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Credit Suisse 2011 Global Wealth Report

Credit Suisse 2011 Global Wealth Report

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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|dŒs 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 S¦u¦os
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 Aus¦ru||u
50 Sou¦h Aír|cu
5! Ch||o
52 Cunudu
54 Authors
55 D|sc|a|mer / Impr|nt
For more |nformat|on, p|ease contact.
M|chuo| OŒSu|||»un, Houd oí Por¦ío||o
S¦ru¦ogy & Thomu¦|c Rosourch, Crod|¦
Su|sso Pr|»u¦o Bunk|ng
m|chuo|.oŒsu|||»un¿crod|¦-su|sso.com
R|churd Kors|oy, Houd oí O|obu| Rosourch
Produc¦, ln»os¦mon¦ Bunk|ng Rosourch
r|churd.kors|oy¿crod|¦-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 do¦u||od O|obu| Wou|¦h Du¦ubook
pro»|do ¦ho mos¦ comprohons|»o s¦udy oí wor|d wou|¦h.
Un||ko o¦hor s¦ud|os, ¦hoy mousuro und unu|y.o ¦ronds |n
wou|¦h ucross nu¦|ons, írom ¦ho »ory bo¦¦om oí ¦ho
Ŕwou|¦h pyrum|dŕ ¦o ¦ho u|¦ru h|gh no¦ wor¦h |nd|»|duu|s.
Th|s socond Wou|¦h Ropor¦ soos ¦ho con¦|nuu¦|on
oí our c|oso co||uboru¦|on w|¦h Proíossors An¦hony
Shorrocks und J|m Du»|os, rocogn|.od uu¦hor|¦|os on
¦h|s ¦op|c, und ¦ho urch|¦oc¦s und pr|nc|pu| uu¦hors oí
ŔPorsonu| Wou|¦h írom u O|obu| Porspoc¦|»o,ŕ Oxíord
Un|»ors|¦y Pross, 2008.
S|nco |us¦ yourŒs |nuuguru| ropor¦, g|obu| wou|¦h hus
|ncrousod ¦o USD 23! ¦r||||on írom USD !95 ¦r||||on |n
20!0, |od by grow|ng wou|¦h |n Sou¦h Aír|cu, lnd|u,
Aus¦ru||u, Ch||o und S|nguporo. Look|ng uhoud, wo oxpoc¦
¦o soo ¦o¦u| wor|d wou|¦h |ncrouso by 50º ¦o USD 345
¦r||||on by ond-20!6. Ch|nu shou|d udd u ¦o¦u| oí USD
!8 ¦r||||on ¦o ¦ho s¦ock oí g|obu| wou|¦h |n ¦ho nox¦ í|»o
yours, surpuss|ng Jupun us ¦ho socond-wou|¦h|os¦ coun¦ry
|n ¦ho wor|d, w|¦h ¦o¦u| housoho|d wou|¦h rouch|ng u|mos¦
USD 39 ¦r||||on |n 20!6. Tho USA shou|d romu|n ¦op oí
¦ho wou|¦h |ouguo ¦hough, w|¦h USD 8! ¦r||||on by 20!6.
Th|s Wou|¦h Ropor¦ d|ííors írom o¦hor s¦ud|os |n
so»oru| wuys. For oxump|o, wo omp|oy now du¦u und
unu|ys|s on |ong-¦orm pu¦¦orns |n wou|¦h und on ¦ho ||nk
bo¦woon wou|¦h und ug|ng. As wo ou¦||no on pugo 26,
¦ho Ŕ||ío-cyc|oŕ ||nk bo¦woon wou|¦h und ugo |s koy ¦o ¦ho
í|nunc|u| sor»|cos |ndus¦ry us ¦h|s ro|u¦|onsh|p dr|»os ¦ho
u||ocu¦|on oí su»|ngs und pons|on |n»os¦mon¦.
ln pur¦|cu|ur, ¦ho s¦udy oí wou|¦h ¦hrough ¦|mo h|gh-
||gh¦s ¦ho r|so |n wou|¦h |n so»oru| do»o|opod coun¦r|os |n
¦ho pus¦ ¦wo docudos, uccompun|od by shurp |ncrousos
|n dob¦ |n somo cusos. ln¦oros¦|ng|y, busod on ¦ho oxpo-
r|onco oí ¦ho do»o|opod oconom|os dur|ng ¦ho 20¦h con-
¦ury, omorg|ng murko¦s hu»o scopo ¦o |ncrouso ¦ho|r
wou|¦h-¦o-|ncomo ru¦|os. Tho u»orugo usso¦-¦o-|ncomo
ru¦|o |s oxuc¦|y ! |n omorg|ng murko¦s, buro|y 40º oí
¦ho í|guro oí 2.4 rocordod |n h|gh-|ncomo coun¦r|os.
