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Global Wealth

Peport 2011
October 2011
Rosourch Inst|tute
Thought |eadersh|p from Cred|t Su|sse Pesearch
and the wor|ds foremost experts
Contents
04 G|oba| wea|th overv|ew
06 Househo|d wea|th. A g|oba| portra|t
12 The g|oba| wea|th pyram|d
18 Bubb|es, crashes and wea|th.
A century of data
26 Wea|th and age
32 Prospects for persona| wea|th |n 2016
36 Wea|th of nat|ons
38 Un|od Suos
39 Jupun
40 Ch|nu
4! lnd|u
42 Frunco
43 Un|od K|ngdom
44 Sw|.or|und
45 C.och Ropub||c
46 S|nguporo
47 Tu|wun
48 lndonos|u
49 Ausru||u
50 Souh Ar|cu
5! Ch||o
52 Cunudu
54 Authors
55 D|sc|a|mer / Impr|nt
For more |nformat|on, p|ease contact.
M|chuo| OSu|||un, Houd o Poro||o
Sruogy & Thomu|c Rosourch, Crod|
Su|sso Pr|uo Bunk|ng
m|chuo|.osu|||uncrod|-su|sso.com
R|churd Kors|oy, Houd o O|obu| Rosourch
Produc, lnosmon Bunk|ng Rosourch
r|churd.kors|oycrod|-su|sso.com
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OLOBAL WEALTH REPORT 20!!_2
Introduct|on
Tho Crod| Su|sso O|obu| Wou|h Ropor und ho
uccompuny|ng moro dou||od O|obu| Wou|h Duubook
pro|do ho mos comprohons|o sudy o wor|d wou|h.
Un||ko ohor sud|os, hoy mousuro und unu|y.o ronds |n
wou|h ucross nu|ons, rom ho ory boom o ho
wou|h pyrum|d o ho u|ru h|gh no worh |nd||duu|s.
Th|s socond Wou|h Ropor soos ho con|nuu|on
o our c|oso co||uboru|on w|h Proossors Anhony
Shorrocks und J|m Du|os, rocogn|.od uuhor||os on
h|s op|c, und ho urch|ocs und pr|nc|pu| uuhors o
Porsonu| Wou|h rom u O|obu| Porspoc|o, Oxord
Un|ors|y Pross, 2008.
S|nco |us yours |nuuguru| ropor, g|obu| wou|h hus
|ncrousod o USD 23! r||||on rom USD !95 r||||on |n
20!0, |od by grow|ng wou|h |n Souh Ar|cu, lnd|u,
Ausru||u, Ch||o und S|nguporo. Look|ng uhoud, wo oxpoc
o soo ou| wor|d wou|h |ncrouso by 50 o USD 345
r||||on by ond-20!6. Ch|nu shou|d udd u ou| o USD
!8 r||||on o ho sock o g|obu| wou|h |n ho nox |o
yours, surpuss|ng Jupun us ho socond-wou|h|os counry
|n ho wor|d, w|h ou| housoho|d wou|h rouch|ng u|mos
USD 39 r||||on |n 20!6. Tho USA shou|d romu|n op o
ho wou|h |ouguo hough, w|h USD 8! r||||on by 20!6.
Th|s Wou|h Ropor d|ors rom ohor sud|os |n
sooru| wuys. For oxump|o, wo omp|oy now duu und
unu|ys|s on |ong-orm puorns |n wou|h und on ho ||nk
bowoon wou|h und ug|ng. As wo ou||no on pugo 26,
ho ||o-cyc|o ||nk bowoon wou|h und ugo |s koy o ho
|nunc|u| sor|cos |ndusry us h|s ro|u|onsh|p dr|os ho
u||ocu|on o su|ngs und pons|on |nosmon.
ln pur|cu|ur, ho sudy o wou|h hrough |mo h|gh-
||ghs ho r|so |n wou|h |n sooru| doo|opod counr|os |n
ho pus wo docudos, uccompun|od by shurp |ncrousos
|n dob |n somo cusos. lnoros|ng|y, busod on ho oxpo-
r|onco o ho doo|opod oconom|os dur|ng ho 20h con-
ury, omorg|ng murkos huo scopo o |ncrouso ho|r
wou|h-o-|ncomo ru|os. Tho uorugo usso-o-|ncomo
ru|o |s oxuc|y ! |n omorg|ng murkos, buro|y 40 o
ho |guro o 2.4 rocordod |n h|gh-|ncomo counr|os.
Tho Crod| Su|sso O|obu| Wou|h Ropor |uys ho
oundu|on or u |ong-runn|ng oxum|nu|on by ho Crod|
Su|sso Rosourch lns|uo o ono o ho cruc|u| rosourch
urous |n oconom|cs, und u |u| dr|or o uuro mogu-
ronds. Morooor, | con|nuos ho hough |oudorsh|p
und propr|oury rosourch undorukon by ho Rosourch
lns|uo oor ho pus hroo yours.
Hans-U|r|ch Me|ster
Ch|o Exocu|o O|cor Crod| Su|sso Pr|uo Bunk|ng &
Ch|o Exocu|o O|cor Crod| Su|sso Sw|.or|und Bug|s Market, S|ngapore
OLOBAL WEALTH REPORT 20!!_3
G|oba| wea|th overv|ew
Our unu|ys|s spuns ho on|ro wou|h spocrum, rom ho ory wou|hy, who
dr|o ronds |n |nunc|u| murkos, o ho us grow|ng, hrough o ho |oss
wo||-o m|dd|o und boom |uyors o ho wou|h pyrum|d, wh|ch wo soo us
ho orco boh|nd omorg|ng ronds |n consump|on und oconom|c powor.
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F|gure 1
Number of h|gh net worth |nd|v|dua|s, 2011
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 2
Average annua| wea|th growth rates (%)
200009 and 201011
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
L|ko ohor sud|os, wo pro|do os|muos o ho
numbors o h|gh no worh |nd||duu|s by counry o
ros|donco (soo F|guro !). Howoor, our |noros |s
much broudor, oncompuss|ng u|| o ho wor|ds
udu| c||.ons und u|| o ho wor|ds wou|h wh|ch
wo os|muo o huo ou|od USD 23! r||||on us o
m|d-20!!. Lus yours |nuuguru| Crod| Su|sso
Wou|h Ropor 20!0 documonod ho s|gn||cun
r|so |n housoho|d wou|h dur|ng ho pro|ous
docudo, pur|cu|ur|y o|don |n Ausru||u, Ch|nu,
Now Zou|und, Po|und und Romun|u wh|ch u|| suw
wou|h por udu| r|p|o |n orms o US do||urs und
|n lndonos|u und Russ|u, whoro wou|h roso by u
ucor o |o. A ho ohor ond o ho scu|o, ho
porormunco o Jupun wus ro|u|o|y poor, r|s|ng by
on|y 5 |n US do||ur orms bowoon 2000 und
20!0, und doc||n|ng s||gh|y whon mousurod |n yon.
Argon|nu porormod oon worso, rog|sor|ng u
30 doc||no |n wou|h.
Tho pus your suw u con|nuu|on o ho roco-
ory rom ho |nunc|u| cr|s|s, w|h ou| housoho|d
wou|h rouch|ng un u||-|mo h|gh |n ho wor|d us u
who|o, und |n u|| rog|ons o ho wor|d oxcop Norh
Amor|cu und Europo. From ho sur o 20!0 un||
m|d-20!!, u|| rog|ons oxcop Europo uch|ood
h|ghor wou|h growh hun ho uorugo ruo or ho
por|od rom ond-2000 un|| ond-2009 (F|guro 2).
Wou|h growh hus boon pur|cu|ur|y srong rocon|y
|n Ar|cu, Lu|n Amor|cu und lnd|u.
Wea|th w|nners and |osers
Rogurd|ng |nd||duu| counr|os, Bru.||, Ch|nu, lnd|u,
lndonos|u und Souh Ar|cu uro umong ho coun-
r|os whoso srong porormunco dur|ng 200009
hus boon mu|nu|nod s|nco ho sur o 20!0. How-
oor ho drumu|c growh o Russ|un wou|h dur|ng
ho pus docudo hus u||od o |n rocon monhs.
Jupun und Argon|nu huo munugod o roorso ho
poor show|ng up o 20!0, bu |n Jupuns cuso ho
|mproomon |s ugu|n duo o upproc|u|on o ho
yon. Tho srongh o ho Sw|ss runc hus u|so hud
u noub|o |mpuc, propo|||ng no worh por udu| |n
Sw|.or|und o unprocodonod |oo|s whon mou-
surod |n US do||urs.
USD ! o 5 m||||on
USD 5 o !0 m||||on
USD !0 o !00 m||||on
> USD !00 m||||on 29,000
987,300
Wea|th range
!,959,600
26,724,200
Number of adu|ts
Ar|cu
As|u-Puc|c
Ch|nu
Europo
lnd|u
Lu|n Amor|cu
Norh Amor|cu
Wor|d
0 5 !0 !5 20 25 30
20002009 20!020!!
OLOBAL WEALTH REPORT 20!!_4
Tab|e 1
Annua| wea|th growth rates by country, 200009 and 201011
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
2010 2011
H|gh (> 10%)
2010 2011
Med|um (5%10%)
2010 2011
Low (< 5%)
2000 2009
H|gh (> 10%)
Ausru||u, Bru.||, Ch||o, Ch|nu,
Co|omb|u, lnd|u, lndonos|u, Mu|uys|u,
Souh Ar|cu
C.och Ropub||c, Po|und Bu|gur|u, Frunco, Hungury, Romun|u,
Russ|u, Spu|n, Turkoy
2000 2009
Med|um (5%10%)
Cunudu, Korou, Mox|co, Ph|||pp|nos,
Swodon, Sw|.or|und, Thu||und
Egyp Ausr|u, Bo|g|um, Oormuny, Orooco,
lu|y, Nohor|unds, Porugu|, UK
2000 2009
Low (< 5%)
Argon|nu, Hong Kong, Jupun, Suud|
Arub|u
Tu|wun, USA
M|n|ng has supported the Austra||an economy.
OLOBAL WEALTH REPORT 20!!_5
Much o ho pub||c dobuo on wou|h ocusos on
ho b||||onu|ros und hoso |n ho ory op ocho|ons
o wou|h. Our upprouch |s moro |nc|us|o und moro
g|obu| |n hu wo sook o oxum|no ho who|o spoc-
rum o wou|h ho|d|ngs rom r|ch o poor ucross u||
counr|os und rog|ons. Th|s chupor ou||nos koy
ronds und |oo|s |n wou|h, und oxp|u|ns whu
wou|h |s und how | |s d|sr|buod.
Wo os|muo hu g|obu| housoho|d wou|h ou|od
USD 23! r||||on |n m|d-20!!, oqu|u|on o USD
5!,000 por udu|. Tou| wou|h |guros |n Norh
Amor|cu und Europo romu|n u |||o bo|ow ho pouks
uch|ood |n 2007, bu ho uggroguo u|uo |n u||
ohor rog|ons und |n ho wor|d us u who|o
oxcoodod pro-cr|s|s |oo|s |n m|d-20!!. From ho
|owpo|n o our os|muos, ho |nunc|u| cr|s|s wou|d
uppour o bo no moro hun u modos sobuck |n u
bon|gn docudo or housoho|d wou|h uccumu|u|on,
wh|ch suw uggroguo wou|h doub|o rom ho USD
!!3 r||||on rocordod or |uo 2000 (soo F|guro !).
Pur o ho |ncrouso muy bo ur|buod o ho r|so |n
ho udu| popu|u|on rom 3.6 b||||on o 4.5 b||||on.
Tho doproc|u|on o ho do||ur ugu|ns mos muor
curronc|os hus u|so hud u s|gn||cun |mpuc on do|-
|ur-donom|nuod u|uos. Noorho|oss, s|nco ho
sur o ho m|||onn|um, no worh por udu| hud s|||
r|son by 67 us o m|d-20!! whon mousurod |n
curron do||urs und by 36 whon oxchungo ruos
uro ho|d consun.
Wor|dw|de wea|th
Tho g|obu| |guro or uorugo wou|h musks con-
s|dorub|o ur|u|on ucross counr|os und rog|ons
(F|guro 2). Tho r|chos nu|ons, w|h wou|h |n
20!! uboo USD !00,000 por udu|, uro ound |n
Norh Amor|cu, Wosorn Europo, und umong ho
r|ch As|u-Puc||c und M|dd|o Eus counr|os. Thoy
uro oppod by Sw|.or|und, ho |rs und on|y coun-
ry o rog|sor wou|h por udu| |n oxcoss o USD
500,000. Ausru||u und Norwuy u|so huo uorugo
wou|h uboo USD 300,000, o||owod c|oso|y by
Frunco, S|nguporo, Swodon und Bo|g|um. Apur
Househo|d wea|th.
A g|oba| portra|t
Wou|h |s ono o ho p|||urs o ho oconom|c sysom dr||ng oconom|c
growh, ho uccumu|u|on o cup|u|, ronds |n consump|on, usso
pr|cos, und spoc||c |ndusr|os such us hou|h curo und bunk|ng.
A|hough porsonu| wou|h urucs u grou dou| o uon|on, |n ho pus
horo hus boon u shorugo o ro||ub|o duu und |n-doph rosourch on
ho op|c. Boor duu und now rosourch huo bogun o corroc hu.
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F|gure 1
Aggregate g|oba| wea|th, 20002011
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
0
50
!00
!50
200
250
2000 200! 2002 2003 2004 2005 2006 2007 2008 2009 20!0 20!!
r||||on USD
Ar|cu lnd|u Lu|n Amor|cu Ch|nu
As|u-Puc|c Europo Norh Amor|cu
OLOBAL WEALTH REPORT 20!!_6
Ch|na has dr|ven demand for commod|t|es.
OLOBAL WEALTH REPORT 20!!_7
rom Frunco, wou|h por udu| |n u|| ho O7 nu|ons
|s con|nod o u nurrow rungo rom USD 200,000
o USD 260,000.
lnoros|ng|y, ho runk|ng by mod|un wou|h |s
s||gh|y d|oron, uor|ng counr|os w|h |owor |o-
o|s o wou|h |noquu||y. Ausru||u (USD 222,000)
now ops ho ub|o by u cons|dorub|o murg|n, w|h
lu|y, Bo|g|um, Jupun und ho UK |n ho rungo rom
USD !20,000 o !60,000, und S|nguporo und
Sw|.or|und ouch uround USD !00,000. Tho USA
|ugs ur boh|nd w|h mod|un wou|h o us USD
53,000.
Emerg|ng wea|th. Tho bund o moun wou|h
rom USD 25,000 o USD !00,000 coors muny
rocon EU onruns (C.och Ropub||c, Eson|u,
Hungury, L|huun|u, Mu|u, Po|und, S|oon|u) und
|mporun Lu|n Amor|cun counr|os (Bru.||, Ch||o,
Mox|co, Uruguuy), u|ong w|h u numbor o M|dd|o
Eusorn nu|ons (Buhru|n, Lobunon, Omun, Suud|
Arub|u, Turkoy). Tho wo |oud|ng sub-Suhurun
nu|ons (Souh Ar|cu, Num|b|u) huo rocon|y
o|nod h|s group.
Front|er wea|th. Mos o ho hou||y popu|uod
nu|ons |n ho wor|d, |nc|ud|ng Ch|nu, lnd|u, lndono-
s|u, Puk|sun, Ph|||pp|nos, und Russ|u, u|| |n ho
USD 5,000 o 25,000 rungo, ogohor w|h muny
runs||on nu|ons ous|do ho EU (A|bun|u, Armo-
n|u, Bosn|u, Ooorg|u, Ku.ukhsun und Mongo||u).
Tho group u|so conu|ns mos counr|os |n Lu|n
Amor|cu (Argon|nu, Co|omb|u, Cosu R|cu, Ecuu-
dor, Poru und vono.uo|u) und muny counr|os bor-
dor|ng ho Mod|orrunoun (A|gor|u, Egyp, Jordun,
Morocco, Syr|u und Tun|s|u).
F|gure 2
Wor|d wea|th |eve|s 2011
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|nu||y, ho cuogory bo|ow USD 5,000 |s hou||y
conconruod |n Sub-Suhurun Ar|cu, u|hough ho
wou|h rungo u|so coors somo muor As|un nu|ons
(Bung|udosh, Cumbod|u, Luos, Nopu|, Sr| Lunku,
v|o Num) und hroo counr|os bordor|ng ho EU
(Bo|urus, Mo|dou, Ukru|no).
The wea|th of reg|ons
F|guro 3 h|gh||ghs u numbor o pronouncod
rog|onu| d|oroncos. ln pur|cu|ur, Norh Amor|cu
hus h|ghor uorugo wou|h hun Europo, bu ho
grouor Europoun popu|u|on mouns hu ho runk-
|ng |s roorsod |n orms o ou| wou|h ownorsh|p.
Ros|dons o Europo own 34 o g|obu| wou|h
compurod o 28 |n Norh Amor|cu, und 22 |n
ho As|u-Puc||c counr|os (oxc|ud|ng Ch|nu und
lnd|u). Tho ros o wor|d uccouns or ho romu|n|ng
!6 o ou| housoho|d wou|h, u|hough | conu|ns
58 o ho g|obu| udu| popu|u|on.
What |s wea|th?
Th|s ropor u|ms o pro|do u comprohons|o g|obu|
porru| o housoho|d wou|h coor|ng ho who|o
spocrum o wou|h ho|dors rom r|ch o poor, und
oxum|n|ng |n dou|| ho |oo| und puorn ucross coun-
r|os und rog|ons. Housoho|d no worh or wou|h |s
do|nod us ho u|uo o |nunc|u| ussos p|us rou|
ussos (pr|nc|pu||y hous|ng) ownod by |nd||duu|s |oss
ho|r dobs. Tho |guros uro obu|nod by upp|y|ng
cu|ng-odgo ochn|quos o duu dor|od rom u grou
ur|oy o sourcos. ln ho |ongor Crod| Su|sso O|obu|
Wou|h Duubook hu uccompun|os h|s ropor, ho
mohodo|ogy omp|oyod |s doscr|bod |n moro dou||.
Undor USD 5,000
Wou|h por Adu| (USD)
USD 5,000 o 25,000
USD 25,000 o !00,000
Oor USD !00,000
No duu
OLOBAL WEALTH REPORT 20!!_8
Bocuuso ch||dron ruro|y own much wou|h on ho|r
own uccoun, ho rosu|s uro oxprossod |n orms o
ho g|obu| popu|u|on o udu|s, wh|ch ou|od 4.5
b||||on |n 20!!. Duo o ho s|.o o ho|r popu|u|ons,
Ch|nu und lnd|u uro rouod sopuruo|y rom ho
As|u-Puc||c rog|on.
Why wea|th?
Wou|h |s ono o ho koy componons o ho oco-
nom|c sysom. l |s u|uod us u sourco o |nunco or
uuro consump|on, ospoc|u||y |n ro|romon, und or
roduc|ng u|norub|||y o shocks ||ko unomp|oymon,
||| hou|h or nuuru| d|susors. Wou|h u|so onhuncos
opporun||os or |normu| socor und onropronour|u|
uc|||os, whon usod o|hor d|roc|y or us co||uoru|
or |ouns. Thoso unc|ons uro |oss |mporun |n
counr|os hu huo udoquuo soc|u| suoy nos,
good pub||c hou|h curo, h|gh quu||y pub||c oducu-
|on, gonorous suo pons|ons und wo||-doo|opod
bus|noss |nunco. Conorso|y, ho nood o ucqu|ro
porsonu| ussos |s pur|cu|ur|y compo|||ng und urgon
|n counr|os hu huo rud|monury soc|u| |nsurunco
schomos und rosr|cod op|ons or bus|noss |nunco,
us |s ho cuso |n much o ho doo|op|ng wor|d.
Tho compos||on o housoho|d poro||os |s o
cons|dorub|o |noros und ur|os w|do|y und sysom-
u|cu||y ucross counr|os. Oor ho pus docudo, ho
uorugo g|obu| u|uo o housoho|d |nunc|u| und
non|nunc|u| wou|h hus c|oso|y o||owod ho rond
|n no worh, |ncrous|ng up o 2007 und hon u|||ng
