terms of median net worth, Australia, France and Italy led the list in that order.

"Americans tend to think of their middle class as being the richest in the world, but it turns out, in terms of wealth, they rank fairly low among major industrialized countries," Edward Wolff, a New York University economics professor, tells CNNMoney.

Income inequality is very destabilizing and is increasing the divisions in the country, Goldman Sachs Chairman and CEO Lloyd Blankfein told CBS.

"The divisions could get wider," Blankfein says. "It's a very big issue and something that has to be dealt with."

We must find a way to "make the pie grow," he says. "Too much of the GDP over the last generation has gone to too few of the people."

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