diff --git a/electrum/gui/qml/qedaemon.py b/electrum/gui/qml/qedaemon.py
index d31f16bb2..ebca6082b 100644
--- a/electrum/gui/qml/qedaemon.py
+++ b/electrum/gui/qml/qedaemon.py
@@ -43,6 +43,11 @@ class QEWalletListModel(QAbstractListModel):
     def add_wallet(self, wallet_path = None, wallet: Abstract_Wallet = None):
         if wallet_path == None and wallet == None:
             return
+        # only add wallet instance if instance not yet in model
+        if wallet:
+            for name,path,w in self.wallets:
+                if w == wallet:
+                    return
         self.beginInsertRows(QModelIndex(), len(self.wallets), len(self.wallets));
         if wallet == None:
             wallet_name = os.path.basename(wallet_path)
@@ -117,7 +122,7 @@ class QEDaemon(QObject):
             wallet = self.daemon.load_wallet(self._path, password)
             if wallet != None:
                 self._loaded_wallets.add_wallet(wallet=wallet)
-                self._current_wallet = QEWallet(wallet)
+                self._current_wallet = QEWallet.getInstanceFor(wallet)
                 self.walletLoaded.emit()
                 self.daemon.config.save_last_wallet(wallet)
             else:
diff --git a/electrum/gui/qml/qewallet.py b/electrum/gui/qml/qewallet.py
index 1b25d2802..0604cbf43 100644
--- a/electrum/gui/qml/qewallet.py
+++ b/electrum/gui/qml/qewallet.py
@@ -18,6 +18,19 @@ from .qetransactionlistmodel import QETransactionListModel
 from .qeaddresslistmodel import QEAddressListModel
 
 class QEWallet(QObject):
+    __instances = []
+
+    # this factory method should be used to instantiate QEWallet
+    # so we have only one QEWallet for each electrum.wallet
+    @classmethod
+    def getInstanceFor(cls, wallet):
+        for i in cls.__instances:
+            if i.wallet == wallet:
+                return i
+        i = QEWallet(wallet)
+        cls.__instances.append(i)
+        return i
+
     _logger = get_logger(__name__)
 
     # emitted when wallet wants to display a user notification