The Strategist

Credit Suisse: Global wealth hits record high in 2019

10/22/2019 - 06:37

Total well-being of the world population from July 2018 to the end of June 2019 grew by $ 9.1 trillion, or 2.6%, and exceeded $ 360.6 trillion, according to the Global Wealth Report by Credit Suisse bank.

Ian Fisher
Ian Fisher
Due to the fact that welfare increased faster than population growth, the rate per adult increased by 1.2% and reached a record level of $ 70.849 thousand. Switzerland once again became the world leader in this category ($ 564.65 thousand), and Hong Kong came in second place ($ 489.26 thousand). They are followed by the United States ($ 432.37 thousand) and Australia ($ 386.06 thousand), which held second place a year earlier.

At the same time, Switzerland for the year showed the highest rate of increase in welfare per capita (by $ 17.79 thousand), followed by the United States (by $ 11.98 thousand). The most significant drop in this indicator was recorded in Australia (by $ 28.67 thousand), which is mainly due to changes in exchange rates.

As of mid-2019, there were 46.8 million people in the world with a fortune exceeding $ 1 million. Thus, their number grew by 1.1 million over the year.

The USA provided more than half of the global increase: 675 thousand millionaires appeared in the country, as a result of which their total number reached 18.614 million. This exceeded the aggregate indicator of new millionaires in the next nine countries of the rating (Japan, China, Germany, the Netherlands, Brazil, India, Spain, Canada and Switzerland).

The most significant losses in rich people were suffered by Australia (124 thousand, up to 1.303 million), Great Britain (27 thousand, up to 2.488 million) and Turkey (24 thousand up to 118 thousand). Also, the outflow of millionaires was noted in Saudi Arabia, Hong Kong, France and Greece.

The number of ultra-rich people, whose assets exceed $ 50 million, is now 168.03 thousand. Of these, 55.92 thousand people own wealth worth at least $ 100 million, 4.83 thousand people - more than $ 500 million.

The welfare of the world's population in the next five years will increase by about 27% and reach $ 459 trillion in 2024, Credit Suisse predicts. Countries with developing economies will account for about 38% of the total growth, although now their share in the global indicator is only 31%. The number of millionaires will also increase markedly and reach a new record of 62.9 million people.