POST Online Media Lite Edition



 

Global wealth rises despite trade tensions

Christian Fernsby |
Credit Suisse Research Institute publishes its tenth edition of the Global Wealth Report, the most comprehensive and up-to-date source of information on global household wealth.

Article continues below



Topics: WEALTH    TRADE   

Global wealth grew during the past year up 2.6% to USD 360tn and wealth per adult reached a new record high of USD 70,850, 1.2% above the level of mid-2018. US, China and Europe contributed the most towards global wealth growth with USD 3.8tn, USD 1.9tn and USD 1.1tn respectively.

Viewed in terms of wealth per adult, Switzerland tops the winners (up USD 17,790) followed the United States (USD 11,980), Japan (USD 9,180) and the Netherlands (USD 9,160).

The main loser was Australia (down USD 28,670) largely down to exchange rate effects, with other significant losses in Norway (down USD 7,520), Turkey (down USD 5,230) and Belgium (down USD 4,330).

Estimates for mid-2019 show 46.8 million millionaires worldwide, up 1.1million on 2018. The United States added more than half of this number – 675,000 new millionaires – to its sizeable stock.

The decline in average wealth in Australia resulted in 124,000 fewer millionaires, but losses were relatively modest elsewhere, e.g. 27,000 in the United Kingdom and 24,000 in Turkey.

Among the UHNW group in mid-2019, the report estimates that 55,920 adults are worth at least USD 100 million, and 4,830 have net assets above USD 500 million. North America dominates the regional breakdown, with 84,050 members (50%), while Europe has 33,550 (20%), and 22,660 (14%) live in Asia-Pacific countries, excluding China and India.

This year, for the first time, China recorded more members of the global top 10% (100 million) than the United States (99 million).

Wealth inequality declined within most of the countries during the early years of the century. Today, the share of the bottom 90% accounts for 18% of global wealth, compared to 11% in the year 2000. While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future.

This year the report also assesses the performance of countries in real rather than nominal values taking into consideration the effect of inflation.

Emerging markets including China have become increasingly important to the world economy accounting for two thirds of real wealth gain since 2008, or double the contribution of North America.

China performs extremely well under real USD, current USD and Local Currency Unit

LCU) measures. Since 2008, average real USD wealth growth in Europe has been negative, in part due to retrenchment of the euro.

High-income Asia-Pacific countries have only a small role in this changing scenario and the rest of the world (including most of Africa and Latin America) simply offset the negative impact of Europe.

Global wealth is projected to rise 27% over the next five years, reaching USD 459 trillion 2024. Low-and middle-income countries are responsible for 38% of the growth, although they account for just 31% of current wealth.

Growth middle-income countries will be the primary driver of global trends. The number of millionaires will also grow markedly over the next five years to reach almost 63 million, while the number of UHNWIs will reach 234,000.


What to read next

Switzerland remains world's richest country
Offshore wealth to reach $11.2 trillion
Asia-Pacific solidifies position as world’s top wealth market

United flight from Chicago to Vegas makes emergency landing in Nebraska

 
A United Airlines flight from Chicago to Las Vegas was forced to make an emergency landing Saturday mid-trip.
 
 

Latest

Kerry pleads guilty and agrees to pay $19.228 million in connection with 2018 salmonella outbreak
Brazil sinks rusting old French aircraft carrier in Atlantic
China allowed truck entry on border with Tajikistan
110,000 more users affected in LG Uplus’ data breach

NEWS

Egypt's former prime minister dies at 67

Longest-serving president of Pakistan Pervez Musharraf dies
5.5-magnitude earthquake hits northern Chile
Chile expands emergency as deaths from wildfires rise
Fishing boat capsizes in South Korea, 9 missing
Over 200 evacuated from Vorkutinskaya coal mine in Komi due to smoke
 

BUSINESS

South Africa to construct new power transmission lines in northern province

Spain suffers amid severe shortage of drugs
Free travel will be extended to even more of London’s lowest paid transport workers
North Adriatic Hydrogen Valley project receives 25 million in grants
Croatia to pay MOL $235 mln in settlement of arbitration case for INA
€25 million EBRD loan to support new tram line in Sarajevo, Bosnia and Herzegovina
 

Trending Now

110,000 more users affected in LG Uplus’ data breach

Viatel Technology to create 50 Irish tech jobs

Egypt's former prime minister dies at 67

Kerry pleads guilty and agrees to pay $19.228 million in connection with 2018 salmonella outbreak


POLITICS

India to ban hundreds of Chinese-linked betting and loan lending apps

UK and coalition partners announce price caps on Russian oil products
Fiji ends training and exchange agreement with China
France mulls extending nuclear reactors' lifespan
PM: Decisions by Commission for Emergency Situations help Moldova get out of winter with dignity
Denys Shmyhal: We expect duty-free trade with the EU to be extended until the end of 2024
 

