3745
Credit Suisse: Global Household Wealth at $263t
World Economy

Credit Suisse: Global Household Wealth at $263t

The Credit Suisse Research Institute Thursday released its fifth annual Global Wealth Report, which finds that from mid-2013 to mid-2014 aggregate global household wealth increased by 8.3% in current dollar terms to $263 trillion, despite an ongoing challenging economic environment, Business Intelligence Mideast reported.
Key findings of the report include:
- Global wealth stands 20% above its pre-crisis peak and 39% above its 2008 low.
- Wealth is likely to rise by nearly 40% in the next five years, reaching $369 trillion by 2019, according to our estimates.
- Emerging markets are to increase their share of global wealth to 21% by 2019, with China alone expected to represent nearly 10% of global wealth against just over 8% today.
- Wealth inequality has increased since 2008, especially in emerging economies like China and India.
- The USA has achieved a sizable increase in wealth since mid-2013, with a rise of $8.9 trillion. It will remain the undisputed leader in terms of aggregate wealth, with total net worth of more than $114 trillion by 2019.
- In Europe, wealth per adult has increased by more than 10% as a result of a strong recovery in asset prices.
- Switzerland ranks highest in average wealth, and has reached a new high of $581,000 per adult. Median wealth per adult in Australia, however, stands at $225,000, far outstripping Swiss median wealth of $107,000.
- The number of millionaires worldwide is to increase by about 53% in the next five years, reaching 53.2 million in 2019.

 Rise in Millionaires
Giles Keating, Global Head of Research for Private Banking & Wealth Management, Credit Suisse, said: “The fifth annual Credit Suisse Global Wealth Report shows a $20.1 trillion rise in wealth to $263 trillion. North America and Europe stand out this year, with percentage gains exceeding 10% in both cases. Developing economies have lagged as a result of weaker asset prices and currency pressures.”
Credit Suisse Research Institute’s Markus Stierli said: “This year’s report puts wealth inequality under the lens, and the findings show that inequality has tended to rise since 2008, particularly in developing economies. The financial crisis has acted as a breakpoint in inequality, as most countries were showing a flat or declining trend before 2007.”

 Changes  
In the (P)GCC, total wealth stood at $1,719 billion in 2014, growing 4.75% from 2013. Total wealth in Saudi Arabia and UAE grew by 5%, while Bahrain, Kuwait and Oman witnessed 4% growth from the same period last year. Average wealth per adult rose by 3% both in Saudi Arabia and the UAE. In Kuwait, Oman and Qatar, average wealth per adult grew by 2% in each market.
Wealth growth in the region has outpaced global growth since 2000. Aggregate wealth per adult in the (P)GCC has grown by 236% against 125% for the world, while wealth per adult has grown by 110% against 77% for the world. Financial wealth has been a key driver of growth over the last 15 years, growing at double the pace of non-financial wealth.
Total global household wealth increased in current dollar terms to $263 trillion, or $56,000 per adult in the world, an all-time high for average net worth. This is underpinned by a strong recovery in asset prices. On a regional basis, North America and Europe led the gains with increases of about 11%.

Short URL : http://goo.gl/Hgbez6

You can also read ...

Najib Says Malaysia Reserves at $100 Billion
Malaysia’s international reserves, which amount to more than $...
For the full year 2017, GDP growth may be slightly higher than the 1.4% estimated in the previous bulletin, the Bank of Italy said.
Fitch Ratings has affirmed Italy's sovereign rating at 'BBB'...
Japan Faces Huge Challenges
Is Japan’s problem-plagued economy finally turning a corner?...
Pakistan Economy Teetering as Pleas for Remedy Mount
Pakistan is showing clear signs of economic meltdown amid...
If NAFTA is scrapped, some economists predict that the big automakers would just shift production altogether to Europe or Asia.
America’s federal government finished fiscal 2017 with a...
GE is maker of power plants, jet engines, medical devices and other  industrial equipment.
General Electric Co’s new chief executive vowed to shed more...
Chinese stocks have steadily moved upward since June.
Investor confidence in China’s securities market remains...
Fed Chair Race Heats Up
President Donald Trump said he’s considering Stanford...

Trending

Googleplus