Switzerland found to be the wealthiest country on earth in Global Wealth Report
The latest Global Wealth Report by Credit Suisse has found that Switzerland has the highest average wealth of any nation on earth. According to the bank, due to a sizeable community of extremely rich individuals, the mean assets of a person working and living in the alpine nation is 696.600 francs.
2022 Global Wealth Report by Credit Suisse
The Global Wealth Report by Credit Suisse analyses the state of the global economy by calculating the household wealth of 5,3 billion people from across the globe. To create the ranking, the Swiss bank looks at global wealth statistics from a number of major economies. These are calculated by finding the total value of financial assets held in each country - like stocks, bonds, insurance, real estate, consumer goods and other valuable items - and dividing it by the country's population.
In their latest report, Credit Suisse noted that “despite the uncertain times, aggregate global wealth grew by 12,7 percent in 2021” - the fastest aggregate growth rate ever recorded by the study. They found that by the end of 2021, global wealth totalled 463,6 trillion US dollars.
While it did find that global wealth inequality rose in 2021 - mainly due to a boom in the markets during the COVID pandemic - global inequality has actually reduced in the last 21 years. This was attributed to the strength of emerging markets. The report found that by the end of 2021, there were 62,5 million millionaires worldwide - global average wealth stands at just 87.500 dollars a person.
Switzerland has the highest average wealth in the world
In their report, Credit Suisse found that Switzerland is the wealthiest nation in the world. On average, a person in Switzerland has 696.600 US dollars stored away in investments, commodities, housing and salaries. The United States (579.050 dollars) and Hong Kong (552.930 dollars) rounded out the top three.
Thanks largely to a boom in the stock market, average Swiss wealth increased by 3 percent over the course of 2021. Current forecasts by Credit Suisse, given to the newspaper Watson, show that Switzerland will have almost 1,6 million billion and millionaires by 2026.
Most of Switzerland's wealth held by small minority of people
However, Credit Suisse admits that the 696.600 figure is misleading, as the average is skewed by a small minority of people who own billions of francs in assets. When looking at median household wealth, Switzerland falls to sixth in the overall ranking, with average assets of just over 168.000 dollars. Australia, Belgium and New Zealand were found to have the highest median wealth of between 274.000 and 231.000 dollars.
In concluding its report, Credit Suisse warned that the current increases in global wealth could be short-lived. The rise in the cost of living, inflation and interest rates, and a downturn in the markets could significantly reduce the gains made in 2021.
The wealthiest countries in the world in 2021
According to Credit Suisse, these were the 10 countries with the highest average wealth in 2021 (in US dollars):
- Switzerland (696.600)
- United States (579.050)
- Hong Kong (552.930)
- Australia (550.110)
- New Zealand (472.150)
- Denmark (426.490)
- Canada (409.300)
- The Netherlands (400.830)
- Sweden (381.970)
- Belgium (381.110)
For more information about how the ranking was calculated, check out the Credit Suisse website.