buck by upprox|muo|y !0 booro rocoor|ng h|s
your o ho our||or pouk. A ho sur o ho docudo,
|nunc|u| ussos uccounod or moro hun hu| o ho
housoho|d poro||o, bu ho shuro doc||nod up o
2008, u wh|ch po|n ho g|obu| poro||o wus
oquu||y sp|| bowoon |nunc|u| und non-|nunc|u|
ussos (mos|y propory). ln ho por|od s|nco 2008,
ho bu|unco hus ugu|n |ppod s||gh|y owurd |nun-
c|u| ussos (soo F|guro 4).
On ho ||ub|||y s|do o ho housoho|d bu|unco
shoo, uorugo dob roso by 80 bowoon 2000
und 2007, und hon rough|y |oo|od ou. l now
umouns o USD 9,070 por udu|. Exprossod us u
propor|on o housoho|d ussos, uorugo dob hus
mood |n u nurrow rungo, r|s|ng oor ho por|od, bu
noor oxp|od|ng.
Exum|n|ng how g|obu| wou|h |s sproud ucross
housoho|ds und |nd||duu|s ruhor hun us rog|ons
or counr|os roqu|ros |normu|on on ho puorn o
wou|h ho|d|ngs w|h|n counr|os. Tho uu||ub|o o|-
donco |nd|cuos hu wou|h |s moro conconruod
hun |ncomo or consump|on. ln h|s sudy, wo com-
b|no |normu|on on |oo|s und puorns o houso-
ho|d wou|h ucross und w|h|n counr|os o u||ow us
o os|muo ho g|obu| d|sr|bu|on o wou|h.
How wea|th |s d|str|buted
To coun umong ho wou|h|os hu| o ho wor|d,
un udu| noods on|y USD 4,200 |n ussos, onco
dobs huo boon subrucod. Howoor, ouch udu|
F|gure 3
Wea|th shares |n 2011 by reg|on (%)
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 4
G|oba| trends |n wea|th per adu|t
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
4% Lu|n Amor|cu
9% Ch|nu
22% As|u-Puc|c
28% Norh Amor|cu
2% lnd|u
1% Ar|cu 34% Europo
40,000
30,000
20,000
!0,000
0
50,000
2000 200! 2002 2003 2004 2005 2006 2007 2008 2009 20!0 20!!
No worh No worh u consun oxchungo ruos
Non-nunc|u| wou|h Dob F|nunc|u| wou|h
USD por udu|
OLOBAL WEALTH REPORT 20!!_9
roqu|ros u |ous USD 82,000 o bo|ong o ho op
!0 o g|obu| wou|h ho|dors und moro hun USD
7!2,000 o bo u mombor o ho op !. Tho bo-
om hu| o ho g|obu| popu|u|on ogohor possoss
buro|y ! o g|obu| wou|h, u|hough wou|h |s
grow|ng us or somo mombors o h|s sogmon.
ln shurp conrus, ho r|chos !0 own 84 o ho
wor|ds wou|h, w|h ho op ! u|ono uccoun|ng
or 44 o g|obu| ussos.
F|guro 5 shows how ho rog|ons o ho wor|d
uro roprosonod umong ho wou|h doc||os (|.o.
popu|u|on onhs). Unsurpr|s|ng|y, Norh Amor|cu
und Europo ogohor uccoun or ho ||ons shuro
o ho op wou|h doc||o. Ch|nu hus ro|u|o|y
ow roprosonu|os u ho ory op und boom o
ho g|obu| wou|h d|sr|bu|on, bu dom|nuos ho
uppor m|dd|o soc|on, supp|y|ng 40 o hoso |n
doc||os 58. Tho s|.oub|o prosonco o Ch|nu |n
ho m|dd|o soc|on ro|ocs no on|y |s popu|u|on
s|.o und ho mod|um u|uo o |s uorugo wou|h,
bu u|so modoruo wou|h |noquu||y. Ch|nus
pos||on |n ho g|obu| p|curo hus sh|od upwurd |n
ho pus docudo us u consoquonco o u srong
rocord o growh, r|s|ng usso u|uos und ho
upproc|u|on o ho ronm|nb| ro|u|o o ho US
do||ur. Ch|nu u|roudy hus moro poop|o |n ho op
!0 o g|obu| wou|h ho|dors hun uny counry
oxcop or ho USA, Jupun, lu|y und Oormuny,
und |s po|sod o ooruko boh Oormuny und lu|y
|n ho nour uuro.
F|gure 5
Peg|ona| compos|t|on of g|oba| wea|th d|str|but|on 2011
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
Peg|ona| compar|sons
Tho ob|ous compur|son bowoon lnd|u und Ch|nu
|s u coro ouuro o ho chur. Wh||o Ch|nu und lnd|u
ogohor uccoun or u|mos hu| o g|obu| c||.ons |n
doc||os 38, lnd|u |s hou||y conconruod |n ho
|owor rog|ons o ho wou|h d|sr|bu|on, hos|ng ono
quuror o |nd||duu|s |n ho boom hu|. Howoor,
h|gh |noquu||y |n lnd|u mouns hu | u|so hus
numorous roprosonu|os |n ho op ocho|ons o
wou|h ho|dors.
Tukon ogohor, ros|dons o ho ohor As|u-
Puc||c nu|ons uro ory oon|y sproud ucross ho
g|obu| wou|h spocrum. Howoor, h|s musks u
subsun|u| dogroo o po|ur|.u|on. Mombors o h|gh-
|ncomo As|un counr|os (o.g. Jupun, S|nguporo und
Hong Kong) uro hou||y conconruod u ho op ond
o ho g|obu| wou|h d|sr|bu|on: oor hu| o u|| udu|s
|n h|gh |ncomo As|u-Puc||c counr|os uro p|ucod |n
ho op g|obu| doc||o. ln conrus, ros|dons o |owor
|ncomo counr|os |n As|u, such us lndonos|u, Bung|u-
dosh, Puk|sun und v|onum, ond o bo ound |ow
down |n ho wou|h d|sr|bu|on. ln uc, ho ooru||
puorn w|h|n As|u-Puc||c counr|os oxc|ud|ng ho
h|gh |ncomo group rosomb|os hu o lnd|u, w|h boh
rog|onu| group|ngs conr|bu|ng ubou ono quuror o
hoso on ho boom hu| o ho wou|h |uddor.
Ar|cu |s oon moro conconruod u ho boom
ond. Nour|y hu| o u|| Ar|cun udu|s uro ound |n
ho wo boom g|obu| wou|h doc||os. A ho sumo
0
!0
20
30
40
50
60
70
80
90
!00
Shuro o momborsh|p
! Doc||o 2 3 4 5 6 7 8 9 !0
Norh Amor|cu
Lu|n Amor|cu
Ar|cu
Ch|nu
lnd|u
As|u-Puc|c
Europo
OLOBAL WEALTH REPORT 20!!_10
|mo, wou|h |noquu||y w|h|n und ucross counr|os
|n Ar|cu |s so h|gh hu u spr|nk||ng o |nd||duu|s
uro ound umong ho op !0 o g|obu| wou|h
ho|dors, und oon umong ho op !.
Lu|n Amor|cu |s unohor rog|on whoso wou|h
d|sr|bu|on c|oso|y m|m|cs ho g|obu| puorn, w|h
|nd||duu|s u|r|y oon|y sproud ucross ho g|obu|
d|sr|bu|on. Norh Amor|cu und Europo uro much
moro skowod owurd ho op doc||os, ogohor
uccoun|ng or 60 o hoso |n ho op !0.
Europo u|ono |s homo o 38 o mombors o ho
op wou|h doc||o, u |guro hu hus r|son cons|dor-
ub|y |n ho pus docudo duo o ouro upproc|u|on
ugu|ns ho US do||ur. Norh Amor|cu, Europo und
As|u-Puc||c ogohor uccoun or 87 o mombors
o ho op wou|h doc||o, und un oon h|ghor ruc-
|on (93) o ho op porcon||o.
The wor|d wea|th spectrum
ln summury, ho Crod| Su|sso O|obu| Wou|h Ropor
pro|dos u comprohons|o p|curo o wor|d wou|h
u|| purs o ho wou|h spocrum rom r|ch o poor,
ucross u w|do rungo o counr|os und rog|ons.
Dosp|o u docudo o nour .oro rou| rourns on oqu|-
|os, sooru| oqu|y bour murkos, und ho co||upso
o hous|ng bubb|os, wo |nd hu ou| g|obu| wou|h
hus doub|od s|nco 2000. Srong oconom|c growh
und r|s|ng popu|u|on |oo|s |n omorg|ng nu|ons
huo boon |mporun dr|ors o h|s rond.
Tho houd o ho wou|h (por udu|) |ouguo ub|o |s
dom|nuod by smu||or, dynum|c oconom|os Sw|-
.or|und, S|nguporo, Norwuy, Swodon, Bo|g|um us
wo|| us Frunco und Ausru||u. Noub|o cusos o
omorg|ng wou|h uro ound |n ho C.och Ropub||c,
S|oon|u, Ch||o, Turkoy und Souh Ar|cu, wh||o
ron|or wou|h |s o|don |n Co|omb|u, lndonos|u,
Egyp und Tun|s|u.
Wou|h |s unoon|y d|sr|buod. Our unu|ys|s
|nds somo surk d|oroncos |n ho d|sr|bu|on o
wou|h. Tho boom hu| o ho g|obu| popu|u|on
owns buro|y ! o g|obu| wou|h. ln shurp conrus,
ho r|chos !0 own 84 o ho wor|ds wou|h,
w|h ho op ! u|ono uccoun|ng or 44 o g|obu|
ussos. A|roudy wo soo s|gns hu h|s |s chung|ng
w|h ory rup|d growh |n somo |ow-wou|h coun-
r|os. ln |mo, wo oxpoc hu ho d|sr|bu|on o ho
wor|ds wou|h w||| bocomo moro oon, w|h Ch|nu
und lnd|u ||ko|y o bo ho muor cuu|yss owurd
such u rond.
Wou|h |s u |u|, bu u ro|u|o|y undor-rosourchod
cog |n ho oconom|c sysom. l |s u|uod us u sourco
o |nunco or uuro consump|on, ospoc|u||y |n
ro|romon, und or roduc|ng u|norub|||y o shocks
such us unomp|oymon, ||| hou|h or nuuru| d|sus-
ors. Wou|h u|so onhuncos opporun||os or ho
|normu| socor und onropronour|u| uc|||os, whon
usod o|hor d|roc|y or us co||uoru| or |ouns. ln ho
nox soc|on, wo |ook |n moro dou|| u ho puorn o
wou|h ho|d|ngs ucross |nd||duu|s.
Ind|an wea|th |s fue|||ng consumpt|on trends.
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OLOBAL WEALTH REPORT 20!!_11
Traff|c [am Ind|as economy grow|ng at fu|| speed.
OLOBAL WEALTH REPORT 20!!_12
ln ho sp|r| o C.K. Pruhu|uds Tho Foruno u ho
Boom o ho Pyrum|d, wo soo grou dynum|sm |n
ho m|dd|o und buso sogmons, whoro omorg|ng
wou|h w||| dr|o now ronds |n consump|on und
|ndusr|u| chungo. A ho sumo |mo, ho op o ho
pyrum|d w||| bo ho srong dr|or o pr|uo usso
|ows und |nosmon ronds.
The wea|th pyram|d
F|guro ! shows Tho g|obu| wou|h pyrum|d |n
sr|k|ng dou||. l |s mudo up o u so||d buso o |ow
wou|h ho|dors w|h uppor |ors occup|od by pro-
gross|o|y owor und owor poop|o. Wo os|muo
hu 3.! b||||on |nd||duu|s moro hun wo h|rds o
ho g|obu| udu| popu|u|on huo wou|h bo|ow
USD !0,000. A urhor b||||on (24 o ho wor|ds
udu| popu|u|on) uro p|ucod |n ho USD !0,000
!00,000 rungo, |ou|ng 398 m||||on udu|s (9 o
ho wor|d ou|) w|h ussos uboo USD !00,000.
Our |guros or m|d-20!! |nd|cuo hu 29.7 m||-
||on udu|s uro uboo ho hrosho|d or do||ur m||-
||onu|ros. Wh||o hoy muko up |oss hun ! o ho
wor|ds udu| popu|u|on, hoy own moro hun u h|rd
o g|obu| housoho|d wou|h. O h|s group, wo os|-
muo hu 85,000 |nd||duu|s uro worh moro hun
USD 50 m||||on, und 29,000 uro worh oor USD
!00 m||||on.
Tho m|dd|o und buso sogmons o ho pyrum|d
huo USD 4! r||||on |n ou| wou|h. Th|s undor||nos
ho poon|u| o h|s group or omorg|ng consump-
|on ronds und or ho doo|opmon o ho |nunc|u|
sor|cos |ndusry |n grow|ng oconom|os. Morooor,
wou|h |n boom o ho pyrum|d counr|os |s cur-
ron|y ||m|od, bu grow|ng qu|ck|y. ln lnd|u, wou|h
|s skowod o ho boom ond yo hus u|mos quu-
The g|oba|
wea|th
pyram|d
Tho pro|ous chupor h|gh||ghod ho puorn
o wou|h ownorsh|p g|obu||y, wh|ch somo
poop|o ||kon o u pyrum|d. Th|s chupor
|nos|guos ho wou|h pyrum|d |n moro
dou||, |ook|ng no us u ho op o ho
pyrum|d on wh|ch ohors ocus, bu u ho
who|o srucuro rom boom o op.
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OLOBAL WEALTH REPORT 20!!_13
drup|od s|nco ho your 2000. lndonos|u hus u|so
soon drumu|c growh und, |n Lu|n Amor|cu, uggro-
guo wou|h oduy |s upprox|muo|y USD !0.2 r||-
||on, compurod o USD 3.3 r||||on |n 2000. ln con-
rus, wh||o Norh Amor|cuns dom|nuo ho op o
ho wou|h pyrum|d, ho ruo o growh |n US wou|h
hus no boon us so||ur, mo|ng rom USD 40 r||||on
|n 2000 o USD 58 r||||on oduy.
Bottom of the pyram|d
Tho ur|ous |ors o ho wou|h pyrum|d huo d|s|nc-
|o churucor|s|cs. Tho buso |oo| |s sproud broud|y
ucross counr|os. l hus s|gn||cun momborsh|p |n u||
rog|ons o ho wor|d, und spuns u w|do ur|oy o
um||y c|rcumsuncos (soo F|guro 2). Tho uppor
wou|h ||m| o USD !0,000 |s u modos sum |n
doo|opod counr|os, oxc|ud|ng mos udu|s own|ng
housos, w|h or w|hou u morgugo. Noorho|oss, u
surpr|s|ng|y |urgo numbor o |nd||duu|s |n uduncod
counr|os huo ||m|od su|ngs or ohor ussos.
A h|gh propor|on uro young poop|o w|h |||o
opporun|y or |noros |n uccumu|u|ng wou|h. ln
uc, ||m|od umouns o ung|b|o ussos comb|nod
w|h crod| curd dobs und sudon |ouns |oud muny
young poop|o o rocord nogu|o no worh. Th|s |s
un |mporun und oon oor|ookod group o poop|o,
no |ous |n ho conox o ho crod| cr|s|s.
Low wou|h |s u|so u common ouuro o o|dor
ugo groups, pur|cu|ur|y or hoso |nd||duu|s suor-
|ng ||| hou|h und oxposod o h|gh mod|cu| b|||s. ln
uc, ho mouns os|ng upp||od o muny suo bono-
|s, ospoc|u||y conr|bu|ons o ho cos o ros|don|u|
homos, pro|dos un |ncon|o o shod wou|h. Yo
ro|u|o|y ow poop|o |n r|ch counr|os huo no worh
bo|ow USD !0,000 hroughou ho|r udu| ||o. ln
ossonco, momborsh|p o ho buso soc|on o ho
g|obu| wou|h pyrum|d |s u runs|on, ||o-cyc|o pho-
nomonon or mos c||.ons |n ho doo|opod wor|d.
Tho s|uu|on |n |ow-|ncomo counr|os |s qu|o d|-
oron. Moro hun 90 o ho udu| popu|u|on |n
lnd|u und Ar|cu u|| |n h|s bund, |n muny |ow-|ncomo
Ar|cun counr|os, ho ruc|on o ho popu|u|on |s
c|oso o !00. Howoor, ho cos o |||ng |s usuu||y
much |owor. For u ros|don o lnd|u, or |nsunco,
ussos o USD !0,000 wou|d bo oqu|u|on o ubou
USD 30,000 o u ros|don o ho Un|od Suos. ln
much o ho doo|op|ng wor|d, h|s |s onough o own
u houso or |und u|bo| poss|b|y w|h uncoru|n prop-
ory r|ghs und o huo u comorub|o ||osy|o by
|ocu| sundurds.
M|dd|e of the pyram|d
Tho b||||on udu|s |n ho USD !0,000!00,000
rungo cons|uo ho m|dd|o c|uss o g|obu| wou|h
ho|dors (F|guro 3). W|h USD 34 r||||on |n ou|
wou|h, ho sogmon coru|n|y curr|os oconom|c
wo|gh. Th|s |or hus ho mos rog|onu||y bu|uncod
momborsh|p, u|hough Ch|nu now conr|buos
u|mos u h|rd o ho ou|. ln h|gh |ncomo counr|os,
h|s wou|h rungo coors ho mod|un porson oor
mos o h|s/hor udu| ||o. ln m|dd|o |ncomo coun-
r|os, | wou|d oncompuss u m|dd|o c|uss porson |n
m|dd|o ugo. Howoor, |n |ow-|ncomo counr|os on|y
hoso |n ho op doc||o quu||y, rosr|c|ng mombor-
sh|p o s|gn||cun |undownors, succossu| bus|-
nossmon, prooss|onu|s und ho ||ko.
USD 89.! rn (38.5)
29.7 mn
(0.5)
369 mn
(8.2)
!,066 mn
(23.6)
3,054 mn
(67.6)
Number of adu|ts (percent of wor|d popu|at|on)
Wea|th range
Tota| wea|th
(percent of wor|d)
USD !00.6 rn (43.6)
USD 33.5 rn (!4.5)
USD 7.6 rn (3.3)
> USD ! m||||on
USD !00,000 o ! m||||on
USD !0,000 o !00,000
< USD !0,000
F|gure 1
The g|oba| wea|th pyram|d
Sourco: Jumos Du|os, Rodr|go L|uborus
und Anhony Shorrocks, Crod| Su|sso
O|obu| Wou|h Duubook 20!!
OLOBAL WEALTH REPORT 20!!_14
H|gh segment of the pyram|d
Whon wo cons|dor ho h|gh sogmon o ho
wou|h pyrum|d ho group o udu|s whoso no
worh oxcoods USD !00,000 ho rog|onu| com-
pos||on bog|ns o chungo. W|h 398 m||||on udu|s
wor|dw|do, h|s group |s ur rom oxc|us|o. Bu
ho yp|cu| mombor o ho group |s ory d|oron |n
d|oron purs o ho wor|d. ln h|gh |ncomo coun-
r|os, ho hrosho|d o USD !00,000 |s wo|| w|h|n
ho rouch o m|dd|o-c|uss udu|s onco curoors
huo boon osub||shod. ln conrus, ros|dons rom
|ow-|ncomo counr|os wou|d nood o bo|ong o ho
op porcon||o o wou|h ho|dors, so on|y ho
oxcop|onu||y succossu|, wo|| ondowod or wo||
connocod quu||y.
Tho rog|onu| conrus shows up |n ho uc hu
Norh Amor|cu, Europo und ho As|u-Puc||c
rog|ons uccoun or 89 o ho g|obu| momborsh|p
o ho USD !00,000+ group, w|h Europo u|ono
homo o 39 o ho ou|. As ur us |nd||duu|
counr|os uro concornod, ho momborsh|p runk|ng
doponds on hroo ucors: ho popu|u|on s|.o, ho
uorugo wou|h |oo|, und wou|h |noquu||y w|h|n
ho counry. On|y !6 counr|os hos moro hun !
o ho g|obu| momborsh|p. Tho USA comos op
w|h 2! o ho ou|. A|| hroo ucors ro|norco
ouch ohor |n h|s |nsunco: u |urgo popu|u|on
comb|n|ng w|h h|gh moun wou|h und un unoquu|
