The Credit Suisse global Wealth Report provides a comprehensive up-to-date coverage information on household wealth worldwide. In the 2019 global wealth report, the total global wealth grew to a total of $360 trillion with just about half of the entire wealth in the hands of millionaires. The US, China and Europe contributed the most to rise in global wealth.
Switzerland heads the global ranking as the world’s wealthiest country. The country has the highest mean and median income and the highest percentage population earning above $1m globally. Switzerland has been described as one of the most equal economies that enjoys economic and political stability, a high per capita GDP and relies on innovation to drive the economy. The country controls a large percentage of the world’s gold. Swiss people are the world’s most highly skilled workers.
The United States ranked 3rd richest country. While the global number of millionaires increased by 1.1m in 2019, the US accounts for more than half of the new millionaires. The country has one of the widest proportionate gap between mean and median income. The widening gap between the rich and the poor has sparked up major debates on America’s economy especially in President Donald Trump’s rule. In fact, China has surpassed America with a cohort of 100 million individuals in the top 10% of word’s most wealthy people. The inequality gap is partly due to the fact that only about half of Americans are invested in the stock market and have benefited since the great recession as stock prices increased. Australia ranked 4th richest country with 6% of its population earning above $1m. The country has one of the lowest proportionate gaps between mean and median income. From the report, Australia lost 124,000 millionaires due to a fall in average wealth being the only country with a more than 2% drop in house prices.
The Netherlands’ economy has a high income inequality. Despite having a small population size, it has a high percentage of population earning below $10K. The country has an expensive tax system on top of which employers have to pay social security for their employees resulting in low salaries. Belgium’s economy relies heavily on exports such as cars, medicine, diamonds and refined petroleum. It is a high income country with the bigger population earning between $10K and $1m. The country has a low proportionate mean and median income gap.