We study the evolution of the global stellar mass density in a Lambda cold dark matter universe using two different types of hydrodynamical simulations (Eulerian TVD and SPH) and the analytical model of Hernquist & Springel (2003). We find that the theoretical calculations all predict both a higher stellar mass density at z~3 than indicated by current observations, and that the peak of the cosmic star formation rate history should lie at z~5. Such a star formation history implies that as much as (70%, 30%) of the total stellar mass density today must already have formed by z=(1, 3). Our results suggest that current observations at z~3 are missing as much as 50% of the total stellar mass density in the Universe, perhaps owing to an inadequate allowance for dust obscuration in star-forming galaxies, limited sample sizes, or cosmic variance. We also compare our results with some of the updated semi-analytic models of galaxy formation.

17 pages, 4 figures. Accepted to ApJ. Newly added figures compare our results with those by a few semi-analytic models directly. Minor change of the title