wou|h d|sr|bu|on. Jupun comos u srong socond
und |s ho on|y counry u proson o sor|ous|y chu|-
|ongo ho hogomony o ho USA |n ho g|obu|
wou|h runk|ng. A|hough |s ro|u|o pos||on hus
doc||nod s|nco ho your 2000 duo o |uck|usor
sock murko und hous|ng murko porormunco,
Jupun |s s||| homo o !6 o |nd||duu|s w|h
wou|h uboo USD !00,000.
Emerg|ng wea|th
Tho mos popu|ous EU counr|os Oormuny, lu|y,
ho UK und Frunco occupy ho nox our p|ucos |n
ho g|obu| ub|o, ouch conr|bu|ng 68. Ch|nu
|s u|so crod|od w|h 6 o mombors, u drumu|c
r|so rom ho pos||on |n ho your 2000, whon Ch|-
nus roprosonu|on |n ho op wou|h porcon||o wus
oo smu|| o rog|sor. Bru.||, Tu|wun und Korou uro
ohor omorg|ng murko oconom|os os|muod o
ouch hos u |ous our m||||on ros|dons w|h no
worh uboo USD !00,000 (F|guro 4).
Top of the pyram|d
A ho op o ho pyrum|d, wo |nd ho wor|ds
m||||onu|ros, whoro wo ugu|n w|noss u d|oron
puorn o momborsh|p. Tho propor|on o mom-
bors rom ho Un|od Suos r|sos shurp|y o 34,
und ho shuro o mombors rom ous|do o ho
Norh Amor|cun, Europoun und As|u-Puc||c
rog|ons u||s o us 7. Tho ro|u|o pos||ons o
mos counr|os moo downwurd, bu horo uro
oxcop|ons. Tho Fronch shuro |s os|muod o dou-
F|gure 3
Membersh|p of g|oba| wea|th strata by reg|on
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 2
Peg|ona| membersh|p of g|oba| wea|th strata
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 4
Owners of wea|th above USD 100,000 by country of res|dence
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
0 !0 20 30 40 50 60 70 80 90 !00
Porconugo o wou|h group |n rog|on
> USD ! m||||on
USD !00,000
o ! m||||on
USD !0,000
o !00,000
< USD !0,000
A|| |oo|s
lnd|u Ar|cu Ch|nu
Europo Norh Amor|cu
As|u-Puc|c Lu|n Amor|cu
0 !0 20 30 40 50
Porconugo o ros|dons |n wou|h rungo
60 70 80 90 !00
Norh Amor|cu
Europo
Ch|nu
Lu|n Amor|cu
As|u-Puc|c
Ar|cu
lnd|u
Wor|d
< USD !0,000 USD !0,000 o !00,000
> USD ! m||||on
USD !00,000 o ! m||||on
21% USA
2% Bru.||
3% Cunudu
3% Spu|n
7% UK
8% lu|y
1% Korou
1% Tu|wun
3% Ausru||u
1% Nohor|unds
16% Jupun
13% Ros o wor|d
1% Bo|g|um
1% Mox|co
7% Oormuny
6% Ch|nu
6% Frunco
OLOBAL WEALTH REPORT 20!!_15
> USD ! bn
(!,000)
USD 500 m ! bn
(!,700)
USD !00 m 500 m
(26,300)
USD 50 m !00 m
(55,700)
USD !0 m 50 m
(93!,600)
USD 5 m !0 m
(!,959,600)
USD ! m 5 m
(26,724,200)
Lu|n Amor|cu
Europo
Norh Amor|cu
Ch|nu
lnd|u
Ar|cu
As|u-Puc|c
b|o o 9, wh||o boh Swodon und Sw|.or|und uro
now crod|od w|h moro hun ! o ho g|obu|
momborsh|p (F|guro 5).
Wea|th ana|ys|s. The |mportance of data qua||ty
To ussomb|o dou||s o ho puorn o wou|h ho|d|ngs
uboo USD ! m||||on roqu|ros u h|gh dogroo o |ngo-
nu|y. Tho usuu| sourcos o wou|h duu o|c|u| su-
|s|cs und sump|o suroys bocomo |ncrous|ng|y
|ncomp|oo und unro||ub|o u h|gh wou|h |oo|s. A
grow|ng numbor o pub||cu|ons huo o||owod ho
oxump|o o Forbos mugu.|no by consruc|ng r|ch
||ss, wh|ch uomp o u|uo ho ussos o pur|cu|ur
numod |nd||duu|s u ho upox o ho wou|h pyrum|d.
Bu ory |||o |s known ubou ho g|obu| puorn o
usso ho|d|ngs |n ho h|gh no worh (HNW rom
USD ! m||||on o USD 50 m||||on) und u|ru h|gh no
worh (UHNW rom USD 50 m||||on upwurd) rungo.
Wo br|dgo h|s gup by oxp|o||ng wo||-known su-
|s|cu| rogu|ur||os |n ho op wou|h u||. Us|ng on|y
duu rom rud||onu| sourcos |n ho pub||c domu|n
y|o|ds u puorn o g|obu| wou|h ho|d|ngs or ouch
counry |n ho USD 250,000 o USD 5 m||||on
rungo, wh|ch cun bo usod o os|muo ho numbor
o do||ur b||||onu|ro housoho|ds. Wo much hoso
prooc|ons o ho numbor roporod by Forbos mug-
u.|no or Fobruury 20!! und udus ho wou|h d|s-
r|bu|on ucross udu|s w|h|n counr|os uccord|ng|y.
Tho buso o ho wou|h pyrum|d |s occup|od by
poop|o rom u|| counr|os o ho wor|d u ur|ous
sugos o ho|r ||o-cyc|os, |n conrus, HNW und
UHNW |nd||duu|s uro hou||y conconruod |n pur-
|cu|ur rog|ons und counr|os, shur|ng u much moro
s|m||ur ||osy|o. Eon mombors u ohor |ocu|ons
ond o pur|c|puo |n ho sumo g|obu| murkos or
h|gh coupon consump|on |oms. Tho wou|h poro-
||os o |nd||duu|s uro u|so ||ko|y o bo s|m||ur, dom|-
nuod by |nunc|u| ussos und, |n pur|cu|ur, oqu|y
ho|d|ngs |n pub||c compun|os rudod |n |nornu|onu|
F|gure 6
H|gh net worth |nd|v|dua|s by reg|on
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks,
Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 5
Do||ar m||||ona|res by country of res|dence
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
34% USA
11% Jupun
2% Sw|.or|und
4% Ch|nu
6% UK
9% Frunco
1% Spu|n
2% Swodon
3% Cunudu
1% Tu|wun
1% Nohor|unds
9% Ros o wor|d
1% Bru.||
1% Donmurk
1% Bo|g|um
6% Oormuny
4% Ausru||u
5% lu|y
OLOBAL WEALTH REPORT 20!!_16
murkos. For hoso rousons, us|ng o|c|u| oxchungo
ruos o u|uo ussos |s moro uppropr|uo, ruhor hun
us|ng |ocu| pr|co |oo|s o compuro wou|h ho|d|ngs.
Our |guros or m|d-20!! |nd|cuo hu horo
woro 29.6 m||||on HNW |nd||duu|s w|h wou|h
rom USD ! m||||on o USD 50 m||||on, o whom ho
us muor|y (26.7 m||||on) u|| |n ho USD !5 m||-
||on rungo (soo F|guro 6). Norh Amor|cu usod o
hos ho grouos numbor o mombors, und s|||
uccouns or !! m||||on HNW |nd||duu|s (37 o
ho ou|), bu momborsh|p |n ho Norh Amor|cun
rog|on hus boon surpussod h|s your by ros|dons o
Europo (37.2 o ho ou|). As|u-Puc||c counr|os
oxc|ud|ng Ch|nu und lnd|u uro homo o 5.7 m||||on
mombors (!9.2), und wo os|muo hu horo uro
now us oor ! m||||on HNW |nd||duu|s |n Ch|nu
(3.4 o ho g|obu| ou|). Tho romu|n|ng 937,000
HNW |nd||duu|s (3.2 o ho ou|) ros|do |n lnd|u,
Ar|cu or Lu|n Amor|cu.
U|tra h|gh net worth
Our |guros |nd|cuo u g|obu| ou| o 84,700 UHNW
|nd||duu|s w|h no ussos oxcood|ng USD 50 m||-
||on. O hoso, nour|y 29,000 uro worh u |ous
USD !00 m||||on und 2,700 huo ussos uboo
USD 500 m||||on. Norh Amor|cu dom|nuos ho
rog|onu| runk|ng, w|h 37,500 UHNW ros|dons
(44), wh||o Europo hoss 23,700 |nd||duu|s
(28) und !3,000 (!5) ros|do |n As|u-Puc||c
counr|os, oxc|ud|ng Ch|nu und lnd|u.
ln orms o s|ng|o counr|os, ho USA |ouds by u
hugo murg|n w|h 35,400 UHNW |nd||duu|s,
oqu|u|on o 42 o ho group (soo F|guro 7). Tho
rocon orunos crouod |n Ch|nu huo propo||od
Ch|nu |no socond p|uco w|h 5,400 roprosonu|os
(6.4 o ho g|obu| ou|), o||owod by Oormuny
(4,!35), Sw|.or|und (3,820) und Jupun (3,400).
Numbors |n ohor BRlC counr|os uro u|so r|s|ng
us, w|h !,970 Russ|un mombors, !,840 lnd|un
mombors, und !,520 Bru.|||uns. Among omorg|ng
murkos, srong show|ngs uro o|don |n Tu|wun
(!,400), Turkoy (!,!00) und Hong Kong (!,030).
A|hough compurub|o duu on ho pus uro spurso,
| |s u|mos coru|n hu ho numbor o UHNW |nd|-
|duu|s |s cons|dorub|y grouor hun u docudo ugo.
Tho gonoru| growh |n usso u|uos uccouns or
somo o ho |ncrouso, u|ong w|h ho upproc|u|on o
ohor curronc|os ugu|ns ho US do||ur. Howoor, |
u|so uppours hu, now|hsund|ng ho crod| cr|s|s,
ho pus docudo hus boon ospoc|u||y conduc|o o
ho osub||shmon o |urgo orunos.
Chang|ng fortunes
Wou|h |s oon soon |n orms o u pyrum|d, w|h m||-
||onu|ros on op und pooror poop|o u ho buso.
Muny suroys ocus oxc|us|o|y on ho op pur o
ho pyrum|d, wh|ch |n our |ow |s unorunuo |n hu
| oxc|udos ho us-grow|ng USD 4! r||||on |n ho
m|dd|o und buso sogmons. Horo, omorg|ng wou|h
|s so o dr|o now ronds |n consump|on und |ndus-
r|u| chungo. Ch|nu, Korou, und Bru.|| uro counr|os
hu uro u|roudy r|s|ng qu|ck|y hrough h|s pur o
ho wou|h pyrum|d, w|h lndonos|u c|oso boh|nd und
lnd|u grow|ng us rom u |ow sur|ng po|n.
A ho sumo |mo, ho u|ru wou|hy op o ho
pyrum|d sogmon w||| con|nuo o bo ho srong
dr|or o pr|uo usso |ows und |nosmon ronds.
Our |guros or m|d-20!! |nd|cuo hu horo uro
nour|y 30 m||||on HNW |nd||duu|s w|h moro hun u
m||||on o hoso |n Ch|nu, und 5.7 m||||on ros|d|ng |n
As|u-Puc||c counr|os ohor hun Ch|nu und lnd|u.
A ho op o ho pyrum|d, horo uro u|mos
85,000 |nd||duu|s |n ho UHNW brucko, w|h no
worh oxcood|ng USD 50 m||||on. Tho rocon or-
unos crouod |n Ch|nu |oud us o os|muo hu
5,400 Ch|noso (6.4 o ho g|obu| ou|) now runk
umong ho UHNW group u|ong w|h u s|m||ur num-
bor |n Russ|u, lnd|u und Bru.|| whon comb|nod.
F|gure 7
U|tra h|gh net worth |nd|v|dua|s 2011. se|ected countr|es
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
0 5,000 !0,000 !5,000 20,000 25,000 30,000 35,000 40000
Egyp
Suud| Arub|u
S|nguporo
lndonos|u
Mox|co
Korou
Hong Kong
Turkoy
Tu|wun
Bru.||
Russ|u
lnd|u
Ausru||u
lu|y
Cunudu
Un|od K|ngdom
Frunco
Jupun
Oormuny
Sw|.or|und
Ch|nu
Un|od Suos o Amor|cu
USD 50 m !00 m
USD !00 m 500 m
USD 500 m ! bn
> USD ! bn
OLOBAL WEALTH REPORT 20!!_17
Muny ucors |n|uonco ho oo|u|on o housoho|d
wou|h, |nc|ud|ng propory r|ghs und ohor |ns|u-
|onu| cons|doru|ons, ho muur|y o |nunc|u| mur-
kos und |nunc|u| |nsrumons, und ho oxon o
wh|ch pub||c pro|s|on o ro|romon pons|ons und
hou|h curo m||guo ho nood or pr|uo uccumu|u-
|on. Bu ho s|ng|o mos |mporun ucor |n doo|-
opod oconom|os |s housoho|d |ncomo. As rou|
|ncomos grow und pr|co |n|u|on orodos purchus|ng
powor, ho u|uo o housoho|d wou|h u|so onds o
r|so. Tho |noros|ng quos|on |s ho ro|u|on
bowoon |ncomo und wou|h oor |mo, und ho rou-
sons or do|u|ons rom ho |ong-run puorn.
A century of wea|th data
F|guro ! shows wou|h o |ncomo ru|os or Frunco,
ho UK und ho USA du|ng buck o !900. Tho
mos sr|k|ng ouuro |s ho ro|u|o|y sub|o puorn
obsorod or ho USA. For mos o ho por|od s|nco
!900, housoho|d wou|h |n ho USA hus |ucuuod
|n u nurrow bund bowoon ubou our und |o |mos
d|sposub|o |ncomo. Furhormoro, horo |s no
upwurd rond oor ho who|o por|od: ho wou|h-
|ncomo ru|o |n 2009 |s u|mos |don|cu| o hu
rocordod u hundrod yours our||or.
Do|u|ons rom ho yp|cu| rungo |n ho USA
huo occurrod w|co, boh |no||ng brouks hrough
ho op o ho bund. Tho |rs op|sodo |s ussoc|uod
w|h ho d|srup|on cuusod by ho Wu|| Sroo crush
und ho onso o ho Orou Dopross|on. Tho wou|h-
|ncomo ru|o romu|nod cons|son|y uboo 5.3 dur-
|ng ho por|od !92839, und rouchod 7.3 |n !932,
u |oo| noor s|nco ropouod.
Tho socond d|orgonco op|sodo occurrod rom
!997 o 2007, whon ho wou|h-|ncomo ru|o
ugu|n broko ho 5.3 burr|or. ln uc, wo sub-op|-
sodos uro o|don |n ho Oroonspun oru: ho |rs
rom !997 o 2002 cumo o un ond whon ho do.
com bubb|o wus puncurod, ho socond rom
2002 o 2007 ondod w|h ho g|obu| |nunc|u| cr|-
s|s. Tho ooru|| |mpross|on |s hus ono o romurk-
ub|o sub|||y |n ho USA wou|h-|ncomo ru|o or
ho mos pur, w|h u ow dopururos rom ho
|ong-run oqu|||br|um o||owod promp|y by u rourn
o ho normu| rungo.
Bubb|es, crashes
and wea|th.
A century of data
Tho wou|h o |ncomo ru|o |n ho USA und UK hus boon ro|u|o|y
sub|o or mos o ho pus conury, u|hough upwurd broukous
occurrod dur|ng ho Orou Dopross|on und us booro ho rocon crod|
cr|s|s. Housoho|d dob o |ncomo ru|os uro now u un u|| |mo pouk
|n h|gh-|ncomo nu|ons. Emorg|ng murkos huo cons|dorub|o scopo
o |ncrouso porsonu| wou|h, s|nco ho ru|o o no |nunc|u| ussos
o |ncomo |n muuro oconom|os |s moro hun w|co us h|gh.
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F|gure 1
Wea|th-|ncome rat|os for France, UK and USA s|nce 1900
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
!940 !930 !920 !9!0 !900 !950 !960 !970 !980 !990 2000 20!0
0
Frunco UK USA
!0
9
2
8
7
6
5
4
3
!
OLOBAL WEALTH REPORT 20!!_18
O|d money behaves the same as new money.
ln Frunco und ho UK, ho wou|h-|ncomo ru|o hus
u|so uorugod bowoon 4 und 5 or much o ho
|mo, bu dopururos rom h|s rungo huo boon
moro roquon und |ongor |us|ng. Tho ru|o |n ho
UK hus o||owod ho gonoru| puorn obsorod |n
ho USA, w|h h|gh u|uos dur|ng ho Orou Dopros-
s|on und u rocon spur hu|od by ho g|obu| |nun-
c|u| cr|s|s. Bu ubnormu||y h|gh u|uos u|so occurrod
uor ho ond o ho Socond Wor|d Wur, und ho
rocon op|sodo o h|gh u|uos hus boon boh moro
susu|nod bog|nn|ng uround !985 und moro
pronouncod pouk|ng u u mu||p|o o 9 |n ho your
2007. ln uc, ho wou|h-|ncomo ru|o |n ho UK
hus rondod upwurds s|nco ho sur o ho Thuchor
oru |n !979, und |s now moro hun doub|o ho |oo|
soon |n ho m|d-!970s.
Tho Fronch oxpor|onco dur|ng ho pus conury
shows |ong por|ods o ro|u|o|y sub|o wou|h-
|ncomo ru|os puncuuod by hroo por|ods o s|g-
n||cun chungo. Tho ru|o o|| shurp|y rom ubou 7
dur|ng !900!9!4 o |oss hun hu| hu |guro on
yours |uor, hon c||mbod buck up o 5.4 by !944,
uor wh|ch | ugu|n qu|ck|y hu|od |n u|uo. Mos o
ho doc||no |n ho wou|h-|ncomo ru|o dur|ng
!9!3!949 wus duo o u|||ng houso pr|cos, h|gh
|n|u|on, und poor sock murko porormunco, w|h
on|y !0 o ho doc||no ur|buod o wur|mo |oss
o cup|u|.
For u hu| conury uor ho wur, ho wou|h-
|ncomo ru|o |n Frunco roso gruduu||y, rom 2.7 |n
!950 o 4.8 |n !999. Bu, s|nco ho your 2000, u
boom|ng hous|ng murko hus propo||od ho ru|o
uboo 8, u |oo| s|m||ur o ho UK und s|gn||cun|y
uboo ho USA.
Ev|dence for G7 countr|es
From !960 onwurds, duu on ho wou|h-|ncomo
ru|o uro uu||ub|o or u |urgor group o counr|os
hun us Frunco, ho UK und ho USA. F|guro 2
shows murkod|y d|oron oxpor|oncos or O7 coun-
r|os dur|ng ho |rs und socond hu|os o ho
por|od. Un|| !985, ho ru|os chungod ory |||o
oor |mo und o|| w|h|n ho bund rom 3.5 o 5.5
or mos counr|os |n mos yours. Aor !985, horo
|s cons|dorub|o ur|u|on |n ho oo|u|on o no
worh us u mu||p|o o d|sposub|o |ncomo, boh
ucross counr|os und oor |mo, bu |n ouch counry
horo |s un upwurd rond.
Poss|b|o oxp|unu|ons or ho upwurd rond s|nco
!985 |nc|udo ho ||boru||.u|on o |nunc|u| murkos,
ho ug|ng o ho popu|u|on, doc||n|ng |noros ruos
und |n|u|on ruos push|ng up usso pr|cos, und u
sh| |n omphus|s owurds grouor porsonu| rospon-
s|b|||y |n propur|ng or ro|romon, ch||drons odu-
cu|on und ohor oxponsos. Euch o hoso ucors
hus no doub mudo |s conr|bu|on, bu ho|r ro|u-
|o |mporunco romu|ns un opon quos|on.
Cunudu und Oormuny d|sp|uy ho h|ghos sub||-
|y umong O7 counr|os, und show ospoc|u||y c|our|y
