The Swiss are 11 times wealthier than you, according to the latest Global Wealth Report, which profiles the world’s richest people.
Now in its seventh edition, the Credit Suisse research reveals that Swiss residents are, on average, 11 times richer than the typical world citizen. Indeed, since the turn of the century, Switzerland has led international tables in terms of average wealth. Furthermore, every year since 2012, wealth per adult has exceeded 500,000 dollars, a threshold not achieved by any other country.
In 2016, Switzerland’s total household wealth was 3.5 trillion dollars, or 1.4 per cent of global assets, despite the fact that it is home to just 0.1 per cent of the world’s adults. To be among the wealthiest 1 percent in Switzerland, a person requires a minimum of 5 million dollars. This is more than twice as much as it was at the turn of the century.
While Switzerland is doing exceptionally well, the 2016 Global Wealth Report reveals that overall wealth has seen much slower growth in the last year, with global wealth eding up by 1.4 per cent year-on-year, by USD 3.5 trillian to USD 256 trillion.
Wealth creation has kept pace with population growth, explains Credit Suisse. As a result, wealth per adult was unchanged last year for the first time since 2008, at approximately USD 52,800. Among the major economies, the USA and Japan were able to generate substantial additional wealth, while the UK recorded a significant decline as a result of currency depreciation following the country’s vote to leave the European Union.
The report further establishes that wealth inequality, measured by the share of the wealthiest 1 per cent and wealthiest 10 per cent of adults, as compared to the rest of the world’s adult population, continues to rise. While the bottom half collectively own less than 1 per cent of total wealth, the wealthiest top 10 per cent own 89 percent of all global assets. To be in that select group, a person needs USD 71,600. Half of all adults all over the world own less than USD 2,222, while those in the bottom 20 per cent own less than USD 248.
Interestingly, since the beginning of the century, the report reveals that emerging economies have significantly influenced the global allocation of wealth. In 2000, emerging economies accounted for 12 per cent of global wealth, but have contributed almost 25 per cent towards global growth since. Today, emerging nations are home to 18 per cent of the world’s ultra-high net worth population. China alone accounts for 9 per cent of the top decile of global wealth holders, which is well above France, Germany, Italy, and the UK.Google+