Today We Recommend

Fiji ends training and exchange agreement with China


Highlights 

Viatel Technology to create 50 Irish tech jobs

Aon Q4 income decreased 24%

ASSA ABLOY Q4 sales increased by 28%


COMPANIES

Viatel Technology to create 50 Irish tech jobs

Ethiopian Airlines inaugurates second aviation academy campus in Hawassa
Statkraft and INEOS Inovyn sign new long-term green power agreements
Portugal's Parliament approves inquiry into TAP airline
Iberdrola launching new call for master's scholarships for Spain and UK
At Lufthansa Cargo, world's first freighter to take off with CO2-efficient AeroSHARK technology
 

CAREERS

Satu Rautavalta appointed new CEO of Pimatic

Exothera appoints Darren Leva as chief business officer
Vesta taps Shimon Steinmetz as CFO
Bruno Ultra Barcelos appointed managing director of Ethypharm UK
Syntach names Patrick NJ Schnegelsberg as new CEO
Chiesi appoints Giuseppe Accogli as new group CEO
 

ECONOMY

U.S. employment spikes in January, unemployment down

U.S. services PMI jumped
Türkiye inflation higher than expected at nearly 58%
West Virginia January revenue surplus continues to show opportunity for tax cuts is now
Indonesia: Inflation decelerates in January
Germany's foreign trade balance sees surplus of 10.0 billion euros in December 2022
 

EARNINGS

United States Steel Q4 earnings $174 million

Skechers Q4 sales increased 13.5%
Bosch posts sales growth
Cigna income $6.7 billion
Aon Q4 income decreased 24%
ASSA ABLOY Q4 sales increased by 28%
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Free practical forestry training courses available in UK

Hong Kong suspends import of poultry meat and products from Kagoshima Prefecture, Japan
Share of Russian agricultural exports to friendly countries grows to 82% in 2022
Ministry of Agriculture: Yangtze River fishing ban sees positive progress
Netherlands: Gross seed onion yield down 17.2 percent
Price growth led to record start for Norwegian seafood exports in 2023
 

LEADERSHIP

Lucky CEO means bad luck for hiring company

Product images could boost food pantry use
The madness of fast service: I want it now!
How to build a resilient brand
Only 32% of employees believe their pay is fair
Corporate duty waivers limit organic company growth and innovation
 

CRIME

UK: Serious Fraud Office secures three convictions in $500 million trade finance fraud

AG for District of Colubia: $1,950,000 available for eligible Drizly drivers as result of tip-theft investigation
North Carolina: 52 stores pay fines for price scanning errors in 33 counties
EAO issued third fine for Coastal GasLink project
Dutch central bank fines cryptocurrency exchange Coinbase 3.3 mln euros
Bloomberg to pay $5 million for misleading disclosures about its valuation methodologies for fixed income securities
 

Magazine

TRAVEL

Legend Rock Petroglyphs in Wyoming, history right in front of you

La Chandeleur in Paris: Crêpe Day for all of you
Tru by Hilton Monterrey Fundidora hotel opens in Mexico
IntercityHotel Berlin Airport BER opens
Art After School, the perfect way to spark imagination in your child
The world's biggest food fair in Berlin you don't wanna miss
 

SEA, LAND, AIR

2024 Range Rover Velar, pure greed and distraction

Honda Pilot TrailSport, fully equipped SUV with great ground clearance
2024 Corvette E-ray, electrified 4WD
Jaguar I-PACE is now more distinctive
2023 Toyota Prius expected this January
2023 Lincoln Corsair, advance features and ActiveGlide
 

DESIGN

Curved sofas, elegant and gentle

Solios watches, from nature to luxury
Coats of faux fur, but not of faux style
Redifining kitchen space and experience with workstations
Dinning sofas, a soft addition to a modern dinning table
Patchwork carpets, vintage Persian carpets made with unparalleled skill
 

GADGETS

Samsung Galaxy S23 smartphones, cameras with possibility to make calls

Harman Luxury Audio introduces new JBL Classic Series
KEF KC62, audio excellence and design ingenuity
Panasonic announces flagship OLED TV MZ2000
McIntosh MC451, 150 Watt vacuum tube and 300 Watt solid state amplifier
Headonia 2A3, luxury headphone amplifier that comes with gloves
 

HEALTH

Urinary incontinence, a condition that shouldn't be embarrassing

Synthetic opioids will be banned as UK government acts to stop drug deaths
Japan gives priority review status to Alzheimer's drug developed by Eisai, Biogen
Working group proposes on how to make Finland tobacco-free by 2030
Study: Merck COVID-19 pill linked to virus mutations
South Africa authorises roll out of COVID-19 boosters to fight Omicron variant
 

MEANTIME

Astronomers observe light bending around an isolated white dwarf

Webb telescope catches early galaxy formation in action
Straigh and gay men both prefer masculine men for important jobs
Green comet to visit Earth after 50,000 years
Astronomers captured spectacular, ongoing collision between at least three galaxy clusters
NASA system predicts small asteroid to pass close by Earth this week