ho undor|y|ng r|so |n ho wou|h-|ncomo ru|o oxpo-
r|oncod o|sowhoro. Tho wou|h-|ncomo ru|o |n Oor-
F|gure 2
Househo|d wea|th |ncome rat|o |n G7 countr|es
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 4
Househo|d debt |ncome rat|o |n G7 countr|es
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 3
Househo|d gross nanc|a| assets |ncome rat|o |n
G7 countr|es
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
!0
9
2
8
7
6
5
4
3
!
!975 !980 !970 !965 !960 !985 !990 !995 2000 2005 20!0
0
Oormuny Frunco Cunudu UK lu|y Jupun USA
!975 !980 !970 !965 !960 !985 !990 !995 2000 2005 20!0
0.0
Oormuny Frunco Cunudu UK lu|y Jupun USA
4.5
5.0
5.5
6.0
!.0
4.0
3.5
3.0
2.5
2.0
!.5
0.5
2.0
!.0
!.5
0.5
!975 !980 !970 !965 !960 !985 !990 !995 2000 2005 20!0
0.0
Oormuny Frunco Cunudu UK lu|y Jupun USA
OLOBAL WEALTH REPORT 20!!_20
muny roso soud||y rom 4.7 |n !99! o 6.! |n
2008. Wou|h |n Cunudu roso oon moro gruduu||y
und soud||y rom our |mos |ncomo |n !985 o 5.5
|mos |ncomo |n 2009. A|ono umong ho O7 coun-
r|os, ho wou|h-|ncomo ru|o |n Cunudu d|d no
doc||no us u rosu| o ho g|obu| |nunc|u| cr|s|s,
probub|y duo o ho consoru|o nuuro o boh |s
bunk|ng rogu|u|ons und bunkors.
A ho ohor ond o ho scu|o, ho grouos o|u-
|||y u |ous |n||u||y wus oxpor|oncod |n Jupun,
whoro ho wou|h-|ncomo ru|o oxp|odod rom 4.4
|n !977 o pouk u 9.4 |n !989, u |oo| noor
rouchod by uny ohor counry or wh|ch duu uro
uu||ub|o. A|hough houso-pr|co und |und-pr|co
|n|u|on conr|buod mos o h|s growh, ho sock
murko u|so uo||od ho r|so. Whon ho usso pr|co
bubb|o burs, ho wou|h-|ncomo ru|o |n Jupun
doc||nod rup|d|y o 7.5 |n !993, und hus romu|nod
ory c|oso o h|s |oo| oor s|nco.
As u|roudy nood, ho UK hus u|so oxpor|oncod
oxp|os|o growh |n ho wou|h |ncomo ru|o s|nco
!985, und grouor o|u|||y hun Jupun. Frunco hus
u|so shown ubnormu| wou|h growh, u|hough w|h-
ou ho o|u|||y obsorod |n Br|u|n. By hoso sun-
durds, ho oxpor|onco |n ho USA dur|ng ho pus
wo docudos |ooks ro|u|o|y sub|o, oon u||ow|ng
or ho shor-orm pouks |n !999 und 2006.
Wea|th components |n h|story
S|m||ur sor|os or sub-componons o wou|h us
mu||p|os o d|sposub|o |ncomo pro|do urhor
|ns|ghs |no ho h|sor|cu| ronds. Tho gruphs or
gross |nunc|u| ussos |n F|guro 3 ugu|n show ro|u-
|o|y |||o chungo up o !985, uor wh|ch u rogu|ur
puorn o growh |s ho norm, so hu by 2008, ho
gross |nunc|u| wou|h-|ncomo ru|o |s yp|cu||y
h|ghor by u ucor o !2. Howoor, ho o|u|||y
soon |n F|guro 2 hus u|mos un|shod. W|h ho
oxcop|on o Cunudu, ho |nunc|u| cr|s|s cuusod ho
|nunc|u| wou|h-|ncomo ru|o o doc||no |n u|| coun-
r|os, u|hough ho ru|o hus roboundod |n u|| coun-
r|os w|h 20!0 duu.
Frunco und Oormuny huo murchod soud||y und
|n undom s|nco !990, wh||o ho gruph or Cunudu
hus boon oxcop|onu||y smooh und qu|o |u or ho
pus !5 yours. Eon lu|y und Jupun oxh|b| ro|u-
|o|y smooh growh o |nunc|u| wou|h puncuuod
w|h occus|onu| |ucuu|ons. Br|u|n und ho USA
uro ou||ors, mo|ng |n undom s|nco !985, bu
show|ng u|mos puro cyc||cu| moomon s|nco
!995, ruhor hun soudy growh.
How |ndebted are Western househo|ds?
A s|gn||cun r|so |n housoho|d dob ro|u|o o |ncomo
|s o|don |n u|| O7 counr|os s|nco !980 (F|guro 4).
Tho UK oxpor|oncod ho grouos ubso|uo r|so |n ho
dob-|ncomo ru|o, wh|ch r|p|od rom 0.6 |n !980 o
!.8 |n 2008, bu ho grouos propor|onuo r|so
occurrod |n lu|y und Frunco, whoro ho ru|o u|mos
quudrup|od bowoon !978 und 2009. Tho ru|o dou-
b|od |n boh Cunudu und ho USA rom !985 o
2009, bu hus romu|nod unchungod |n Jupun s|nco
ho m|d-!990s, und oon doc||nod s||gh|y |n Oor-
muny dur|ng ho pus docudo.
Wa|| Street st||| the center of the f|nanc|a| wor|d?
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Popu|ar de|us|ons and the madness of crowds.
OLOBAL WEALTH REPORT 20!!_22
F|gure 5
Househo|d net nanc|a| wea|th |ncome rat|o |n
G7 countr|es
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 6
Pea| assets |ncome rat|o |n G7 countr|es
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
As oxpocod, ho oo|u|on o no |nunc|u| wou|h
|s ory s|m||ur o ho puorn or gross |nunc|u|
wou|h (F|guro 5). Bu | now omorgos hu ho
ru|os o no |nunc|u| wou|h o |ncomo |n !980
woro con|nod o u nurrow rungo bowoon !.0 und
!.5 or u|| O7 counr|os oxcop ho USA, or wh|ch
ho ru|o wus ubou 2.5 rom !973 o !988. Aor
ho gyru|ons o ho Oroonspun oru, ho US ru|o
hus rournod o |s |ong-orm norm. ln ho moun-
|mo, ho ohor O7 counr|os huo c|osod mos, |
no u||, o ho gup w|h ho USA. Th|s conorgonco
o US |oo|s o ho no |nunc|u| ussos o |ncomo
ru|os |s un |mporun rond o wh|ch |||o uon|on
hus boon g|on.
Duu on rou| (|.o. non-|nunc|u|) ussos us u mu|-
|p|o o d|sposub|o |ncomo y|o|ds qu|o u d|oron
p|curo, show|ng moro ur|u|on ucross counr|os und
much moro orru|c bohu|or. Tho ronds shown |n
F|guro 6 uro c|oso|y ro|uod o ho oo|u|on o rou|
usso pr|cos, pur|cu|ur|y ho pr|co o rou| osuo.
Tho oo|u|on o rou| ussos |n ho USA hus
boon romurkub|y consun oor |mo, c|oso o dou-
b|o ho |oo| o |ncomo rom !960 un|| !995,
whon ho mu||p|o roso soud||y o 3 |n 2007
booro rourn|ng buck o 2, ho |owos |oo| umong
O7 counr|os. Tho rou| usso-|ncomo ru|os |n
Cunudu, Oormuny und lu|y huo u|| boon on u r|s-
|ng rond s|nco !995, und show no s|gn hu
hous|ng pr|cos huo boon udorso|y uocod by
ho |nunc|u| cr|s|s. ln conrus, ho gruphs or
Frunco und Br|u|n show u d|p o||ow|ng ho |nun-
c|u| cr|s|s, u|hough boh counr|os huo oxpor|-
oncod u susu|nod houso pr|co boom s|nco ho
|uo !990s, u|mos doub||ng |n u|uo, so hu rou|
ussos romu|n u h|gh mu||p|o o d|sposub|o
|ncomo. ln uc, ho gruphs or Frunco und ho UK
uro oor||y s|m||ur rom !990 onwurds.
Tho oxpor|onco o Jupun pro|dos u su|uury |os-
son |n u||ow|ng rou| osuo pr|cos o run ou o con-
ro|. Tho oxp|os|o growh rom !984 o !990 hus
boon o||owod by doc||n|ng propory pr|cos or hroo
docudos, roduc|ng ho rou| ussos-|ncomo ru|o
rom 6.5 u |s pouk |n !990 o 3.5 |n 2008. Th|s
roorsu| o oruno hus boon so pronouncod hu
Jupun |s now on u pur w|h Cunudu, und runks
bo|ow oory ohor O7 counry oxcop ho USA.
Busod on ho Jupunoso oxpor|onco, o|oru|on o
hous|ng booms |n Br|u|n, Frunco und lu|y sooms
rock|oss |n compur|son o ho s|ow und soudy
progross o Cunudu und Oormuny.
Determ|nants of wea|th. The ro|e of sav|ngs
Wh||o shuro pr|cos und houso pr|cos uro oon ho
prox|muo rouson or ur|u|ons |n housoho|d wou|h
ro|u|o o |ncomo, ory |||o |s known ubou ho
undor|y|ng cuusos o ho d|oron counry oxpor|-
oncos.
Tho |oo| o su|ngs |s ono ob|ous sourco o
wou|h d|oroncos, w|h |ncrousod su|ngs runs|u-
|ng |no grouor uggroguo wou|h und u h|ghor
wou|h-|ncomo ru|o. ln pruc|co, | |s oon d||cu|
4.5
!.0
4.0
3.5
3.0
2.5
2.0
!.5
0.5
!975 !980 !970 !965 !960 !985 !990 !995 2000 2005 20!0
0.0
Oormuny Frunco Cunudu UK lu|y Jupun USA
4.5
5.0
5.5
6.0
6.5
7.0
!.0
4.0
3.5
3.0
2.5
2.0
!.5
0.5
!975 !980 !970 !965 !960 !985 !990 !995 2000 2005 20!0
0.0
Oormuny Frunco Cunudu UK lu|y Jupun USA
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OLOBAL WEALTH REPORT 20!!_23
o |don|y ho connoc|on. Among O7 counr|os,
ho housoho|d su|ng ruo shows subsun|u| ho-
orogono|y, rung|ng |n 2009 rom us |||o us 2 |n
Jupun o !6 |n lu|y und !7 |n Oormuny. Dur|ng
ho pus !5 yours, su|ng ruos docrousod |n ho
UK, ho USA, lu|y, Jupun und Cunudu, bu
romu|nod unchungod |n Frunco und oon roso
s||gh|y |n Oormuny. Tho ||nk o uggroguo wou|h |s
no |mmod|uo|y o|don.
Determ|nants of wea|th. The ro|e of
|nst|tut|ons
v|ow|ng d|oroncos ucross counr|os, ho |ow
wou|h (ospoc|u||y |nunc|u| wou|h) o |ncomo ru|os
|n Ausr|u, Oormuny und Norwuy muy ro|oc h|gh
|oo|s o pub||c pons|ons und good suo pro|s|on
o hou|h sor|cos, wh|ch poop|o oxpoc o bo mu|n-
u|nod |n ho uuro. Orow|ng popu|u|ons und |und
scurc|y uro oxpocod o corro|uo w|h h|gh u|uos
o rou| ussos ro|u|o o |ncomo, bu ho ||nk hus
bocomo |oss o|don |n rocon yours g|on ho |ow
rou| usso |guro or Jupun und ho ory h|gh u|uo
or Ausru||u.
Tho pro|s|on o moro soph|s|cuod |nunc|u|
|nsrumons |s ||ko|y o rosu| |n h|ghor |oo|s o
|nunc|u| ussos, us |s ho gonoru| ondoncy o
rop|uco do|nod bono| pons|ons w|h do|nod con-
r|bu|on pons|ons oor|ng |owor bono|s. Tho
|mpuc o |nunc|u| |nnou|on on dobs |s oon moro
o|don. Tho oxp|os|on o housoho|d dob |n ho
pus wo docudos |s undoubod|y ||nkod o grouor
uccoss o crod| or morgugos und consumor
oxpond|uro, ro|norcod by ho grow|ng uu||ub|||y
und uccopunco o sudon dob, or oxump|o |n
Donmurk und Swodon.
H|stor|ca| |essons for emerg|ng markets
Whu |mp||cu|ons cun bo druwn or wou|h uccu-
mu|u|on |n omorg|ng murkos rom ho pus oxpor|-
onco o h|gh |ncomo counr|os? Tho uorugo
wou|h-|ncomo ru|os or !6 h|gh-|ncomo counr|os
und n|no omorg|ng murkos (Ch||o, Ch|nu, Co|om-
b|u, C.och Ropub||c, lnd|u, S|ouk|u, S|oon|u,
Souh Ar|cu und Ukru|no) show sr|k|ng d|oroncos
bowoon h|gh-|ncomo counr|os und omorg|ng mur-
kos (F|guro 7). Oor ho por|od 200008, ho
uorugo ru|o or h|gh |ncomo counr|os |s 6.35,
w|h Orou Br|u|n, Bo|g|um und Sw|.or|und rocord-
|ng ru|os uboo 7.5. ln conrus, ho uorugo or
omorg|ng murkos |s 3.25, und sooru| counr|os
srugg|o o uch|oo wou|h |oo|s oquu| o w|co d|s-
posub|o |ncomo.
Tho compur|son |s oon surkor or no |nunc|u|
ussos. Tho uorugo usso-|ncomo ru|o |s oxuc|y !
|n omorg|ng murkos, buro|y 40 o ho 2.4 |guro
rocordod |n h|gh-|ncomo counr|os. Thoro uro u|so
muor d|oroncos |n dob |oo|s. On uorugo,
housoho|ds |n omorg|ng murkos owo us 30 o
ho|r unnuu| |ncomo, wh||o housoho|ds |n doo|opod
counr|os owo u|mos !.5 yours o |ncomo. Bour |n
F|gure 7
Net worth as mu|t|p|e of d|sposab|e |ncome, 20008
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 8
Pat|o of nanc|a| assets to non-nanc|a| assets, 200008
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
!
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OLOBAL WEALTH REPORT 20!!_24
m|nd, howoor, hu no worh, no |nunc|u| ussos
und dob |oo|s |n h|gh-|ncomo counr|os huo u||
r|son s|gn||cun|y s|nco !980. Tho wou|h |guros
rocordod or omorg|ng murkos now uro no so d|-
oron rom ho h|sor|cu| u|uos or Frunco, Br|u|n
und ho USA d|sp|uyod |n F|guro !, or ho O7 u|-
uos pr|or o !980.
Ch|nu |s ho oxcop|on umong omorg|ng murko
oconom|os. ls wou|h-|ncomo ru|o o 6.9 ||os
w|h|n ho op h|rd o ho rungo o ho h|gh-|ncomo
ub|o, c|oso o ho |oo| o Jupun, und wo|| uboo
ho |guro or ho USA. Tho housoho|d su|ngs ruo
|n Ch|nu hus oxcoodod 20 o ODP s|nco ho our|y
!990s, und hus oon r|son s||gh|y |n rocon yours,
duo o |ncrousos |n |ncomo uncoru|ny und chungos
|n pons|on pro|s|on. Th|s muy ho|p uccoun or ho
d|oron puorn |n Ch|nu ro|u|o o ohor omorg|ng
murkos, u|ongs|do rohy houso pr|cos und |nonso
|nornu|onu| domund or Ch|noso oqu||os. l muy
u|so bo ho cuso hu usso u|uos |n Ch|nu uro
u|roudy c|oso o r|ch counry |oo|s, bu housoho|d
|ncomo hus yo o cuch up.
Oo|dsm|h (!986)
!
c|u|ms hu ho wou|h-
|ncomo ru|o doos no nocossur||y r|so dur|ng doo|-
opmon, bocuuso cup|u| |s usod moro o|c|on|y
und gonoruos moro |ncomo, bu |nunc|u| doo|op-
mon |ncrousos ho ru|o o |nunc|u| ussos o non-
|nunc|u| ussos. F|guro 8 shows hu ho ru|o o
|nunc|u| o non-|nunc|u| ussos |s yp|cu||y h|ghor |n
r|ch counr|os, w|h un uorugo us bo|ow ! or ho
por|od 200008, compurod o 0.6 or omorg|ng
murkos. Oo|dsm|h un|c|puod u ru|o o ! or
muuro oconom|os. ln pruc|co, ru|os uboo 2 uro
now ound no on|y or h|gh-|ncomo counr|os, bu
u|so or u |ous ono omorg|ng oconomy: Souh
Ar|cu.
No|coub|o oxcop|ons o ho gonoru| puorn uro
Souh Ar|cu und Ch|nu umong ho omorg|ng mur-
kos, und Frunco, Norwuy und Ausru||u |n ho h|gh-
|ncomo counry ||s. Tho h|gh |nunc|u| o non-|nun-
c|u| ussos ru|o |n Souh Ar|cu ro|ocs u dynum|c
sock murko und muuro ||o |nsurunco und pon-
s|on |ndusr|os ogohor w|h ro|u|o|y |ow rou|
osuo pr|cos. Ch|nus pos||on |s oxp|u|nod by ho
h|gh su|ngs ruo und ro|u|o|y wo||-doo|opod
|nunc|u| murkos. ln conrus, u us 0.53, ho
|nunc|u| o non-|nunc|u| ru|o |n Ausru||u |s bo|ow
ho uorugo oon or omorg|ng murkos. Th|s
ro|ocs u spurso|y popu|uod counry w|h u |urgo
ondowmon o |und und nuuru| rosourcos, bu u|so
h|gh urbun rou| osuo pr|cos.
Conc|us|ons
Au||ub|o o|donco suggoss hu housoho|d wou|h
|n muuro oconom|os wus u u|r|y consun mu||p|o
o |ncomo or much o ho 20h conury un|| !980,
uor wh|ch ho wou|h-|ncomo ru|o hus rondod
upwurds und moro o|u|||y hus boon oxpor|oncod.
F|nunc|u| ussos |n O7 counr|os u|so show |||o
chungo ro|u|o o |ncomo up o !985, whon u rog-
u|ur puorn o growh bogun. Cunudu u|ono sur-
|od ho |nunc|u| cr|s|s w|hou u u|| |n ho ru|o o
|nunc|u| wou|h o |ncomo, u|hough ho ru|o hus
roboundod |n u|| O7 counr|os w|h 20!0 duu. Tho
ru|o o non-|nunc|u| ussos o |ncomo shows
grouor ur|u|on ucross counr|os und much moro
orru|c bohu|or.
Housoho|d dob hus r|son s|gn||cun|y |n u|| O7
counr|os s|nco !980, bu ho r|so hus boon ospo-
c|u||y pronouncod |n ho UK, lu|y und Frunco. As u
mu||p|o o |ncomo |n !980, no |nunc|u| wou|h |n
ho USA wus ubou doub|o ho |oo| |n u|| ohor O7
counr|os, bu ho gup hus orodod oor |mo, und
ho ru|o o no |nunc|u| wou|h o |ncomo |s now
much moro s|m||ur ucross ho O7 nu|ons.
Tho ru|o o no worh o |ncomo onds o bo
cons|dorub|y |owor |n omorg|ng murkos, und ho
sumo |s ruo o ho ru|o o |nunc|u| ussos o non-
|nunc|u| ussos, bu horo uro oxcop|ons o ho
gonoru| puorn, Ch|nu |n pur|cu|ur. Wh||o no guur-
unood, | sooms ||ko|y hu housoho|d wou|h w|||
grow usor hun housoho|d |ncomo |n omorg|ng
murkos, ru|s|ng ho wou|h-|ncomo ru|o oor |mo,
u|hough sopp|ng shor o ho |n|uod |oo|s soon
|n r|ch counr|os |n rocon yours. lncrous|ng ||o
oxpocuncy und |ongor ro|romon, ug|ng popu|u-
|ons, und |ncrous|ng uncoru|ny ubou |ubor ourn-
|ngs und uuro hou|h coss uro u|| ucors hu
po|n o un |ncrouso |n ho nood or pr|uo wou|h.
!
