Global Wealth Report 2023 – in-depth data on wealth around the world (2024)

For the first time since 2008, global household wealth in US dollar terms decreased on aggregate as well as on a per adult basis, both in nominal and real terms. Wealth per adult also recorded the second-largest reduction since 2000.

The 3.4% household wealth growth in 2022 was the lowest rate recorded in any year this century apart from 2008. It was also the only year this century, other than 2008, in which the total value of household financial assets declined even when exchange rate changes are discounted. The key contributors to this situation were the reduced value of financial assets, a stronger US dollar and elevated inflation.

Wealth growth fluctuates with the pandemic

During the COVID-19 era, household wealth proved resilient and grew at a record pace during 2021, reinforced as macroeconomic activity recovered in a low-interest environment. This produced advantageous conditions for wealth growth, resulting in the most rapid rise recorded.

The financial support given to households by central governments in many advanced countries, coupled with lower interest rates and limitations on consumption opportunities, raised household savings and led to widespread increases in share and house prices. But inflation, rising interest rates and currency depreciation caused a reversal in 2022.

How has rising inflation affected global wealth?

Fiscal and monetary policies undertaken in response to the COVID-19 pandemic, combined with the Russia-Ukraine war and other factors, have resulted in a rise in global inflation.

This persistent inflation has consequences for both global gross domestic product (GDP) and global wealth. In fact, in 2022 inflation reduced wealth growth by 6.0%, turning a nominal wealth gain of 3.4% into a real wealth loss of 2.6%.

Also, inflation reduced debt growth to roughly zero and increased the (negative) contribution of the reduced value of financial assets to –4.6% in 2022. And, while 2022 is expected to be the peak year for inflation, predicted future levels have been subject to a sequence of upward revisions.

How did exchange rates and financial assets affect global wealth in 2022?

Measured in current nominal US dollars, total net private wealth fell 2.4% to USD 454.4 trillion, while wealth per adult dropped 3.6% to USD 84,718 at end-2022.

Much of the 2022 decline in wealth came from the appreciation of the US dollar against many other currencies, which caused global wealth to decline by 5.8%. But this was offset by inflation, which raised nominal USD values by a similar amount.

If exchange rates are held constant at 2021 rates, then total wealth increased by 3.4% and wealth per adult by 2.2% during 2022. Nevertheless, the 3.4% growth in 2022 is the lowest rate recorded in any year this century except 2008.

Apart from exchange rate effects, financial assets were the main contributors to wealth declines in 2022. On the other hand, non-financial assets (mostly real estate) stayed resilient, despite rapidly rising interest rates. However, this may change in 2023 as generally higher interest rates take their toll on house prices.

A nuanced view of wealth change around theworld

Change in wealth per adult (USD), 2022 – biggest gains and losses

Global Wealth Report 2023 – in-depth data on wealth around the world (2)

Wealth increases among countries were more common overall than wealth losses, but the gains were generally small in magnitude.

Rare exceptions included Russia, Mexico, India and Brazil, which all saw higher aggregate private wealth in 2022.

On a per adult basis, Norway, Singapore and the United Arab Emirates stood out with higher increases of average private wealth.

Interestingly, the countries that lost substantial wealth in 2022 were often those that made sizeable gains the year before.

The global wealth pyramid 2022

Global Wealth Report 2023 – in-depth data on wealth around the world (3)

The number of US dollar millionaires worldwide fell by 3.5 million during 2022 to total 59.4 million at year-end. This number includes 4.4 million "inflation millionaires1" who would no longer qualify if the millionaire threshold were adjusted for inflation during 2022.

The ultra-high-net-worth (UHNW) group with wealth above USD 50 million had 22,490 fewer members by our estimate.

The data shows that the rise in wealth inequality during the pandemic was reversed in 2022. This reduction can be traced to the relative decline in financial wealth during 2022. Over the longer term, global wealth inequality has fallen this century due to the faster growth achieved in emerging markets. Global median wealth has risen in tandem at roughly twice the pace of mean wealth.

1The 6.1% inflation rate for household consumption in the United States raises the 2022 “millionaire benchmark” from USD 1 million to USD 1,061,044, so those below the new higher standard no longer qualify as millionaires. The impact varies across countries depending on the pattern of wealth holdings in the vicinity of USD 1 million.

A brighter outlook for global wealth

According to our projections, global wealth will rise by 38% over the next five years, reaching USD 629 trillion by 2027. Growth by middle-income countries will be the primary driver of global trends. We estimate wealth per adult to reach USD 110,270 in 2027 and the number of millionaires to reach 86 million while the number of ultra-high-net-worth individuals is likely to rise to 372,000.

Read the full Global Wealth Report 2023

This year’s Global Wealth Report is brought to you jointly by Credit Suisse and UBS for the first time.

Over the years, the report has explored a wide range of macro and micro themes around the development of wealth. Now in its fourteenth edition, the Global Wealth Report covers estimates of the wealth holdings of 5.4 billion adults around the world and across the wealth spectrum.

