Global wealth up 4.6% to $317trn with Switzerland at the top: Credit Suisse report
Total global wealth rose 4.6% to $317trn in the 12 months from mid-2017 to mid-2018, outpacing population growth, according to Credit Suisse Research Institute’s 2018 Global Wealth Report.
Despite a slight decline in fortunes, the Swiss still enjoy the highest mean wealth per adult. The report, released on Thursday, estimated the average fortune of a Swiss adult to be $530,240 (CHF527,707) compared to $537,600 the previous year. The Alpine nation still comes out on top, followed by Australia ($411,060) and the United States ($403,970).
The US contributed most to global wealth, adding $6.3trn, taking its total to $98trn and continuing its unbroken run of growth in total wealth and wealth per adult every year since 2008.
“The United States continued its unbroken spell of wealth gains since the global financial crisis, adding another $6 trillion to the stock of global wealth,” Credit Suisse’s annual report noted, saying that rising household wealth in the US was “seemingly relentless.”
China is now clearly established in second place in the world’s wealth hierarchy, adding $2.3trn to take its total to $52trn. A projected addition of a further $23trn in the next five years would take its share of global wealth from 16% in 2018 to just above 19% in 2023.
Wealth per adult grew by 3.2%, raising global mean wealth to a record $63,100 per adult.
Non-financial assets were the main growth drivers in all regions except North America, and accounted for 75% of wealth growth in China and Europe, and 100% in India.
Singapore’s wealth per adult has increased more than 146% since 2000, mainly from high savings, asset price increases and a rising exchange rate from 2005 to 2012. Its average debt of $53,000, equal to 16% of total assets, is moderate for a high-wealth country, said Credit Suisse.
The number of millionaires in Singapore grew 11.2% to 183,737 people, and is expected to grow by 5.5% per annum in the next five years to reach 239,640 people.
Ultra high net worth individuals, who together hold more than $50 million in wealth, numbered about 1,000 people in mid-2018, a 1.1%increase.