Average wealth above $50K; sets all-time high: Credit Suisse

In all other regions – especially China and India – non-financial assets accounted for most of the increase

October 17, 2013 1:14 IST | India Infoline News Service
Global wealth has reached a new all-time high of USD 241 trillion, up 4.9% since last year and 68% since 2003, with the USA accounting for 72% of the latest increase. Average wealth per adult reached a new alltime high of USD 51,600, with wealth per adult in Switzerland returning to above USD 500,000, Credit Suisse Research said.
We expect global wealth to rise by nearly 40% over the next five years, reaching USD 334 trillion by 2018. Emerging markets are responsible for 29% of that growth. China will account for nearly 50% of the increase in emerging economies’ wealth. Wealth growth will primarily be driven by growth in the middle segment, but the number of millionaires will also rise markedly over the next five years, the research company said.

The change in financial assets dominated in North America and Asia-Pacific. In all other regions – especially China and India – non-financial assets accounted for most of the increase. Household debt also rose according to our figures. Although the global rise of 1.7% was relatively small, India and China recorded sizeable increases: 16% and 20%, respectively.

Asia-Pacific countries excluding China and India have 5.2 million members (17%), and we estimate that there are now more than one million HNW individuals in China (3.6% of the global total). The remaining 804,000 HNW individuals (2.5% of the total) reside in India, Africa or Latin America.

Worldwide we estimate that there are 98,700 UHNW individuals, defined as those whose net worth exceeds USD 50 million. Of these, 33,900 are worth at least USD 100 million and 3,100 have assets above USD 500 million. North America dominates the regional rankings, with 48,000 UHNW residents (49%), while Europe has 24,800 individuals (25%), and 14,200 (14%) reside in Asia-Pacific countries, excluding China and India.

A strong showing of UHNW individuals is also evident in Turkey (1,210), which moved up a couple of places and in India (1,760), Brazil (1,700), Taiwan (1,370) and Korea (1,210), all of which retained their positions in last year’s country rankings.

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