Download now

Global Wealth Report 2023 – in-depth data on wealth around the world (2024)

FAQs

Global Wealth Report 2023 – in-depth data on wealth around the world? ›

Measured in current nominal US dollars, total net private wealth fell 2.4% to USD 454.4 trillion, while wealth per adult dropped 3.6% to USD 84,718 at end-2022. Much of the 2022 decline in wealth came from the appreciation of the US dollar against many other currencies, which caused global wealth to decline by 5.8%.

What is the total global wealth in 2023? ›

Global financial wealth rose by almost 7 per cent in 2023 to $275 trillion, almost reversing the 4 per cent drop in 2022 when markets took a tumble and an estimated $92 trillion in financial wealth is likely to be created in the next five years, according to Boston Consulting Group in a recent report.

What is the wealth report 2023? ›

Europe saw the largest decline in wealth with a drop of 17%, followed by Australasia with 11% and the Americas by 10%. Africa and Asia by comparison saw the smallest declines with 5% and 7% respectively. Exchange rates had a significant impact.

How much of the world's wealth is owned by the top 10? ›

CharacteristicTop 10 percentBottom 50 percent
202176.33%1.84%
202075.99%1.88%
201975.49%1.94%
201875.92%1.91%
9 more rows
Jul 4, 2024

What is the wealth report for BCG 2023? ›

BOSTON—Global net wealth staged a significant recovery of 4.3% in 2023, after a difficult year in 2022.

Which country is very richest in the world 2023? ›

According to the 2023 Global Wealth Report by Credit Suisse, Switzerland once again came out on top when it comes to the mean average wealth per adult at a whopping $685,230.

Is usa the richest country in the world 2023? ›

According to the 2023 UBS Global Wealth Report, Switzerland ranked as the wealthiest country in the world per capita, with a figure of $685,226.

Who controls most of the world's wealth? ›

Despite representing just 21 percent of the global population, rich countries in the Global North own 69 percent of global wealth and are home to 74 percent of the world's billionaire wealth. Share ownership overwhelmingly benefits the richest. The top 1 percent own 43 percent of all global financial assets.

Are there any trillionaires? ›

It's a figure so large it's almost unthinkable, yet we find ourselves wondering: Are there any trillionaires? According to Oxfam International, the world's first trillionaire is predicted to emerge within the next decade.

How many $100 millionaires are there in the world? ›

There are only 28,420 centi-millionaires in the world (as at June 2023), making this a very elite club. The Centi-Millionaire Report includes exclusive statistics on centi-millionaires provided by global wealth intelligence firm New World Wealth. Read expert insights here and the methodology here.

How much money does the richest person have 2023? ›

The gains were across the board, though no one saw a bigger jump than Elon Musk, who was worth $137 billion on Jan. 2, 2023, and now stands at $229 billion, according to Bloomberg's Billionaires Index. Close behind him in terms of gains was Meta founder Mark Zuckerberg, who jumped from $45.6 billion to $128 billion.

What is the global shift in wealth? ›

The world of wealth is witnessing a historic transformation. By 2030 the share of global wealth held by Baby Boomers will be surpassed by Gen X and Millennials1—cohorts brought up in a far more interconnected, technologically savvy and globalized age.

What does BCG value the most? ›

What are the BCG Core Values?
  • “Integrity: as an expression of courage and accountability” ...
  • “Diversity: of thought, experience, and background” ...
  • “Respect for the individual: as their capacity and desire for personal growth” ...
  • “Clients come first: we measure our success by our clients' success”
Nov 18, 2023

How much is the world worth 2023? ›

Global wealth is expected to rebound by roughly 5 per cent to reach $267 trillion in 2023 after facing economic headwinds in 2022, a report by the Boston Consulting Group has said.

How much money does the world have in total 2023? ›

According to a 2023 report, the total amount of money in the world is roughly $40 trillion in circulation. That is narrow money. Narrow money, often represented as M0 is liquid assets; physical money and those in savings and checking accounts.

What is current global wealth? ›

Worldwide net private wealth stood at $454.4 trillion in 2022.

How much is world GDP 2023? ›

By the end of 2023, the world economy is expected to have a gross domestic product (GDP) of $105 trillion, or $5 trillion higher than the year before, according to the latest International Monetary Fund (IMF) projections from its 2023 World Economic Outlook report.

References

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Aracelis Kilback

Last Updated:

Views: 6390

Rating: 4.3 / 5 (44 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Aracelis Kilback

Birthday: 1994-11-22

Address: Apt. 895 30151 Green Plain, Lake Mariela, RI 98141

Phone: +5992291857476

Job: Legal Officer

Hobby: LARPing, role-playing games, Slacklining, Reading, Inline skating, Brazilian jiu-jitsu, Dance

Introduction: My name is Aracelis Kilback, I am a nice, gentle, agreeable, joyous, attractive, combative, gifted person who loves writing and wants to share my knowledge and understanding with you.