According to a new report by Swiss-based banking giant Credit Suisse, although North America and Europe account for 57 percent of the total household wealth globally, the average wealth per adult in China has outstripped Europe
Credit Suisse's annual Global Wealth Report released this month includes data on the average wealth of households around the world. According to the report, the average wealth per adult in China was $26,752. In Europe, this figure is at the level of 26, 690 dollars. But the average figure in Europe includes poorer countries in the southern and eastern regions.
Canada wealth above USD 1m was 1,862,000 people in 2020 and that number increased 430,000 and reached 2,291,000 in 2021
BIG INCREASE IN THE LAST 20 YEARS
The report stated that the average wealth in China is four times higher than in Russia, where the average wealth in 2021 is $ 6,379. The report also noted that the average per capita wealth in China was $3,111 in 2000, drawing attention to the huge increase in the last 20 years
Ultra-High-Net-Worth Individuals | UHNW Group
(UHNW) individuals with net worth above USD 50 million at the end of 2021. This is 46,000 more than the 218,200 recorded at the end of 2020, which in turn was 43,400 higher than in 2019. These increases are more than double the increases recorded in any other year this century. Taken together, it means that the number of adults with wealth above USD 50 million expanded by more than 50% during a two-year period.
China is a clear second with its 32,710 UHNW individuals, followed by Germany (9,720), Canada (5,510) and India (4,980). Japan (4,870), France (4,640), Australia (4,630), the United Kingdom (4,180) and Italy (3,930) make up the remaining top ten countries ranked by UHNW numbers
In the report, it was stated that more than 140 thousand people in the USA have a wealth of 50 million dollars or more, “Despite inflation and setbacks in the Russia-Ukraine war, we believe that aggregate global wealth will continue to grow,” Credit Suisse said in its report.
According to the report, global wealth reached $463.6 trillion in 2021, an increase of 9.8 percent compared to the previous year. Experts who wrote the report included the assessment that “we expect household wealth in China to come close to catching up with the USA”.
Estimates also showed that in 5 years, China's population of millionaires will nearly double, and the number will grow faster in emerging economies. The bank stated that huge wealth will continue to be created in China, where industries such as technology and real estate are under pressure and facing great difficulties due to Covid bans