Want to Get Rich? Move to China!
According to Credit Suisse’s global wealth report there is a huge and growing gap between the super-rich and everyone else.
A decade on from the onset of the global financial crisis, global wealth has grown by 27 percent, this according to Credit Suisse Research Institute’s 2017 Global Wealth Report.
Median wealth has risen in most regions, while remaining below the peak level of 2007. Only China has reached a new median wealth high. The top ten ranking by median wealth corresponds closely to the ranking by mean wealth, although lower-than-average inequality promotes Italy and Japan to a place among the top ten.
The Next Five Years
According to the eighth edition of the Global Wealth Report, in the year to mid-2017, total global wealth rose at a rate of 6.4 percent, the fastest pace since 2012 and reached $280 trillion, a gain of $16.7 trillion. Wealth in the Asia-Pacific grew by 3 percent to $89 trillion, putting the region ahead of Europe on $80 trillion and behind the U.S. on $93.6 trillion.
Credit Suisse says emerging economies are expected to generate wealth at a faster pace than their developed counterparts and are likely to achieve a 22 percent share in global wealth at the end of the next five-year period. The strongest growth is expected from China and is estimated at around $10 trillion, an increase of 33 percent.
Top Ten Major Economies
Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $537,600 in 2017, followed by Australia $402,600. Singapore with $268,800 ranked ninth among major economies.
