People living in Switzerland are by far the wealthiest of those in any major economy around the world, and they are getting richer, according to the latest Global Wealth Report from the Credit Suisse Research Institute.
"In terms of personal wealth, our estimates show that, on average, the Swiss are eleven times wealthier than the average world citizen. They are approximately twice as wealthy as citizens of the United States, the United Kingdom and France, almost three times as wealthy as Germans and 25 times better off than the average Chinese citizen," says Credit Suisse's report.
Hovewer, data showed that the global inequality in terms of wealth distribution is on the rise. The report estimates that the top 1% of wealth holders now own 50.8% of global household assets, which is above the levels of 2000. Changes in wealth inequality happen slowly, making it difficult to identify the drivers of these trends.
“Our calculations indicate that the top 1% of global wealth-holders started the millennium owning 49.6% of all household wealth. This share declined slowly and steadily until it reached 45.4% in 2009. The downward trend then reversed and the share rose each year, passing the 2000 level in 2014. We estimate that the top percentile now own 50.8% of global household assets", the report added.
The highest rise in wealth among individual countries was achieved by Japan with a total increase of $3.9 trillion, followed by a $1.7 trillion rise in the US. Impact of adverse currency movements caused wealth to fall in every region except the Asia-Pacific.
The UK suffered a significant drop in wealth in 2016, with $1.5 trillion being wiped off household wealth in response to the Brexit vote, which triggered a sharp decline in exchange rates and the stock market.
“The impact of the Brexit vote is widely thought of in terms of GDP but the impact on household wealth bears watching. Since the Brexit vote, UK household wealth has fallen by USD 1.5 trillion. Wealth per adult has already dropped by $33,000 to $289,000 since the end of June. In fact, in US dollar terms, 406,000 people in the UK are no longer millionaires,” said Michael O’Sullivan, Chief Investment Officer of International Wealth Management at Credit Suisse.
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