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Credit Suisse Wealth Report: 7 insights into the UHNW boom

It's an old adage that the rich get richer, and this 2018's Credit Suisse Global Wealth Report appears to lend credence to this view.

It's an old adage that the rich get richer, and 2018's Credit Suisse Global Wealth Report appears to lend credence to this view.

In 2018 the number of adults worth more than $50 million was estimated to have risen by 5,790 around the world.

Michael O’Sullivan, chief investment officer of Credit Suisse International Wealth Management, said: 'This year’s report explores some fascinating developments.

'The United States and China are the obvious outperformers and drivers of wealth growth, despite rising trade tensions.

'Much of the year-on-year variation in wealth levels can be traced to changes in asset prices and exchange rates and had the heaviest impact in Latin America and parts of Asia Pacific.'

We share seven highlights from the report on the numbers of wealthy in the four corners of the globe.

 

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It's an old adage that the rich get richer, and 2018's Credit Suisse Global Wealth Report appears to lend credence to this view.

In 2018 the number of adults worth more than $50 million was estimated to have risen by 5,790 around the world.

Michael O’Sullivan, chief investment officer of Credit Suisse International Wealth Management, said: 'This year’s report explores some fascinating developments.

'The United States and China are the obvious outperformers and drivers of wealth growth, despite rising trade tensions.

'Much of the year-on-year variation in wealth levels can be traced to changes in asset prices and exchange rates and had the heaviest impact in Latin America and parts of Asia Pacific.'

We share seven highlights from the report on the numbers of wealthy in the four corners of the globe.

 

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Change in number of millionaires over time

The number of millionaires in the United Kingdom, Germany and France since the turn of the millenium has risen fourfold to slightly short of 2.5 million in each country.

After topping 4 million in 2011 the number of millionaires in Japan has fallen to not very much higher than the 2,000 the country was home to in 2000.

China, however, has seen an extraordinary 80 factor increase in its number of millionaires to 3.5 million, and continues produce millionaires at a higher rate than any other country.

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Regional breakdown of HNW individuals

Since 2009, North America has overtaken former peer Europe to account for the most members of the high net worth (HNW) bracketby a wide margin at 18.6 million, or 44% of the global total.

Europe lags behind at 12.4 million, or 30%, while Asia-Pacific countries excluding China and India, have 6.6 million (16%).

China as another 3.5 million HNW members, 8% of the global total, while India, Africa or Latin America account for the remaining 976,000 (2% of the total).

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The top of the wealth pyramid

Credit Suisse combined data from surveys and and Forbes global billionaires rankings to estimate the number of the world's very wealthiest residing in each region and country.

In mid-2018, the number of HNW individuals – defined as those with between $1 million and $50 million in assets – was calculated as 42.0 million, with 88% falling in the $1 million - $5 million bracket.

The number of ultra high net worth (UHNW) individuals, or those with more than $50 million, was given as 149,890, with a 4% or – 5,790 – rise in the number UHNW adults.

 

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Wealth brackets by region

Europe, North America and the Asia Pacific region (excluding China and India) dominate the highest strata of the distribution of global wealth.

Europe is home to the majority – 156 million or 33% – of those with a wealth between $100,000 and $1 million, while North America dominates the top bracket of those who have more than $1 million.

 

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4. Dollar millionaires by region

The United States has more millionaires than any other country by far: 17.3 million, or 41% of the world total.

Until recently Japan came second place – hosting 12.5% of the global number in 2011.

However, since 2014 the country has been overtaken by China, which now has 3.4 million millionaires (8.2%) compared to Japan's 2.8 million (6.6%).

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UHNW individuals by region

North America is home to nearly 50% of the global total of UHNW individuals, with the United States alone accounting for 70,540 members of the bracket – or 47%.

Europe hosts 32,860, or 22% of the worldwide total, while 19,780, or 13% live in Asia-Pacific countries, excluding China and India.

But in terms of countries, China comes second after the United States with 16,510 UHNW individuals, or 11% of the global total.

The UK comes fourth place after Germany with 4,670 in the bracket – 3.1% of the worldwide number.

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UHNW changes around the world

The distribution in the growth of UHNW individuals has been highly uneven across different regions and countries.

A 6,170 rise in UHNW adults in North America this year exceeded a the global net rise by 380.

China was up 640 and the Asia-Pacific was up 180, while India saw an increase of 31. But Latin America, Europe and Africa each saw falls of 620, 600 and 10, respectively.

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