The report, drawing on data from Warc’s annual survey of global advertising dating back to 1980, also reveals that the US now spends less per head on advertising than it did 10 years ago.

China was the fastest-growing of all the 90 markets included in the survey over the last decade, with over 80% of its current value generated during that period.

Following China in the growth rankings was the Pan Arab market, which incorporates spend booked across the Middle East region (excluding Israel), with an additional $12.6bn spent on advertising between 2005 and 2014, mostly for TV spots.

TV and internet were the only media to have gained share of global ad expenditure over the last ten years – of the $519.6bn spent on advertising worldwide last year, television accounted for two in every five dollars.