Oo|dsm|h, Ruymond W., (!986), Compuru|o Nu|onu| Bu|unco
Shoos, A Sudy o Twony Counr|os, !688!978. Ch|cugo:
Un|ors|y o Ch|cugo Pross.
IT revo|ut|ons.
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l hus |ong boon rocogn|.od hu ho |oo| o
porsonu| wou|h |s ro|uod o ugo. Ono ob|ous rou-
son |s hu ho pussugo o |mo pro|dos moro
opporun|y or housoho|ds o ucqu|ro wou|h |u
su|ngs ou o |ncomo, succossu| |nosmons,
cup|u| upproc|u|on und |nhor|uncos. Luor |n ||o,
wou|h muy bo druwn down |n ordor o mu|nu|n u
cusomury |oo| o consump|on |n ho uco o |owor
|ncomo, or o muko g|s o ch||dron und grundch||-
dron. So | |s nuuru| o oxpoc wou|h o pouk u
somo po|n uor ho ond o work|ng ||o. Howoor,
ho ruo u wh|ch wou|h r|sos und u||s oor |mo,
und ho ugo u wh|ch wou|h pouks, ury cons|dor-
ub|y ucross |nd||duu|s, bowoon counr|os, und oor
|mo. Much doponds on ho mo|os or su|ng or
o bo moro proc|so ho srongh o dos|ro o
ucqu|ro, uccumu|uo und rou|n wou|h.
Mot|ves for sav|ng
Thoro uro hroo mu|n rousons or su|ng. Tho pre-
caut|onary mot|ve u|ms o pro|do ru|ny duy
|nsurunco ugu|ns oons ||ko unomp|oymon or |||
hou|h. Procuu|onury su|ng rosu|s |n u buor
sock o u|r|y ||qu|d ussos hu cun bo usod o sur-
|o udorso unun|c|puod oons w|hou uk|ng on
oxcoss|o dob.
A socond rouson or uccumu|u|ng wou|h |s ||fe-
cyc|e sav|ng, undorukon o smooh consump|on
|n rosponso o un|c|puod uuro por|ods whon
|ncomo muy bo |owor hun normu|, mu|n|y ro|ro-
mon yours, bu u|so poss|b|y ch||d-rour|ng
spo||s. Consump|on smooh|ng or ro|romon
rosu|s |n u hump-shupod ugo-wou|h puorn,
mudo um|||ur by ho ||o-cyc|o modo| doo|opod by
Frunco Mod|g||un|
!
und ohors u hu| conury ugo.
Tho h|rd mo|o or su|ng |s o uccumu|uo
ussos o puss on o onos ho|rs. Tho srongh o
Wea|th and age
Su|ng or ro|romon und ohor ucors |oud o u d|s|nc ugo pro||o w|h
rogurd o wou|h ho|d|ngs und porsonu| dob. Tho ||nks bowoon wou|h und
ugo huo |mporun |mp||cu|ons or g|obu| ug|ng |n uuro, |ncrous|ng domund
or |nunc|u| ussos, or oxump|o, ro|u|o o rou| ussos ||ko hous|ng. A koy
|ssuo |s ho sru|n hu popu|u|on ug|ng w||| p|uco on pub||c pons|on sysoms
und ohor suppors or ho o|dor|y, wh|ch |s ||ko|y o promp grouor pr|uo
pro|s|on o rosourcos or ro|romon.
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A|bor Ando und Frunco Mod|g||un|, Tho ||o-cyc|o hypohos|s o su|ng: uggro-
guo |mp||cu|ons und oss, Amor|cun Econom|c Ro|ow, !963, pp 5584
OLOBAL WEALTH REPORT 20!!_26
ho bequest mot|ve onds o r|so w|h |ncomo,
und |s ory |mporun or somo HNWls, bu su -
|ng by poop|o u u|| |ncomo |oo|s |s oon |n|u-
oncod by u dos|ro o |ouo somoh|ng or uuro
gonoru|ons.
The L|fe-Cyc|e Mode|
Tho ||nk bowoon wou|h und ugo |s mos prom|non
|n ho conox o ||o-cyc|o su|ng. To undorsund
ho ||nk, |mug|no u s|mp|||od wor|d |n wh|ch un |nd|-
|duu| conomp|uos ho uuro u ugo 20, oxpoc|ng
o work un|| ugo 60 und o d|o u ugo 80. Assumo
urhor hu |ncomo w||| bo USD 30,000 por your,
dos|rod consump|on |s consun, ho |noros ruo
|s .oro, und no boquoss uro p|unnod. Thon ho
|nd||duu| shou|d spond USD 20,000 por your,
rosu||ng |n consun unnuu| su|ng o USD !0,000
wh||o work|ng, und consun unnuu| d|ssu|ng o
USD 20,000 dur|ng ro|romon. F|guro ! |||usruos
F|gure 1
Wea|th-age pro|e |n a ||fe-cyc|e mode|
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
50,000
!00,000
200,000
!50,000
250,000
400,000 USD
350,000
300,000
Ago
0 !0 20 30 40 50 60 70 80 90
0
Eurn|ngs Consump|on Wou|h
OLOBAL WEALTH REPORT 20!!_27
F|gure 2
Wea|th per adu|t by age re|at|ve to overa|| d|sposab|e
|ncome, se|ected countr|es
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
ho on-shupod ugo-wou|h pro||o, w|h pouk
wou|h o USD 400,000 u ugo 60.
vury|ng ho purumoors |n h|s s|mp|o modo|
y|o|ds c|our rosu|s. For oxump|o, | |ongo|y |s |xod
und ho work|ng ||o |s |ongor hun ho por|od o
ro|romon, u docrouso |n ro|romon ugo |ncrousos
pouk wou|h. And | |ongo|y |s r|s|ng, pouk wou|h
w||| r|so oo, us |ong us no|hor ho work|ng ||o|mo
nor ho por|od o ro|romon bocomos shoror. Oor-
u|| | |s suo o suy hu pouk wou|h onds o r|so
w|h |ncrousos o|hor |n ho |ongh o ro|romon, or
|n |ongo|y, |n ho ||o-cyc|o modo|.
Anohor |mp||cu|on o ho s|mp|o ||o-cyc|o
modo| |s hu ho ru|o o uggroguo wou|h o
|ncomo |s pos||o|y corro|uod w|h ho |ongh o
ro|romon und w|h |ongo|y. l ho popu|u|on |s
oquu||y d|sr|buod by ugo, moun wou|h w||| oquu|
hu| o pouk wou|h. Th|s mouns hu |n ho wor|d o
F|guro !, uorugo wou|h |s USD 200,000. Aor-
ugod oor ho on|ro udu| ||o|mo, unnuu| ourn|ngs
uro USD 20,000 por your, so hu ho wou|h o
|ncomo ru|o |s !0. Emp|r|cu| work hus con|rmod
ho pos||o |mpuc o |ncrous|ng |ongo|y und |on-
gor ro|romon on ho wou|h-|ncomo ru|o. Tho
upwurd rond |n wou|h-|ncomo ru|os soon |n ho
O7 counr|os oor ho |us 25 yours muy |n pur
ro|oc hoso oocs.
Intergenerat|ona| transfers.
From the o|d to the young
l wou|h uccumu|u|on |s dr|on by procuu|onury
mo|os ruhor hun ||o-cyc|o cons|doru|ons, hon
ho |oo| o dos|rod wou|h wou|d no bo oxpocod
o show grou ur|u|ons by ugo. l boh mo|os uro
proson, | |s ||ko|y hu procuu|onury noods w||| bo
su|s|od by wou|h uccumu|uod or ||o-cyc|o pur-
posos, oxcop porhups or ho youngos und o|dos
mombors o soc|oy, so ho |mpuc on ho ugo-
wou|h puorn shou|d bo m|n|mu|.
Boquoss und g|s muy bo |non|onu| or o|so
ucc|donu| ur|s|ng bocuuso |nd||duu|s uro usu-
u||y unub|o o guurunoo |ou|ng proc|so|y .oro
wou|h u ho |mo o douh. l boquoss uro puro|y
ucc|donu| und roc|p|ons consumo hom gruduu||y,
uorugo wou|h w||| r|so or o|dor ugo groups, und
wou|h cou|d pouk u u h|ghor ugo. P|unnod g|s
und boquoss muy roduco su|ng und wou|h ho|d-
|ngs |n our|y yours by hoso un|c|pu|ng roco|p o
boquoss, bu |ncrouso wou|h |uor on |n ho ||o-
cyc|o by hoso p|unn|ng boquoss. Tho no rosu|
ugu|n |s h|ghor uorugo housoho|d wou|h, und u
h|ghor pouk |oo| o wou|h, w|h ho pouk poss|b|y
occurr|ng |uor |n ||o.
Intergenerat|ona| transfers.
From the young to the o|d
Ro|romon pons|ons o u|| ypos suo pons|ons
und pr|uo pons|ons o o|hor do|nod bono| (DB)
or do|nod conr|bu|on (DC) orm ru|so pur|cu|ur
d||cu||os whon uomp|ng o conron ho ||o-
F|gure 3
F|nanc|a| assets as percentage of tota| wea|th by age,
se|ected countr|es
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
F|gure 4
Debts as percentage of tota| assets by age,
se|ected countr|es
Sourco: Jumos Du|os, Rodr|go L|uborus und Anhony Shorrocks, Crod| Su|sso O|obu| Wou|h Duubook 20!!
3
5
9
7
!!
!5
!3
2534 3544 4554 5564 6574 7584 85+
0
US Cunudu UK lu|y Ch||o lndonos|u
!0
20
40
30
50
60
2534 3544 4554 5564 6574 7584 85+
0
US Cunudu UK lu|y Ch||o lndonos|u
!0
5
!5
20
25
40
30
35
45
50
2534 3544 4554 5564 6574 7584 85+
0
US Cunudu UK lu|y Ch||o lndonos|u
OLOBAL WEALTH REPORT 20!!_28
cyc|o modo| w|h duu on housoho|d wou|h. A||
ypos o ro|romon pons|ons oor ho prospoc o
uuro puymons |n o|d ugo, hus ond|ng o subs|-
uo or pr|uo su|ng und |owor non-pons|on
wou|h, u|hough o|donco suggoss hu |nd||duu|s
do no |ow pons|on wou|h us u poroc subs|uo
or pr|uo su|ng.
Tho cup|u| u|uo ussoc|uod w|h on||omons o
DC or DB pons|ons cun bo os|muod |n pr|nc|p|o,
bu ho roqu|rod |normu|on |s no usuu||y uu||ub|o
o hoso ussomb||ng os|muos o ho wou|h ho|d-
|ngs o |nd||duu|s. Mos housoho|d suroys horo-
oro om| pr|uo pons|ons, bu horo uro |mporun
oxcop|ons, or oxump|o |n Cunudu, ho UK und ho
USA, us d|scussod |n ho nox soc|on.
Pub||c pons|ons ru|so doopor |ssuos. Tho cup|-
u||.od u|uos o ho ussoc|uod |ncomo sroums
cun bo os|muod, bu wh||o | muy bo poss|b|o o
mob|||.o pr|uo pons|on wou|h hrough our|y w|h-
druwu|s |n somo cusos, or by borrow|ng ugu|ns
uuro pons|on |ncomo, h|s |s |oss ||ko|y o bo ruo
w|h pub||c pons|ons, so | bocomos moro prob|om-
u|c o rogurd ho pons|on us pur o un |nd||duu|s
wou|h. Moro |mporun|y, s|nco pub||c pons|ons uro
mos|y on un unundod, puy-us-you-go bus|s, hoy
do no uppour us un |om |n nu|onu| housoho|d bu|-
unco shoos: ho pos||o wou|h u|uos or o|dor
porsons uro oxuc|y oso by ho nogu|o u|uos o
(unsuspoc|ng) youngor |nd||duu|s whon uuro
pub||c pons|on ||ub||||os uro ukon |no uccoun.
Our wou|h os|muos |n h|s ropor ry o o||ow
ho sundurd upprouch o nu|onu| bu|unco shoo
uccoun|ng, by |nc|ud|ng pr|uo pons|ons |n houso-
ho|d wou|h, bu no pub||c pons|ons. For counr|os
w|h ro|u|o|y |urgor pub||c pons|ons compurod o
pr|uo pons|ons, h|s shou|d |oud o boh u |owor
hump |n ho ugo-wou|h pro||o und u |owor ru|o o
uggroguo wou|h o |ncomo.
The emp|r|ca| ev|dence
Emp|r|cu| o|donco on ho ugo-wou|h ro|u|onsh|p
|s uu||ub|o or u ||m|od numbor o counr|os. Th|s
soc|on cons|dors ugo-wou|h ro|u|onsh|ps |n our
h|gh |ncomo counr|os (Cunudu, lu|y, ho UK und
ho USA), und wo omorg|ng murko counr|os
(Ch||o und lndonos|u), busod on duu rom houso-
ho|d suroys hu pro|do d|or|ng coorugo o pr|-
uo pons|ons. Tho wou|h os|muos |n h|s ropor
udus or hoso d|oroncos, so hu ho |guros u||y
ro|oc pr|uo pons|on wou|h, bu horo ho rosu|s
o ho ruw housoho|d suroys uro roporod w|hou
udusmon. Tho suroys |n Cunudu und ho UK
coor pr|uo pons|ons u||y. Tho US suroy |nc|udos
DC bu no DB pons|ons. ln lu|y, Ch||o und lndono-
s|u, pr|uo pons|ons uro comp|oo|y oxc|udod.
F|guro 2 shows ho moun wou|h o ur|ous ugo
groups oxprossod us u mu||p|o o ooru|| d|sposub|o
|ncomo. Dosp|o ho d|oroncos |n pons|on coor-
ugo, u hump-shupod ugo-wou|h pro||o |s obsorod
|n ouch cuso, w|h u pouk |n wo counr|os u ugos
5564 und |n our counr|os u ugos 6574. Pouk
wou|h |s ubou 60 uboo ooru|| uorugo wou|h |n
Cunudu, Ch||o, ho UK und ho USA, bu on|y ubou
30 uboo ho uorugo |n lu|y und lndonos|u.
ln lu|y und lndonos|u ho ugo pro||o o wou|h |s
|uor hun |n ho ohor counr|os. Th|s |s ||ko|y o bo
pur|y u ro|oc|on o ho om|ss|on o pons|on wou|h,
bu u|so ro|ocs |owor dob umong ho young |n
hoso wo counr|os compurod w|h ho ohors.
Tho puorn |s broud|y |n ||no w|h ho prod|c|ons
o ho ||o-cyc|o su|ngs modo|. Tho our|y pouk
obsorod or Cunudu und ho UK cou|d bo duo o ho
uc hu ho gruphs roor o cross-soc|on duu or
d|oron ugo groups u u g|on |mo, ruhor hun |on-
g|ud|nu| duu or u cohor o |nd||duu|s us hoy ugo.
Tho doc||no |n wou|h uboo ugo 65, wh|ch uorugos
ubou 2 por your ucross ho counr|os shown,
sooms |n ||no w|h oxpocu|ons, bu h|s |oo| o d|s-
su|ng cou|d s|mp|y ro|oc ho |owor ||o|mo ourn-
|ngs o o|dor cohors |n grow|ng oconom|os.
Asset a||ocat|on and ag|ng
F|guro 3 shows hu ho shuro o |nunc|u| ussos |n
ou| ussos (oxc|ud|ng dobs) ur|os w|do|y ucross
counr|os. Tho h|gh |oo|s |n ho Eng||sh-spouk|ng
counr|os uro pur|y oxp|u|nod by ho u|| |nc|us|on o
pr|uo pons|ons |n Cunudu und ho UK, und pur|u|
|nc|us|on |n ho USA. Tho |ow |oo|s obsorod |n
lu|y, Ch||o und lndonos|u muy ro|oc no on|y ho
om|ss|on o pons|on wou|h, bu u|so duu prob|oms
und ohor ucors. H|sor|c op|sodos o |n|u|on |n
hoso counr|os muy huo mudo housoho|ds shy o
|nunc|u| ussos, so rou| ussos muy bo proorrod or
consump|on smooh|ng: |n lndonos|u, or oxump|o,
go|d p|uys un |mporun ro|o us u soro o omor-
goncy unds.
ln |o o ho counr|os, ho shuro o |nunc|u|
ussos r|sos u |ous up o ro|romon, bu |n lndono-
s|u ho |mporunco o |nunc|u| ussos doc||nos un|-
orm|y w|h ugo, porhups ro|oc|ng u runs||on o
grouor uso o |nunc|u| ussos by youngor poop|o or
consump|on smooh|ng. Tho ohor |o counr|os
pro|do un |noros|ng conrus |n whu huppons uor
ro|romon. ln Cunudu und ho USA, |nunc|u| ussos
con|nuo o |ncrouso |n |mporunco, porhups ro|oc-
|ng u downs|.|ng |n homo ownorsh|p. ln Ch||o, lu|y
und ho UK, ho |mporunco o |nunc|u| ussos
pouks uround ro|romon ugo und hon gruduu||y
doc||nos us oxpocod | ro|romon su|ngs uro
bo|ng spon und poop|o romu|n |n ho sumo homo.
Dob shows moro drumu|c chungos w|h ugo
hun ussos (F|guro 4). For poop|o ugod 2534 |n
ho Eng||sh-spouk|ng counr|os, dobs |urgo|y
morgugos uro oquu| o ubou 40 o ou|
ussos. As morgugos uro gruduu||y pu|d o und
|nunc|u| ussos uro uccumu|uod, ho dob ru|o
doc||nos u|r|y rup|d|y, u|mos un|sh|ng by ho ugo
o ro|romon, oxcop |n ho USA, whoro dob s|||
uorugos 6.4 o ou| ussos u ugos 6574. Tho
dob ru|o |n Ch||o |s s|m||ur whon uorugod ucross
ugo groups, bu surs u u |owor |oo| (25) or
ho 2534 your o|d group. lu|y und lndonos|u huo
OLOBAL WEALTH REPORT 20!!_29
ruo|y, ruhor hun w|h ho|r ospr|ng, wh|ch muy
occur |n doo|op|ng und omorg|ng counr|os |n ho
uuro us | d|d |n h|gh |ncomo counr|os |n ho pus,
ho nood or ro|romon su|ngs w||| bo |ncrousod,
ugu|n |oud|ng o grouor wou|h.
Mos o ho uboo ucors ond o |ncrouso ||o-
cyc|o su|ng und wou|h. R|s|ng oducu|on |s ||ko|y
o ro|norco h|s rond, s|nco |s mu|n ooc |s o
ru|so ||o|mo ourn|ngs, wh|ch w||| |oud o h|ghor
su|ng or ro|romon.
Sav|ngs and wea|th |n an ag|ng wor|d
Tho mos |mporun uuro consoquoncos o ho
ugo-wou|h ro|u|onsh|p uro ||ko|y o ur|so bocuuso
o ho g|obu| domogruph|c ronds oxpocod o |oud
o popu|u|on ug|ng |n u|| rog|ons o ho wor|d oor
ho nox 50 yours. Ooru||, h|ghor ugo groups uro
wou|h|or hun uorugo, so popu|u|on ug|ng
|ncrousos wou|h hrough u s|mp|o compos||onu|
ooc. Thoro w||| u|so bo compos||onu| oocs on
poro||o puorns. Tho ro|u|o domund or |nunc|u|
ussos, und ospoc|u||y or r|sky |nunc|u| ussos, w|||
||ko|y |ncrouso s|nco ho |mporunco o hoso ussos
onds o |ncrouso w|h ugo. Tho conorso |s u ro|u-
|o doc||no |n ho domund or hous|ng. Housoho|d
dob shou|d u|so docrouso |n ro|u|o orms s|nco
o|dor groups uro |oss |ndobod.
Popu|u|on ug|ng w||| huo muny ohor oocs, o
courso. l |s oxpocod o |ncrouso rou| wugos, bu
roduco rourns o cup|u|, w|h oppos|ng oocs on
much |owor ooru|| dob |oo|s hun ho ohor coun-
r|os, und ho dobs o ho young uro ory modos |n
compur|son o hoso |n ho ohor our counr|os. ln
lu|y, h|s puorn |s ro|uod o ho d||cu|y o obu|n-
|ng morgugos.
Imp||cat|ons of ag|ng
