Global Wealth Report 2023 - How did 2022 go and what are the projections...

[NgineER]

Saw this published and thought it interesting.

More than 3.5 million people lost their “dollar millionaire” status last year during the first fall in global wealth since the 2008 financial crisis.

The number of adults with assets of more than $1M fell from 62.9 million at the end of 2021 to 59.4 million at the end of 2022, according to the UBS annual wealth report, published on Tuesday. UBS said global wealth was depressed by high inflation and the collapse of many currencies against the dollar.

The number of millionaires in the US dropped by 1.8 million to 22.7 million, but there are still far more millionaires in the US than any other country. China had the second highest number with 6.2 million.

Download the report here:https://www.ubs.com/global/en/family-office-uhnw/reports/global-wealth-report-2023/

 

[street]

Interesting!

 

[NW-Bound]

Scanning through the full report that is downloadable from the OP link, I found the following table of individual wealth per country very interesting.

The USA rates very high in "average wealth per adult" at $551K, but low in "median wealth per adult" at $107.7K behind even Taiwan.

This is because of the high number of billionaires in the US biasing upward the average wealth, while the typical American has less wealth than a typical European.

Additionally, the ranking of median wealth is not what I expected at all. Belgium and Australia far surpass Switzerland, and the UK is richer than Norway. The US is comparable to Spain and Italy.

 

[dunkelblau]

From the UBS Global Wealth Databook 2023 PDF (link under "Materials for media outlets") from Table 3-6 page #134 and Table 4-6 page #145 (rows for USA only)

>=USD, #USAadults, %USAadults
All, 253680637, 100.000
0.01M, 209171637, 82.455
0.1M, 132406637, 52.194
1M, 22709637, 8.952
5M, 4580697, 1.806
10M, 1603338, 0.632
50M, 123873, 0.049
100M, 33212, 0.013
500M, 1583, 0.001

so by these numbers, the USA 1% wealth threshold would be around ~8M USD, while other sources put this north of 10M USD. This may be because according to pages #4-5, this UBS data is by individual adult aged 20+, it's not by household unlike most sources I've seen.

A couple of surprises I found from these databook tables:
1) on page #145 the US Gini coefficient of 83% is quite a bit higher than the UK or France each at ~70% and even Canada at 72%, but Sweden is way up there at 87%, while Norway and Finland are 77% and 72% respectively.
2) on page #147 for %>1MUSD, the US places third at 9% behind Switzerland 15% and Australia at 9.4%. From what I've read Singapore should stick out here, but it's tied for 8th place with Canada at 6.7% behind Netherlands, Norway, Denmark and New Zealand.
3) on page #143 aggregate asset composition, the US is 67.7% in financial assets vs 53.7% in Switzerland and just 38.7% in Australia

 

[NW-Bound]

... on page #145 the US Gini coefficient of 83% is quite a bit higher than the UK or France each at ~70% and even Canada at 72%, but Sweden is way up there at 87%, while Norway and Finland are 77% and 72% respectively...

At the same time, I was recently surprised to learn that youth unemployment rate (<24 year-old) in Sweden was high at 20.7%, while it was 9.6% in Norway and 14.5% in Finland. It's 7.9% in the USA.

Source: https://data.worldbank.org/indicator/SL.UEM.1524.ZS