Economy

Global wealth 27pc higher than a decade ago

Global wealth 27pc higher than a decade ago”

Credit Suisse's annual Global Wealth Report determined that 1.1 million Americans became new millionaires in 2017, bringing the total number of millionaires in the country to 15,356,000-roughly one out of every 20 Americans.

This reflected widespread gains in equity markets matched by similar rises in non-financial assets, which moved above the pre-crisis year 2007's level for the first time this year, the institute observed.

By comparison, China contributed $1.7 trillion to the global wealth gain.

And between mid-2016 and mid-2017, global wealth grew by 6.4 percent-its fastest pace in five years-allowing the mean wealth per adult to reach a record high, the study showed. Nearly half of the newest dollar-millionaires were in the United States (1.1 million), while the main Eurozone countries - Germany, France, Italy and Spain - gained 620,000 due to a 3% rise in the euro against the U.S. dollar.

Emerging economies are expected to generate wealth at a faster pace than their developed peers and are likely to achieve a 22 per cent share in global wealth at the end of the five-year period. India bettered the global growth rate with a 10 per cent, or $451 billion, increase in household wealth to $5 trillion.

Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $537,600 in 2017, followed by Australia $402,600. Singapore with $268,800 ranked ninth among major economies.

Wade also flagged that Credit Suisse's private banking business has launched a suite of digital services for this growing cohort, including the Credit Suisse PB APAC app.

The wealthiest 1 per cent of the world's population now owns more than half of the world's wealth, according to a new report.

It significantly rose from the US$115,560 in 2000. This generation was not only hit by capital losses from the global financial crisis, but faced first-hand the subsequent unemployment, increased income inequality as well as higher property prices, tighter mortgage rules, and in some countries, a considerable rise in student debt.

The next tier down, the 7.9 per cent who own between US$100,000 and US$1 million, possess 39.7 per cent of the world's wealth ($111.4 trillion). There are now 36 million millionaires in the world, and their numbers are expected to grow to 44 million by 2022. Of those, the biggest change in recent years has been in financial assets, which have soared.



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