Tho hooro|cu| prod|c|ons und omp|r|cu| o|donco
on ho ro|u|onsh|p bowoon wou|h und ugo huo
|mporun |mp||cu|ons or g|obu| wou|h ho|d|ngs |n
ho conox o ho muor domogruph|c und soc|u|
chungos ||ko|y o uko p|uco |n ho uuro. Somo o
ho uuro ronds d|roc|y uoc ho ugo-wou|h pu-
orn: h|s cuogory |nc|udos pons|on chungos, |on-
gor ||o oxpocuncy, und pur|cu|ur|y |n doo|op|ng
counr|os soc|u| ronds such us |ncrousod oducu-
|on, smu||or um|||os, und h|ghor omu|o |ubor orco
pur|c|pu|on. Ohor uuro ronds muy huo |mpor-
un soc|u| or oconom|c consoquoncos bocuuso o
ugo-wou|h ro|u|onsh|ps: ho muor ucor |n h|s
socond cuogory |s popu|u|on ug|ng.
Changes to pub||c and pr|vate pens|ons
A numbor o h|gh |ncomo counr|os huo ru|sod, or
p|un o ru|so, ho m|n|mum ugo or roco||ng pub||c
pons|ons, wh|ch |s oxpocod o |oud o |owor |oo|s
o pr|uo wou|h s|nco | w||| ||ko|y |oud o |uor ro|ro-
mon. An |ncrouso |n pons|on conr|bu|ons w|||
roduco no |ncomos und ro|norco ho ondoncy
owurd |owor su|ng. Roduc|ng pons|on bono|s, on
ho ohor hund, |ncrousos ho nood or pr|uo ro|ro-
mon su|ng und honco ru|sos wou|h. Thus d|oron
wou|h |mpucs cun bo prod|cod or counr|os hu
pursuo d|oron so|u|ons o pub||c pons|on do|c|s.
Rogurd|ng pr|uo socor omp|oyor-busod pon-
s|ons, horo hus boon u s|gn||cun sh| owurd
do|nod conr|bu|on pons|ons |n h|gh-|ncomo coun-
r|os, wh|ch |s oxpocod o |ncrouso ||o-cyc|o su|ng
und wou|h. Low curron ruos o rourn on mos
|nunc|u| ussos und |ncrousod uncoru|ny ubou
uuro |ncomo sroums rosu||ng rom ho rond o
do|nod conr|bu|on schomos w||| ond o ru|so ho
nood o uccumu|uo wou|h. W|dosproud conus|on
ubou ho oxpocod uuro bono|s rom boh pub||c
und pr|uo pons|ons cou|d, on ho ohor hund, |oud
somo poop|o o ubundon ho|r su|ng oors | unsuro
whohor ho|r pr|uo su|ng w||| muko uny d|oronco.
Chang|ng fam||y va|ues
Roducod or|||y und r|s|ng omu|o |ubor orco pur-
|c|pu|on ronds soon u|| uround ho wor|d,
u|hough no |n oory s|ng|o counry ru|so rou|
|ncomos por houd und horooro u|so ond o
|ncrouso boh ||o-cyc|o su|ng und housoho|d
wou|h. Morooor, ho wou|h-|ncomo ru|o w|||
|ncrouso urhor bocuuso u um||ys ro|u|o con-
sump|on noods u|| |n ho yours whon ch||dron uro
u homo und sh| o ho ro|romon por|od. l horo
|s u|so u rond owurd ro|rod poop|o |||ng sopu- P
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OLOBAL WEALTH REPORT 20!!_30
housoho|d su|ng und wou|h. l |s u|so oxpocod o
|ncrouso pub||c oxpond|uros on hou|h curo und
ohor sor|cos o ho o|dor|y, |oud|ng o h|ghor uxos
on work|ng ugo poop|o, wh|ch muy roduco ho|r
su|ng ub|||y. On ho ohor hund, horo muy bo cu-
bucks |n pub||c sor|cos or ho o|dor|y duo o ho|r
|ncrousod cos, |oud|ng o grouor nood or pr|uo
propuru|on or o|d ugo. Tho no ooc o u|| hoso
ucors |s unc|our.
Conc|us|ons
Wou|h uccumu|u|on occurs or hroo pr|nc|pu| rou-
sons: or procuu|onury rousons, |n un|c|pu|on o
ro|romon noods, und o muko |norgonoru|onu|
runsors. Su|ng or ||o-cyc|o purposos, |n pur|cu-
|ur, mouns hu ugo |s un |mporun doorm|nun o
housoho|d wou|h |oo|s. Econom|c hoory prod|cs
u hump shupo or ho ugo-wou|h pro||o, und
cross soc|on duu con|rms h|s puorn |n u|| coun-
r|os. Emp|r|cu| o|donco u|so shows hu
oxprossod us ruc|ons o ou| ussos dob drops
shurp|y w|h ugo, und |nunc|u| ussos ond o r|so
u|r|y srong|y w|h ugo, u |ous up o ro|romon.
Tho ||o-cyc|o su|ng modo| suggoss hu, |n
uuro, ho ugo-wou|h pro||o w||| bo moro poukod,
und uorugo wou|h w||| bo h|ghor | ||o oxpocuncy
|s |ongor, ro|romon |s our||or, or pub||c pons|ons
uro |owor. A proson, ||o oxpocuncy con|nuos o
|ncrouso |n muny counr|os und pub||c pons|ons uro
ond|ng o bocomo |oss gonorous, po|n|ng o u r|so
|n housoho|d wou|h. On ho ohor hund, ro|romon
ugos uro rond|ng upwurd |n ho doo|opod wor|d,
w|h ho oppos|o ooc. So, u|hough | sooms
||ko|y hu wou|h/|ncomo ru|os w||| r|so |n doo|op-
|ng und omorg|ng murko counr|os |n ho uuro,
hoy muy no con|nuo o r|so oorywhoro.
ln ho com|ng yours, ho ro|u|onsh|p bowoon
wou|h und ugo |s ||ko|y o huo grouos s|gn||-
cunco |n ho conox o g|obu| domogruph|c ronds
|oud|ng o popu|u|on ug|ng. Aorugo wou|h und
wou|h-|ncomo ru|os w||| r|so us ho popu|u|on
wo|gh|ng sh|s o o|dor groups. Ag|ng |s u|so
oxpocod o |ncrouso ho domund or |nunc|u|
ussos ro|u|o o rou| ussos ||ko hous|ng. Moro
|mporun, porhups, |s ho sru|n hu popu|u|on
ug|ng p|ucos on pub||c pons|on sysoms und ohor
suppors or ho o|dor|y, wh|ch |s ||ko|y o urhor
sronghon cu||s or pr|uo rospons|b|||y |n propur-
|ng or ro|romon.
Tho opon quos|on |s whohor popu|u|on ug|ng
w||| proc|p|uo u cr|s|s duo o |nsu|c|on pr|uo
su|ng or ro|romon. Wh||o |ow su|ng or ro|ro-
mon romu|ns u concorn |n sooru| counr|os, und
wh||o somo poop|o uro woou||y unpropurod or
ro|romon |nunc|u||y, ooru|| housoho|d wou|h
uccumu|u|on hus |ncrousod und wou|h/|ncomo
ru|os huo r|son. Lowor os|muos o ho |oo| o
|ncomo noodod o mu|nu|n pro-ro|romon sun-
durds o |||ng, pro|do udd||onu| grounds or op|-
m|sm hu mos counr|os w||| uo|d u |scu| cr|s|s
duo o un ug|ng popu|u|on.
OLOBAL WEALTH REPORT 20!!_31
Bottom of the pyram|d wea|th |s [ust as |mportant as top.
OLOBAL WEALTH REPORT 20!!_32
Dosp|o ho |nunc|u| cr|s|s sur|ng |n 2007, wo
cu|cu|uo hu g|obu| housoho|d wou|h |ncrousod
by USD !!7 r||||on bowoon 2000 und 20!!,
w|h ho shuro o omorg|ng murkos rond|ng
srong|y upwurds. Bu whu |s ||ko|y o huppon |n
ho nour uuro?
Wo proson u p|curo o uuro g|obu| housoho|d
wou|h u m|d-20!6 busod on |nd||duu| counry
os|muos o ou| wou|h und |s d|sr|bu|on ucross
udu|s. Our rosu|s suggos hu omorg|ng ocono-
m|os w||| con|nuo o cuch up w|h doo|opod
nu|ons, hu ho m|dd|o sogmon o ho wou|h
pyrum|d w||| grow |n |mporunco, und hu ho num-
bor o m||||onu|ros w||| r|so s|gn||cun|y.
Wor|d wea|th at USD 345 tr||||on by 2016
Wo os|muo hu ou| housoho|d wou|h w||| r|so by
50 |n ho nox |o yours rom USD 23! r||||on |n
20!! o USD 345 r||||on |n 20!6, oqu|u|on o
Prospects
for persona|
wea|th |n 2016
Assum|ng modoruo und sub|o oconom|c
growh, wo oxpoc ou| housoho|d wou|h o
r|so by moro hun 50 |n ho nox |o yours
rom USD 23! r||||on |n 20!! o USD 345
r||||on by 20!6. No worh por udu| shou|d
rouch USD 70,700, u 40 |ncrouso ro|u|o
o 20!!. Wo oxpoc Ch|nu o udd u ou| o
USD !8 r||||on o ho sock o g|obu| wou|h
|n ho nox |o yours und surpuss Jupun us
ho socond wou|h|os counry |n ho wor|d.
Tho USA shou|d romu|n on op o ho wou|h
|ouguo hough, w|h USD 8! r||||on by 20!6.
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OLOBAL WEALTH REPORT 20!!_33
F|gure 1
Tota| wea|th |n the USA (USD trn) and the re|at|ve pos|t|on
of emerg|ng econom|es
Sourco: Crod| Su|sso
F|gure 2
Percentage share of wea|th and contr|but|on to growth,
by country |ncome group|ngs
Sourco: Crod| Su|sso
F|gure 3
D|str|but|on of adu|ts (%) by range of wea|th
Sourco: Crod| Su|sso
8.4 growh por your. No worh por udu| wor|d-
w|do |s oxpocod o rouch USD 70,700 |n ho your
20!6, un |ncrouso o u|mos 40 oor 20!!.
Accord|ng o our os|muos, Ch|nu w||| rop|uco
Jupun us ho socond-wou|h|os counry |n ho
wor|d, w|h ou| housoho|d wou|h o USD 39 r||-
||on |n 20!6, compurod o USD 3! r||||on or
Jupun. Tho USA |s oxpocod o mu|nu|n |s
supromucy |n ho wou|h runk|ng, w|h u proocod
ou| housoho|d wou|h o USD 82 r||||on. Wo||
boh|nd |n ourh und |h p|ucos uro Frunco und
Oormuny w|h USD 20.! r||||on und USD !9.6 r||-
||on, rospoc|o|y.
Leapfrogg|ng
Oor ho nox |o yours, wo oxpoc o soo u b|g
|mproomon |n ho pos||on o omorg|ng ocono-
m|os. Wou|h |n boh Ch|nu und Ar|cu us u who|o |s
proocod o r|so by oor 90, bu lnd|u und Bru.||
uro orocus o do oon boor, w|h porsonu| wou|h
moro hun doub||ng by 20!6.
F|guro ! compuros ho ou| wou|h o coru|n
counr|os und rog|ons oduy und |n |o yours |mo,
us|ng US wou|h oor ho courso o ho 20h con-
ury us u yurds|ck. Dosp|o hu|ng u|mos 300 m||-
||on moro udu|s hun ho USA, Ar|cus ou| curron
wou|h o USD 3 r||||on |n 20!! |s compurub|o o
ou| US wou|h |n !908. Eon hough wo oxpoc u
subsun|u| |mproomon |n Ar|cus wou|h |n ho
nox |o yours, | w||| r|so on|y o ho |oo| o US
wou|h ho|d|ngs buck |n !928, so ho |mproomon
oquuos o 20 US yours.
Tho cuso o lnd|u |s pur|cu|ur|y sr|k|ng. W|h
ou| wou|h o USD 4.! r||||on |n 20!!, lnd|us
housoho|d wou|h |s compurub|o o ho USA |n
!9!6. Bu, dur|ng ho nox |o yours, lnd|u |s pro-
ocod o gu|n us much wou|h us ho USA
uch|ood oor ho courso o 30 yours bog|nn|ng |n
!9!6. Th|s |s duo o un |ncrouso |n wou|h por
udu| uccompun|od by u s|gn||cun r|so |n ho udu|
popu|u|on.
Tho cuso o Bru.|| |s u|so nooworhy. W|h
housoho|d wou|h oxpocod o rouch USD 9.2 r||-
||on by 20!6 u |oo| compurub|o o ho USA |n
!948 ho r|so |n wou|h |n ho nox |o yours
shou|d corrospond o ho gu|n |n ho USA oor ho
23-your por|od rom !925 o !948.
Tou| housoho|d wou|h |n Ch|nu |s curron|y USD
20.! r||||on, oqu|u|on o hu rocordod or ho
USA |n !968. l rocon ronds con|nuo, by 20!6
Ch|nu cou|d rouch ho wou|h |oo| hu ho USA
uch|ood |n !990 u ump o 22 US yours |n us
|o yours.
Wea|th growth |n m|dd|e- and |ow-|ncome
countr|es
Oroup|ng counr|os uccord|ng o |ncomo |oo|, wo
|nd hu |ow- und m|dd|o-|ncomo counr|os, wh|ch
ogohor uccoun or 2! o g|obu| wou|h |n
20!!, uro proocod o conr|buo 36 o ho
!0
20
40
30
50
80
70
60
0
!900 !905 !9!0 !9!5 !920 !925 !930 !935 !940 !945 !950 !955 !960 !965 !970 !975 !980 !985 !990 !995 2000 2005 20!0 20!5
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Tou| wou|h |n ho US (|n r||||on USD, consun pr|cos) Forocus
!0
20
40
30
50
90
80
!00
70
60
Shuro ()
Low |ncomo M|dd|o |ncomo H|gh |ncomo
Shuro o g|obu|
wou|h 20!!
Shuro o g|obu|
wou|h 20!6
Shuro o wou|h growh
20!!20!6
0
!0
20
40
30
50
80
70
60
Shuro o udu| popu|u|on ()
20!! 20!6
< USD !0,000 < USD !0,000 !00,000 > USD !00,000
67.6
58.3
23.6
30.9
8.8
!0.9
0
OLOBAL WEALTH REPORT 20!!_34
Number (thousand) Change
2011 2016F (%)
Ch|nu !,0!7 2,38! !34
Tu|wun 343 503 47
Bru.|| 3!9 8!5 !55
Korou 2!7 425 96
lnd|u 204 5!0 !50
S|nguporo !83 408 !23
Mox|co !75 344 97
lndonos|u !!2 242 !!6
Turkoy 98 !79 83
Russ|u 95 !7! 80
Hong Kong 89 !46 64
Souh Ar|cu 7! 243 242
Suud| Arub|u 44 64 45
UAE 40 54 35
Mu|uys|u 39 73 87
Co|omb|u 37 56 5!
Kuwu| 3! 45 45
Argon|nu 3! 58 87
Egyp 3! 92 !97
Ch||o 28 40 43
Wor|d 29,674 46,580 57
g|obu| growh |n wou|h bowoon 20!! und 20!6
(F|guro 2).
Ch|nu u|ono w||| udd USD !8 r||||on o ho sock
o g|obu| wou|h |n ho nox |o yours, oqu|u|on o
ho comb|nod conr|bu|on o u|| ho ohor As|u-
Puc||c counr|os upur rom lnd|u. Lu|n Amor|cus
conr|bu|on o g|obu| wou|h growh |s oxpocod o
bo USD 7.5 r||||on, w|h ho rog|on uccoun|ng or
USD !7.7 r||||on o wor|d wou|h |n 20!6. Ar|cu
|ugs boh|nd, w|h proocod wou|h ou|||ng USD
8.9 r||||on |n 20!6.
The m|dd|e and top segments
Tho |us docudo hus soon un |ncrouso |n |mporunco
o ho m|dd|o sogmon o wou|h ho|dors, compr|s-
|ng udu|s w|h no worh bowoon USD !0,000 und
USD !00,000. Our prooc|ons show h|s sogmon
con|nu|ng o grow |n |mporunco. F|guro 3 d|sp|uys
ho curron und os|muod uuro wou|h d|sr|bu|on
ucross ho ur|ous sogmons. Tho m|dd|o sogmon
uccouns or 24 o udu|s |n 20!!, bu ho ruc-
|on |s oxpocod o r|so o ubou 3! |n 20!6. Wo
u|so oxpoc un |ncrouso |n ho propor|on o udu|s
w|h wou|h uboo USD !00,000.
Who wants to be a m||||ona|re?
Focus|ng on ho op |or o ho wou|h d|sr|bu|on,
our os|muos suggos hu ho numbor o g|obu|
m||||onu|ros w||| r|so by !7 m||||on oor ho nox |o
yours o rouch u ou| o nour|y 47 m||||on by ho
your 20!6.
Wh||o ho numbor o m||||onu|ros |n omorg|ng
oconom|os w||| romu|n wo|| bo|ow ho |oo|s |n ho
US (!2.6 m||||on) or Europo (!8.5 m||||on), wo
oxpoc ho procoss o cuch|ng up o bo ory o|-
don |n ho nox |o yours (soo Tub|o !). Ch|nu
shou|d moro hun doub|o |s numbor o m||||onu|ros
o porhups 2.4 m||||on by 20!6, und ho numbor |n
lnd|u und Tu|wun uro boh prod|cod o r|so uboo
hu| u m||||on or ho |rs |mo. ln Ar|cu, ho numbor
o m||||onu|ros |s oxpocod o rob|o o 367,000 |n
20!6, w|h ospoc|u||y |urgo conr|bu|ons rom
Souh Ar|cu (243,000) und Egyp (92,000). Pro-
oc|ons or Lu|n Amor|cu suggos u ou| o !.4
m||||on m||||onu|ros by 20!6, |od by Bru.|| w|h
8!5,000 und Mox|co w|h 344,000.
Conc|us|on
Assum|ng hu ho g|obu| oconom|c c||muo romu|ns
ro|u|o|y bon|gn, oor ho nox ow yours, wo
oxpoc growh |n housoho|d wou|h o uorugo
89 por unnum, w|h omorg|ng murko ocono-
m|os, ospoc|u||y Ch|nu und lnd|u, us ho pr|nc|pu|
dr|ors. Ch|nu |s ||ko|y o moo |no socond p|uco |n
ho wor|d wou|h |ouguo, comorub|y ooruk|ng
Jupun, whoso housoho|d wou|h |s proocod o
grow ory modos|y.
M|dd|o-|ncomo counr|os uro oxpocod o
|ncrouso ho|r shuro o g|obu| wou|h, u|ong w|h ho
Tab|e 1
Emerg|ng market m||||ona|res 2011 and 2016,
se|ected countr|es
Sourco: Crod| Su|sso
m|dd|o sogmon o ho wou|h d|sr|bu|on coor|ng
udu|s |n ho wou|h rungo rom USD !0,000 o
USD !00,000. Thoro w||| u|so bo u r|so |n ho num-
bor o m||||onu|ros |n boh h|gh-|ncomo und omorg-
|ng oconom|os, w|h ho wor|dw|do ou| oxpocod
o upprouch 50 m||||on |n ho nox |o yours.
Methodo|ogy
Prooc|ons o ou| no worh u ho counry |oo|
or ho nox |o yours uro busod on sopuruo oro-
cuss o |s hroo componons: |nunc|u| ussos,
non-|nunc|u| ussos und dobs.
For uggroguo |nunc|u| wou|h, wo muko u
5-your prooc|on o murko u|uo us|ng u d||dond
d|scoun modo| u ho counry |oo|. Non-|nunc|u|
wou|h |s os|muod by rogross|ng non-|nunc|u|
wou|h on ODP und |n|u|on, us|ng lMF-busod
orocuss o hoso ur|ub|os. Housoho|d dob pro-
oc|ons ussumo hu ho ru|o o dobs o ODP por
cup|u romu|n consun und uso lMF ODP por cup-
|u orocuss up o 20!6.
For counr|os |uck|ng ho duu o muko prooc-
|ons, ODP por cup|u growh |s usod o prod|c no
worh, und ho |nunc|u|/non-|nunc|u|/dob ru|os o
no worh |s ussumod o bo ho sumo us or 20!!.
OLOBAL WEALTH REPORT 20!!_35
GLOBAL WEALTH REPORT 2011_36

Wealth
of nations
Countries differ greatly in the levels and pattern of
wealth holdings. The following pages provide a picture of
the variety of country circumstances and the range of
experiences.





While data quality is good in the rich countries that have most of the worlds wealth, when we
look more broadly, quality is far from uniform. On the following pages, we highlight some of
the most interesting countries. All of these have data on mean household wealth and
evidence on the distribution of wealth across the population.

Data quality is rated as no worse than fair, meaning that there is at least a recent household
survey on wealth. In most of the selected countries quality is good, meaning that there is an
official household sector balance sheet as well as an acceptable way to estimate wealth
distribution. A satisfactory rating is given when the data are good but somewhat out of date.

The accompanying charts summarize some of the most important facts, giving wealth values
on a per adult basis and mainly in terms of US dollars (using official exchange rates).The first
chart shows changes in mean wealth over 200011. Since exchange-rate fluctuations can
alter the apparent trend, for each country, we provide an alternative series using its average
USD exchange rate over the twelve years. A typical pattern is a mild decline in mean wealth
from 2000 to 2002, an increase to 2006 or 2007, a drop in 2008 and then recovery.
Generally, wealth in 2011 is higher than in 2000, but about the same as in 2007. Also, since
most currencies appreciated against the US dollar over the period, growth of a countrys
wealth usually does not appear as strong using the average exchange rate.

Countries that show typical features over 200011 include the United States itself (except
there is no exchange rate issue), Canada, Denmark, France, and the United Kingdom. Some
countries, notably China, India and Indonesia, show significantly above-average growth. At
the other extreme, although Japan shows some growth in US dollars it has had a long slow
decline in yen. Experiences after 2007 vary, with the United Kingdom for example showing a
very large drop, and Switzerland no decline in 2008 in US dollars. Wealth in most major
OECD economies, including the UK and the USA, has still not reached its 2007 level in
constant exchange-rate terms. Australia, Canada and Germany provide exceptions.

Our second chart shows countries breakdown of assets between financial and real (non-
financial) forms, as well as mean debt and net worth. On average internationally, financial
assets are 52% of total assets, and debt is 15%. There are several countries, however,
where financial assets are more important notably the USA and Japan. At the other
extreme, real assets dominate heavily in India and Indonesia, and in Australia and France
among rich countries.

Our last chart shows wealth distribution. There are some interesting contrasts. For example,
43% of adults in India have less than USD 1,000, whereas this fraction is only 6% in China.
Also, some developed countries have significant percentages in the very low wealth ranges,
while others have very few. This reflects such factors as availability of credit, including
student loans, as well as how many young adults live separately from their parents, making
their low wealth more apparent.

Do|or se cor sunt aut ea do|ecto quam, et ratument et aut ereprae noss|t, s|mo|ut vo P
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OLOBAL WEALTH REPORT 20!!_37
GLOBAL WEALTH REPORT 2011_38


United States

Land of fortunes








The United States has seen fluctuating wealth levels since the
year 2000. Average wealth was close to USD 200,000 at the
turn of the century and rose fairly steadily until 2006, before
falling as a result of the financial crisis (Figure 1). There has
subsequently been a recovery, but wealth per adult remains
below the 2006 level. It is yet to be seen whether recovery will
continue or if the wealth level in the United States will decline
again in the face of slower growth or a double-dip recession.
The United States is unusual in having a very high
proportion of assets (68%) held in financial form, partly
because it has a larger number of active shareholders than
other countries. Also, compared with many other OECD
countries, the United States has more economic activity in the
private rather than public sector, and more outward foreign
investment both of which rely partly on financing by
households through their ownership of bonds, stocks and other
financial instruments. Debts of USD 59,000 per adult are not
extreme by international standards.
Compared to the wealth distribution in the rest of the world,
the US distribution has a high proportion of the population with
wealth above USD 100,000. The fraction with wealth at higher
levels is even more disproportionate. The United States has by
far the greatest number of members of the top 1% global
wealth group, accounting for 41% of those with wealth
exceeding USD 10 million and 32% of the worlds billionaires.
The number of UHNW individuals with wealth above USD 50
million is six times that of the next country (China).


Country summary 2011

Population 321 million

Adult population 234 million

GDP 66,756 USD per adult

Mean wealth 248,395 USD per adult

Median wealth 52,752 USD per adult

Total wealth 58.1 trillion USD

Dollar millionaires 10,061 thousand

Top 10% of global wealth holders 94,213 thousand

Top 1% of global wealth holders 12,584 thousand

Quality of wealth data good





Figure 1
Wealth per adult over time
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
2000 2002 2004 2006 2008 2010
Wealth per adult

Figure 2
Composition of wealth per adult
-USD 100,000
-USD 50,000
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
13.9
15.5
34.4
36.3
0
10
20
30
40
50
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
United States of America World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_39


Japan

Continuing to stagnate








In growth terms, Japan has had the least impressive wealth
record of any G7 country in recent years. It began the century
with wealth per adult of USD 190,000, almost the highest level
in the world. Average wealth today is higher in US dollar terms,
but about 10% lower when measured in Japanese yen. This
decline is due to the combined effect of a lackluster
performance of equities, low interest rates and investment
income, a housing market which has been on a downward
trend since the 1990s, and a reduced saving rate.
The decline in property values means that financial wealth is
now the major component of household assets. Debts amount
to 15% of total assets, which is about average internationally.
Japan has a relatively equal wealth distribution by
international standards, which together with its high average
wealth means that few individuals have assets below USD
10,000. The proportion of the population with wealth above
USD 100,000 is almost seven times the global average. At the
start of the decade, the number of Japanese in the top 10%
and top 1% of global wealth holders was a close second to the
number of US members. Japan still retains second place, but
looks set to be overtaken by China in the near future.


Country summary 2011

Population 127 million

Adult population 104 million

GDP 55,533 USD per adult

Mean wealth 248,770 USD per adult

Median wealth 128,688 USD per adult

Total wealth 25.9 trillion USD

Dollar millionaires 3,121 thousand

Top 10% of global wealth holders 68,894 thousand

Top 1% of global wealth holders 5,642 thousand

Quality of wealth data good





Figure 1
Wealth per adult over time
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 100,000
-USD 50,000
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
0.0
5.0
35.7
59.3
0
10
20
30
40
50
60
70
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
Japan World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011


GLOBAL WEALTH REPORT 2011_40


China

Star performer








Wealth per adult in China has grown vigorously since the year
2000, more than tripling from USD 6,000 to USD 21,000 in
2011. Wealth fell by approximately 20% as a result of the
financial crisis, but has subsequently risen above its pre-crisis
peak. The level has increased more in US dollars than in yuan,
due to the slow appreciation of Chinas currency, but the most
important source of wealth increase is growth in real terms.
Chinas total household wealth is now the third highest in
the world, 22% behind Japan and 44% ahead of France (in
fourth place). Due to a high savings rate and relatively well
developed financial institutions, a high proportion (51%) of
Chinese assets are in financial form compared with other major
developing or transition countries. At the same time, privatized
housing, new construction and rural land are very important
forms of wealth in China, accounting for much of the USD
10,470 in real assets per adult. Debt averages just USD 630,
which is very small in international terms and more similar to
levels seen in developing rather than developed countries.
Although significant inequality is created by the strong
urban-rural divide in China, in the year 2000 overall wealth
inequality was low both by broad international standards and
in comparison to other transition countries. This was due to
such factors as the virtual absence of inherited fortunes, and
relatively equal division of both rural land and privatized housing.
Wealth inequality has been rising, strongly however, with the
increasing wealth of successful entrepreneurs, professionals
and investors. This year, China had over a million millionaires
for the first time, and more than 5,000 residents with wealth
above USD 50 million. Only the United States has more
UHNW individuals.


Country summary 2011

Population 1,340 million

Adult population 975 million

GDP 6,639 USD per adult

Mean wealth 20,711 USD per adult

Median wealth 7,496 USD per adult

Total wealth 20.2 trillion USD

Dollar millionaires 1,017 thousand

Top 10% of global wealth holders 28,950 thousand

Top 1% of global wealth holders 1,602 thousand

Quality of wealth data fair





Figure 1
Wealth per adult over time
USD 0
USD 5,000
USD 10,000
USD 15,000
USD 20,000
USD 25,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 5,000
USD 0
USD 5,000
USD 10,000
USD 15,000
USD 20,000
USD 25,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
5.8
54.9
37.0
2.3
0
10
20
30
40
50
60
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
China World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_41


India

Unlocking wealth








Wealth in India has grown strongly in the last decade or so,
with wealth per adult rising from USD 2,000 in the year 2000
to USD 5,500 in 2011. Given the 29% rise in adult population,
aggregate wealth has more than tripled. In US dollar terms,
there was a significant contraction in 2008, although much of
this was due to changes in the rupee exchange rate. When this
is taken into account, wealth growth in India has been fairly
steady.
Along with most countries in the developing world, in India
personal wealth is heavily skewed towards property and other
real assets, which make up 88% of estimated household
assets. Personal debts are recorded at only USD 258 per
adult. However, it has been claimed that the large and well-
established household survey on which the debt for India is
based suffers from significant under-reporting of household
liabilities, so that this figure may be an underestimate.
While wealth has been rising strongly in India, and the ranks
of the middle class and wealthy have been swelling, not
everyone has shared in this growth and there is still a great
deal of poverty. This is reflected in a high proportion (43%) of
adults with wealth below USD 1,000, well above the world
average (27%).
At the other end of the scale, a very small proportion of the
population (just 0.4%) has net worth over USD 100,000. If
current growth continues, that number will rise: in 2011 alone,
India acquired 34,000 new millionaires. However, details of
Indian billionaires and similar high profile UHNW individuals
suggest that a higher-than-normal proportion may be more
properly regarded as residents of other countries.


Country summary 2011

Population 1,231 million

Adult population 735 million

GDP 2,315 USD per adult

Mean wealth 5,548 USD per adult

Median wealth 1,291 USD per adult

Total wealth 4.1 trillion USD

Dollar millionaires 204 thousand

Top 10% of global wealth holders 4,138 thousand

Top 1% of global wealth holders 306 thousand

Quality of wealth data fair





Figure 1
Wealth per adult over time
USD 0
USD 1,000
USD 2,000
USD 3,000
USD 4,000
USD 5,000
USD 6,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 1,000
USD 0
USD 1,000
USD 2,000
USD 3,000
USD 4,000
USD 5,000
USD 6,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
43.0
49.9
6.6
0.4
0
10
20
30
40
50
60
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
India World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_42


France

Robust and resilient








After the turn of the century, wealth per adult grew very
strongly in France, tripling in value between 2000 and 2007. It
then fell back by 15% and has not yet regained its 2007 value.
Much of the earlier rise can be attributed to appreciation of the
euro against the dollar, a factor which affected all Eurozone
countries. However France also experienced a rapid rise in
house prices as a result of which real property now accounts
for two thirds of household assets. Personal debts are 12% of
household assets, which is a relatively low ratio in developed
economies.
In both euro and US dollar terms, the total wealth of French
households is very sizeable. Although it has just 1.1% of the
worlds adults, France ranks fourth among nations in aggregate
household wealth behind China and just ahead of Germany.
Europe as a whole accounts for 40% of the individuals in the
global top 1%, but France itself contributes a quarter of the
European contingent. This reflects not only the high average
net worth of French households, but also greater inequality of
wealth than is seen in most other EU countries.
Very few households in France are recorded as having less
than USD 1,000 per adult. The proportion with assets over
USD 10,000 is double the world average, and the proportion
with more than USD 100,000 is four times the global figure.
There are more millionaires in France than in any other
European country. However, Germany has more people above
the USD 50 million mark, and above USD 100 million both
Germany and the United Kingdom rank higher.


Country summary 2011

Population 63 million

Adult population 48 million

GDP 57,419 USD per adult

Mean wealth 293,685 USD per adult

Median wealth 90,271 USD per adult

Total wealth 14.0 trillion USD

Dollar millionaires 2,606 thousand

Top 10% of global wealth holders 23,827 thousand

Top 1% of global wealth holders 3,982 thousand

Quality of wealth data good





Figure 1
Wealth per adult over time
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
USD 350,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 100,000
-USD 50,000
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
USD 350,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
0.5
14.9
35.8
48.8
0
10
20
30
40
50
60
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
France World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_43


United Kingdom

Outlook uncertain








The construction of personal sector balance sheets was
pioneered in the United Kingdom, which also developed the
methods of estimating household wealth from estate tax
records. As a consequence, the United Kingdom has data on
wealth holdings which date back more than a century. These
data capture the trends in personal wealth during the course of
the 20th century, most especially the substantial drop in wealth
concentration between 1900 and 1970 that has been
attributed to the effects of the two world wars, taxation, more
equal division of estates on death, and the spread of popular
assets like consumer durables and owner-occupied housing. In
the last few decades, wealth has grown more quickly and
wealth inequality has increased moderately.
The past decade has been one of considerable fluctuations
in average wealth fuelled by a booming housing market up to
the year 2007 and a subsequent fall in both real property and
financial assets. Expressed in terms of US dollars, wealth per
adult in 2011 is above that in the year 2000, but remains far
below the peak of USD 320,000 in 2007. Much of the
fluctuation is attributable to exchange-rate movements:
expressed in terms of UK pounds, the series is more stable.
But average wealth declined slightly in 2011 and remains
below the 2007 figure. Real assets now make up 51% of
household assets, while debts account for 17%.
Relatively few people are recorded as having wealth below
USD 10,000, while over half the population has wealth
exceeding USD 100,000. The UK counts 2.8 million people in
the top 1% of the world wealth distribution, and 1.6 million
millionaires.


Country summary 2011

Population 62 million

Adult population 48 million

GDP 51,655 USD per adult

Mean wealth 257,881 USD per adult

Median wealth 121,852 USD per adult

Total wealth 12.3 trillion USD

Dollar millionaires 1,647 thousand

Top 10% of global wealth holders 28,453 thousand

Top 1% of global wealth holders 2,847 thousand

Quality of wealth data good





Figure 1
Wealth per adult over time
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
USD 350,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 100,000
-USD 50,000
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
7.1
7.8
29.9
55.2
0
10
20
30
40
50
60
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
United Kingdom World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_44


Switzerland

Tall peaks








Average wealth in Switzerland was among the highest in the
world in the year 2000. Expressed in US dollars, it had more
than doubled by 2011, propelling Switzerland to the top of the
world ranking. The past year has seen a further dramatic rise,
making Switzerland the first and only country to have average
wealth above USD 500,000. However, almost all the rise in
wealth since 2000 has been due to the appreciation of the
Swiss franc against the US dollar. Measured instead in Swiss
francs, household wealth fell in 2001 and 2002, and then
showed a gentle upward trend.
Given the strength of the Swiss financial sector, it is not
surprising that most household wealth is held in financial
assets, whose share of total assets is 59%. Debts average
USD 131,000 per adult, one of the highest levels in the world,
again reflecting the strength of the domestic currency.
Alone among about a half dozen advanced countries with
long-time series on wealth distribution, Switzerland has
displayed only a small decrease in wealth inequality over the
past century. As a consequence, a large proportion of the
Swiss population is found in the upper echelons of the world
distribution. Fully 1.8% of the global top 1% is Swiss,
remarkable for a country with just 0.1% of world population.
More than 95% of Swiss adults have assets above USD
10,000 and 50% of the population is worth more than USD
100,000.


Country summary 2011

Population 8 million

Adult population 6 million

GDP 95,958 USD per adult

Mean wealth 540,010 USD per adult

Median wealth 100,901 USD per adult

Total wealth 3.3 trillion USD

Dollar millionaires 622 thousand

Top 10% of global wealth holders 3,293 thousand

Top 1% of global wealth holders 833 thousand

Quality of wealth data good





Figure 1
Wealth per adult over time
USD 0
USD 100,000
USD 200,000
USD 300,000
USD 400,000
USD 500,000
USD 600,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 200,000
-USD 100,000
USD 0
USD 100,000
USD 200,000
USD 300,000
USD 400,000
USD 500,000
USD 600,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
0.0
4.7
45.2
50.2
0
10
20
30
40
50
60
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
Switzerland World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011

GLOBAL WEALTH REPORT 2011_45

Czech Republic

Successful transition








The Czech Republic is among the most successful of the
former socialist nations in Eastern Europe, but has many
features in common with other transition countries. Average
wealth grew strongly from USD 12,000 in the year 2000 to
USD 35,000 in 2007, after which the level fluctuated slightly
to reach USD 41,000 in 2011. A good proportion of this
growth was due to appreciation of the Czech koruna against
the dollar: when this is taken into account, wealth per head
grew just 4% per annum from 2000 to 2011. This is about
average for European transition countries faster growth than
seen in Slovakia and the Baltic transition countries, but slower
than estimated for Poland and Russia.
In many European transition economies, real property
especially housing is the dominant component of household
wealth. This aspect is not so pronounced in the Czech
Republic, where the privatization of housing did not proceed as
far as in most other transition countries (the current home
ownership rate is only about 50%), but real assets still account
for 54% of total assets. Household debt amounts to USD
8,900 per adult, and rose quickly over the past decade, which
is a feature common to transition economies.
Compared to the rest of the world, a higher proportion of
Czech citizens are found in the USD 10,000100,000 range,
and a lower proportion has wealth above USD 100,000. We
estimate that the country nevertheless has 25,000 millionaires
and 39,000 members of the worlds top 1% of wealth holders.


Country summary 2011

Population 10 million

Adult population 8 million

GDP 25,846 USD per adult

Mean wealth 40,817 USD per adult

Median wealth 14,472 USD per adult

Total wealth 0.3 trillion USD

Dollar millionaires 25 thousand

Top 10% of global wealth holders 701 thousand

Top 1% of global wealth holders 39 thousand

Quality of wealth data good





Figure 1
Wealth per adult over time
USD 0
USD 5,000
USD 10,000
USD 15,000
USD 20,000
USD 25,000
USD 30,000
USD 35,000
USD 40,000
USD 45,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 20,000
-USD 10,000
USD 0
USD 10,000
USD 20,000
USD 30,000
USD 40,000
USD 50,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
12.6
27.4
53.6
6.4
0
10
20
30
40
50
60
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
Czech Republic World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_46

Singapore

Strong, stable growth








Household wealth in Singapore has grown steadily and
vigorously since the turn of the century, rising from USD
105,000 at the outset to USD 285,000 by mid-2011. Most of
the rise was due to the saving rate and asset price increases,
rather than exchange-rate movements, although the latter gave
a strong boost in the last year or so. Singapore now ranks sixth
in the world in terms of mean personal wealth.
Household assets are divided about equally into financial
and real assets, in part reflecting strong government
encouragement for both saving on the one hand and home
ownership on the other. Average debts of USD 44,000 are
relatively low for a high wealth country, equating to just 13% of
total assets. Singapore has recently begun to produce official
household balance sheet data, so the information is more
reliable than that for other countries in the South East Asian
region which lack these high quality data.
The distribution of wealth in Singapore shows only
moderate inequality. There is a relatively small number of
people with wealth below USD 1,000, and about six times the
global average of those with wealth above USD 100,000.
Reflecting its very high average wealth rather than high
inequality, the countrys 314,000 members form 0.7% of the
global top 1%, while its adult population is just 0.1% of the
world total.


Country summary 2011

Population 5 million

Adult population 4 million

GDP 62,317 USD per adult

Mean wealth 284,692 USD per adult

Median wealth 101,033 USD per adult

Total wealth 1.1 trillion USD

Dollar millionaires 183 thousand

Top 10% of global wealth holders 2,153 thousand

Top 1% of global wealth holders 314 thousand

Quality of wealth data good







Figure 1
Wealth per adult over time
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 100,000
-USD 50,000
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
USD 350,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
0.3
17.6
29.7
52.4
0
10
20
30
40
50
60
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
Singapore World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_47

Taiwan

Model Asian Tiger








Taiwan is a prime example of a successful Asian Tiger
economy. Its average level of wealth, at USD 161,000, is well
above that of even the most successful developing and
transition countries, and approaches that of some countries in
Western Europe. There was a modest rise in wealth from USD
105,000 in the year 2000 to USD 128,000 in 2007, followed
by a small dip in 2008 to USD 122,000. Subsequent recovery
has been stronger than in most other countries, with mean
wealth rising at an average annual rate of 9.8%. Also
unusually, exchange-rate movements make the recent growth
lower than it would have been with a constant exchange rate.
On the latter basis, wealth has risen 12.9% per year since
2008.
Reflecting a high saving rate and well-developed financial
institutions, the composition of household wealth is skewed
towards financial assets, which comprise 66% of total assets.
Debt is modest, averaging 13% of total assets or 20% of net
worth.
Compared to the rest of the world, wealth distribution in
Taiwan is skewed towards the high end, with about double the
proportion owning more than USD 10,000, and three times the
number owning more than USD 100,000. This reflects
Taiwans high average wealth, rather than high wealth
inequality.


Country summary 2011

Population 23 million

Adult population 18 million

GDP 27,044 USD per adult

Mean wealth 160,882 USD per adult

Median wealth 57,347 USD per adult

Total wealth 2.9 trillion USD

Dollar millionaires 343 thousand

Top 10% of global wealth holders 6,714 thousand

Top 1% of global wealth holders 553 thousand

Quality of wealth data satisfactory





Figure 1
Wealth per adult over time
USD 0
USD 20,000
USD 40,000
USD 60,000
USD 80,000
USD 100,000
USD 120,000
USD 140,000
USD 160,000
USD 180,000
USD 200,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 50,000
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
1.2
23.8
43.5
31.5
0
10
20
30
40
50
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
Taiwan World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_48

Indonesia

Stunning growth








The rise of personal wealth in Indonesia has been stunning
since the year 2000, with average wealth growing by a factor
of five. This may partly reflect depressed asset values in the
year 2000 lingering from the Asian financial crisis of 1997. In
dollar terms, the global financial crisis caused a small setback,
but growth recovered quickly and wealth per adult is now well
above the pre-crisis level. When exchange rate fluctuations are
taken into account, no drop in wealth is observed in 200708.
The comparison between Indonesia and India is interesting.
They had similar wealth per adult in the year 2000, but the
figure for Indonesia is now more than double that for India,
similar to the difference between the two countries GDPs.
The composition of wealth is now also a little less skewed
toward real assets than in India, with real assets making up
81% of total assets versus 88% in India. Personal debts are
very low on average, although the figure of USD 275 may be
an underestimate, reflecting under-reporting of debt in the
household surveys that provide the primary source here for
Indonesian data.
Indonesia has 28% of its population with wealth less than
USD 1,000, which is very close to the figure of 27% for the
world as a whole. Indeed, up to USD 100,000, the distribution
of wealth in Indonesia is not too different from the global
distribution. However, only 2% of its people have wealth over
USD 100,000, compared with 9% for the whole world.


Country summary 2011

Population 235 million

Adult population 153 million

GDP 5,333 USD per adult

Mean wealth 12,109 USD per adult

Median wealth 2,718 USD per adult

Total wealth 1.8 trillion USD

Dollar millionaires 112 thousand

Top 10% of global wealth holders 3,076 thousand

Top 1% of global wealth holders 176 thousand

Quality of wealth data fair






Figure 1
Wealth per adult over time

USD 0
USD 2,000
USD 4,000
USD 6,000
USD 8,000
USD 10,000
USD 12,000
USD 14,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult

-USD 2,000
USD 0
USD 2,000
USD 4,000
USD 6,000
USD 8,000
USD 10,000
USD 12,000
USD 14,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)

28.2
51.8
18.5
1.5
0
10
20
30
40
50
60
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
Indonesia World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_49
Australia

Stellar performance








Australia has experienced robust growth since the turn of the
century, with wealth per adult quadrupling over the past
decade. This was due in part to the appreciation of the
Australian dollar, but wealth has doubled even when this is
taken into account. In 2011, average wealth in Australia, at
USD 397,000, was second highest in the world after
Switzerland and ahead of Norway. More surprisingly, perhaps,
its median wealth of USD 222,000 is the highest in the world.
A noticeable feature is the composition of wealth, which is
heavily skewed towards real assets, which amount on average
to USD 323,000 and form 65% of total household assets. In
fact, the level of real assets per adult in Australia is now the
second highest in the world, after Norway. In part, this reflects
a sparsely populated country with a large endowment of land
and natural resources, but it also is affected by high urban real
estate prices.
Compared to the rest of the world, very few Australians
have net worth less than USD 1,000. This reflects such factors
as relatively low credit card and student loan debt. The
proportion of those with wealth above USD 100,000 is the
highest of any country eight times the world average. With
1,861,000 people in the global top 1%, Australia accounts for
4.1% of the members of that wealthy group, despite having
just 0.4% of the worlds adult population.


Country summary 2011

Population 22 million

Adult population 16 million

GDP 86,291 USD per adult

Mean wealth 396,745 USD per adult

Median wealth 221,704 USD per adult

Total wealth 6.4 trillion USD

Dollar millionaires 1,079 thousand

Top 10% of global wealth holders 12,085 thousand

Top 1% of global wealth holders 1,861 thousand

Quality of wealth data Good





Figure 1
Wealth per adult over time
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
USD 350,000
USD 400,000
USD 450,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 200,000
-USD 100,000
USD 0
USD 100,000
USD 200,000
USD 300,000
USD 400,000
USD 500,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
0.0
5.5
24.0
70.5
0
10
20
30
40
50
60
70
80
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
Australia World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_50

South Africa

African model








In many respects, South Africa is the model for many other
African economies. Its household wealth has grown vigorously
over the last decade or so, quadrupling in value from USD
8,400 in the year 2000 to USD 34,300 by mid-2011. There
were, however, noticeable fluctuations during this period. When
wealth is expressed in terms of US dollars, the financial crisis
appears to have caused a significant setback, from which
South Africa has now fully recovered. However, when
measured in South African rand, the 2008 trough is quite mild.
A larger fall in proportional terms occurred in 2003.
Unusually for a still developing country, household wealth is
largely comprised of financial assets, which contribute more
than 75% to the household portfolio. This reflects a vigorous
stock market and sophisticated life insurance and pension
industries, which are key aspects of the strong modern sector
of the economy. Average real assets of USD 9,300 are not too
much above the average level of debt (USD 5,900), in part the
result of relatively low real estate prices. South Africa is also
unusual among developing countries in having an official
household sector balance sheet, which provides a more reliable
basis for the wealth composition numbers.
As in Indonesia, the distribution of wealth in South Africa is
roughly similar to the distribution for the world as a whole,
except that somewhat fewer individuals have wealth above
USD 100,000 and correspondingly more are in the second-
highest wealth group. Nevertheless, we estimate that there are
71,000 US dollar millionaires in the country, and that 116,000
South Africans are members of the global top 1% of wealth
holders.


Country summary 2011

Population 51 million

Adult population 31 million

GDP 12,626 USD per adult

Mean wealth 34,288 USD per adult

Median wealth 8,007 USD per adult

Total wealth 1.0 trillion USD

Dollar millionaires 71 thousand

Top 10% of global wealth holders 2,449 thousand

Top 1% of global wealth holders 116 thousand

Quality of wealth data fair





Figure 1
Wealth per adult over time
USD 0
USD 5,000
USD 10,000
USD 15,000
USD 20,000
USD 25,000
USD 30,000
USD 35,000
USD 40,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 10,000
-USD 5,000
USD 0
USD 5,000
USD 10,000
USD 15,000
USD 20,000
USD 25,000
USD 30,000
USD 35,000
USD 40,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
24.5
33.2
36.1
6.2
0
10
20
30
40
50
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
South Africa World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011
GLOBAL WEALTH REPORT 2011_51

Chile

Sustained high growth








Average wealth in Chile has grown steadily since the year
2000, more than tripling from USD 10,000 per head in 2000
to USD 32,300 in 2011. Exchange-rate changes have given a
boost to the upward trend since 2002. Also note that the
apparent setback due to the financial crisis vanishes when
wealth is measured in Chilean pesos. Either way, wealth per
adult is now well above the pre-crisis level recorded in 2007.
One noticeable feature is the very low proportion of financial
assets. Most household wealth is held in the form of real
property, with financial assets accounting for just 17% of gross
assets. The low figure for financial assets may reflect the fact
that, as in China, India and Indonesia, the portfolio composition
data come from a household survey: unless extensive
corrections are made, such surveys typically under-record
financial assets. While we do make a correction, based on
comparisons of survey and independent balance sheet totals in
countries where both are available, it is possible that a larger
adjustment is needed. At 12% of total assets, average debt is
moderate.
The reported distribution of wealth in Chile differs from that
in the world as a whole by having more people in the USD
10,000100,000 range and fewer in each of the other ranges
that we show. This may give the appearance of lower inequality
than average, but that would be a mistaken impression. In fact,
overall inequality is relatively high, as shown by the Gini
coefficient value of 78.2% and by the fact that Chile has
28,000 millionaires and 44,000 adults in the global top 1% by
wealth.


Country summary 2011

Population 17 million

Adult population 12 million

GDP 19,093 USD per adult

Mean wealth 32,311 USD per adult

Median wealth 9,260 USD per adult

Total wealth 0.4 trillion USD

Dollar millionaires 28 thousand

Top 10% of global wealth holders 739 thousand

Top 1% of global wealth holders 44 thousand

Quality of wealth data fair





Figure 1
Wealth per adult over time
USD 0
USD 5,000
USD 10,000
USD 15,000
USD 20,000
USD 25,000
USD 30,000
USD 35,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 10,000
-USD 5,000
USD 0
USD 5,000
USD 10,000
USD 15,000
USD 20,000
USD 25,000
USD 30,000
USD 35,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
23.3
29.2
42.9
4.7
0
10
20
30
40
50
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
Chile World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011

GLOBAL WEALTH REPORT 2011_52

Canada

Wealth on the rise








Despite its relatively small population, Canada ranks eighth in
the world in terms of aggregate household wealth and
thirteenth in wealth per adult. Its current wealth level, at USD
245,000, is very close to the USD 248,000 figure for the
United States, reflecting considerable convergence since the
year 2000, when mean wealth in Canada was only 56% of that
in the United States in USD terms.
Measured in terms of US dollars, mean household wealth
grew at an annual rate of 7.7% from 2000 to mid-2011. When
exchange-rate changes are excluded, the rise in wealth is more
modest, showing annual growth of 3.6%. Also, the contraction
in household wealth due to the financial crisis almost 30% in
US dollar terms is much less evident when wealth is
expressed in Canadian dollars. While wealth per adult in the
United States is still 8% below the 2007 level, Canadas
wealth in domestic currency is now 3% above the 2007 figure.
This reflects the fact that Canadas financial institutions and
housing market did not suffer a collapse during the global
financial crisis.
Canada is similar to the United States in having more than
half of its household wealth in financial assets, although the
fraction of assets in financial form, at 56% is less than in the
United States, where they make up 68% of total assets. The
wealth distribution is more equal than that of the United States,
as reflected in the much higher median wealth USD 89,000
versus USD 53,000 in the United States. Canada has both a
smaller fraction with wealth less than USD 1,000 and a larger
percentage with wealth over USD 100,000 than the United
States. It has almost a million millionaires, and contributes 4%
of the global top 1% despite having only 0.5% of the worlds
population.


Country summary 2011

Population 34 million

Adult population 26 million

GDP 64,960 USD per adult

Mean wealth 245,455 USD per adult

Median wealth 89,014 USD per adult

Total wealth 6.5 trillion USD

Dollar millionaires 940 thousand

Top 10% of global wealth holders 13,315 thousand

Top 1% of global wealth holders 1,603 thousand

Quality of wealth data good




Figure 1
Wealth per adult over time
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
2000 2002 2004 2006 2008 2010
Wealth per adult
Wealth per adult at constant exchange rate

Figure 2
Composition of wealth per adult
-USD 100,000
-USD 50,000
USD 0
USD 50,000
USD 100,000
USD 150,000
USD 200,000
USD 250,000
USD 300,000
Financial Real Debts Net worth

Figure 3
Wealth distribution relative to world (in %)
9.7
20.3
22.0
48.0
0
10
20
30
40
50
60
<USD 1,000 USD 1,000 - USD
10,000
USD 10,000 -
USD 100,000
>USD 100,000
Canada World
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global
Wealth Databook 2011

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OLOBAL WEALTH REPORT 20!!_53
About the authors
Anthony Shorrocks wus D|rocor o
ho Wor|d lns|uo or Doo|opmon
Econom|cs Rosourch o ho Un|od
Nu|ons Un|ors|y (UNU-WlDER) |n
Ho|s|nk| rom 200! o 2009. Aor
roco||ng h|s PhD rom ho London
Schoo| o Econom|cs (LSE), ho uugh
u ho LSE un|| !983, whon ho
bocumo Proossor o Econom|cs u
Essox Un|ors|y, sor|ng u|so us Houd
o Dopurmon und D|rocor o Eco-
nom|c Rosourch or ho Br||sh Houso-
ho|d Puno| Sudy. Ho wus o|ocod u
Fo||ow o ho Economor|c Soc|oy |n
!996. Ho hus pub||shod w|do|y on
|ncomo und wou|h d|sr|bu|on, |noquu|-
|y, poory und mob|||y. Pub||cu|ons
|nc|udo Tho ugo-wou|h ro|u|onsh|p:
A cross soc|on und cohor unu|ys|s
(Ro|ow o Econom|cs und Su|s|cs
!975), Tho poro||o compos||on o
usso ho|d|ngs |n ho Un|od K|ngdom
(Econom|c Journu| !982), und, w|h
J|m Du|os und ohors, Assoss|ng ho
quun|u|o |mporunco o |nhor|unco
|n ho d|sr|bu|on o wou|h (Oxord
Econom|c Pupors !978), Tho d|sr|bu-
|on o wou|h (Hundbook o lncomo
D|sr|bu|on 2000), Tho wor|d d|sr|bu-
|on o housoho|d wou|h |n Porsonu|
Wou|h rom u O|obu| Porspoc|o
(Oxord Un|ors|y Pross 2008), Tho
g|obu| puorn o housoho|d wou|h
(Journu| o lnornu|onu| Doo|opmon
2009) und Tho Loo| und D|sr|bu|on
o O|obu| Housoho|d Wou|h
(Econom|c Journu| 20!!).
1|m Dav|es |s u Proossor |n ho
Dopurmon o Econom|cs u ho Un|-
ors|y o Wosorn Onur|o |n Cunudu,
whoro ho hus boon u ucu|y mombor
s|nco !977 und sorod us chu|r o ho
dopurmon rom !992 o 200!. Ho
hus boon ho d|rocor o ho Econom|c
Po||cy Rosourch lns|uo u UWO s|nco
200!. J|m roco|od h|s PhD rom ho
London Schoo| o Econom|cs |n !979.
Ho rocon|y comp|ood u |o-your orm
us munug|ng od|or o Cunud|un Pub||c
Po||cy. From 2006 o 2008, ho
d|rocod un |nornu|onu| rosourch pro-
grum on housoho|d wou|h ho|d|ngs u
UNU-WlDER |n Ho|s|nk| und od|od ho
rosu||ng o|umo, Porsonu| Wou|h
rom u O|obu| Porspoc|o (Oxord Un|-
ors|y Pross 2008). Ho hus uuhorod
wo books und oor 60 ur|c|os und
chupors |n books on op|cs rung|ng
rom ux po||cy o housoho|d su|ng und
ho d|sr|bu|on o wou|h. Pub||cu|ons
|nc|udo Tho Ro|u|o lmpuc o lnhor|-
unco und Ohor Fucors on Econom|c
lnoquu||y (Ouuror|y Journu| o Eco-
nom|cs !982), Wou|h und Econom|c
lnoquu||y (Oxord Hundbook o Eco-
nom|c lnoquu||y, Oxord Un|ors|y
Pross, 2009), und sooru| pub||cu|ons
on wou|h uuhorod o|n|y w|h Anhony
Shorrocks und ohors.
Podr|go L|uberas |s u PhD cund|duo
|n Econom|cs u Royu| Ho||owuy Co|-
|ogo, Un|ors|y o London. Ho ho|ds
un MSc |n Econom|cs rom Un|ors|y
Co||ogo London und u BA |n Econom-
|cs rom Un|ors|dud do |u Ropub||cu,
Uruguuy. Pr|or o undoruk|ng h|s MSc,
ho workod or hroo yours us un oco-
nom|c unu|ys u Wuson Wyu O|obu|
Rosourch Sor|cos und moro rocon|y
us u rosourch uss|sun u NESTA. H|s
mu|n urous o oxpor|so uro pons|ons,
consump|on und wou|h.
OLOBAL WEALTH REPORT 20!!_54
PUBLISHEP
CPEDIT SUISSE AG
Rosourch lns|uo
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Sw|.or|und
PPODUCTION MANAGEMENT
GLOBAL PESEAPCH
EDITOPIAL & PUBLICATIONS
Murkus K|oob (Houd)
Ross How|
Kuhur|nu Sch|uor
Authors
O||os Kou|ng
M|chuo| OSu|||un
Anhony Shorrocks
Jumos B. Du|os
Rodr|go L|uborus
Anon|os Kousouk|s
Ed|tor|a| dead||ne
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uuhors und CREDlT SUlSSE. 20!! CREDlT SUlSSE OROUP AO
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A|so pub||shed by the Pesearch Inst|tute
The power of
brand |nvest|ng
Fobruury 20!0
G|oba| Wea|th Peport
Ocobor 20!0
Emerg|ng Consumer
Survey 2011
Junuury 20!!
Country
|ndebtedness.
An Update
Junuury 20!!
Cred|t Su|sse G|oba|
Investment Peturns
Yearbook 2010
Fobruury 20!0
Cred|t Su|sse G|oba|
Investment Peturns
Yearbook 2011
Fobruury 20!!
The wor|d post the
cred|t cr|s|s
Sopombor 2009
Water. The next
cha||enge
Noombor 2009
Cred|t Su|sse G|oba|
Investment Peturns
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Fobruury 2009
Intang|b|e
|nfrastructure.
The key to growth
Docombor 2008
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Part 1
Junuury 20!0

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