Tho Crod|¦ Su|sso O|obu| Wou|¦h Ropor¦ |uys ¦ho
íoundu¦|on íor u |ong-runn|ng oxum|nu¦|on by ¦ho Crod|¦
Su|sso Rosourch lns¦|¦u¦o oí ono oí ¦ho cruc|u| rosourch
urous |n oconom|cs, und u »|¦u| dr|»or oí íu¦uro mogu-
¦ronds. Moroo»or, |¦ con¦|nuos ¦ho ¦hough¦ |oudorsh|p
und propr|o¦ury rosourch undor¦ukon by ¦ho Rosourch
lns¦|¦u¦o o»or ¦ho pus¦ ¦hroo yours.
Hans-U|r|ch Me|ster
Ch|oí Exocu¦|»o Oíí|cor Crod|¦ Su|sso Pr|»u¦o Bunk|ng &
Ch|oí Exocu¦|»o Oíí|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 spoc¦rum, írom ¦ho »ory wou|¦hy, who
dr|»o ¦ronds |n í|nunc|u| murko¦s, ¦o ¦ho íus¦ grow|ng, ¦hrough ¦o ¦ho |oss
wo||-oíí m|dd|o und bo¦¦om |uyors oí ¦ho wou|¦h pyrum|d, wh|ch wo soo us
¦ho íorco 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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
F|gure 2
Average annua| wea|th growth rates (%)
2000ŏ09 and 2010ŏ11
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
L|ko o¦hor s¦ud|os, wo pro»|do os¦|mu¦os oí ¦ho
numbors oí h|gh no¦ wor¦h |nd|»|duu|s by coun¦ry oí
ros|donco (soo F|guro !). Howo»or, our |n¦oros¦ |s
much broudor, oncompuss|ng u|| oí ¦ho wor|dŒs
udu|¦ c|¦|.ons und u|| oí ¦ho wor|dŒs wou|¦h ŏ wh|ch
wo os¦|mu¦o ¦o hu»o ¦o¦u|od USD 23! ¦r||||on us oí
m|d-20!!. Lus¦ yourŒs |nuuguru| Crod|¦ Su|sso
Wou|¦h Ropor¦ 20!0 documon¦od ¦ho s|gn|í|cun¦
r|so |n housoho|d wou|¦h dur|ng ¦ho pro»|ous
docudo, pur¦|cu|ur|y o»|don¦ |n Aus¦ru||u, Ch|nu,
Now Zou|und, Po|und und Romun|u ŏ wh|ch u|| suw
wou|¦h por udu|¦ ¦r|p|o |n ¦orms oí US do||urs ŏ und
|n lndonos|u und Russ|u, whoro wou|¦h roso by u
íuc¦or oí í|»o. A¦ ¦ho o¦hor ond oí ¦ho scu|o, ¦ho
poríormunco oí Jupun wus ro|u¦|»o|y poor, r|s|ng by
on|y 5º |n US do||ur ¦orms bo¦woon 2000 und
20!0, und doc||n|ng s||gh¦|y whon mousurod |n yon.
Argon¦|nu poríormod o»on worso, rog|s¦or|ng u
30º doc||no |n wou|¦h.
Tho pus¦ your suw u con¦|nuu¦|on oí ¦ho roco»-
ory írom ¦ho í|nunc|u| cr|s|s, w|¦h ¦o¦u| housoho|d
wou|¦h rouch|ng un u||-¦|mo h|gh |n ¦ho wor|d us u
who|o, und |n u|| rog|ons oí ¦ho wor|d oxcop¦ Nor¦h
Amor|cu und Europo. From ¦ho s¦ur¦ oí 20!0 un¦||
m|d-20!!, u|| rog|ons oxcop¦ Europo uch|o»od
h|ghor wou|¦h grow¦h ¦hun ¦ho u»orugo ru¦o íor ¦ho
por|od írom ond-2000 un¦|| ond-2009 (F|guro 2).
Wou|¦h grow¦h hus boon pur¦|cu|ur|y s¦rong rocon¦|y
|n Aír|cu, Lu¦|n Amor|cu und lnd|u.
Wea|th w|nners and |osers
Rogurd|ng |nd|»|duu| coun¦r|os, Bru.||, Ch|nu, lnd|u,
lndonos|u und Sou¦h Aír|cu uro umong ¦ho coun-
¦r|os whoso s¦rong poríormunco dur|ng 2000ŏ09
hus boon mu|n¦u|nod s|nco ¦ho s¦ur¦ oí 20!0. How-
o»or ¦ho drumu¦|c grow¦h oí Russ|un wou|¦h dur|ng
¦ho pus¦ docudo hus ¦u||od oíí |n rocon¦ mon¦hs.
Jupun und Argon¦|nu hu»o munugod ¦o ro»orso ¦ho
poor show|ng up ¦o 20!0, bu¦ |n JupunŒs cuso ¦ho
|mpro»omon¦ |s ugu|n duo ¦o upproc|u¦|on oí ¦ho
yon. Tho s¦rong¦h oí ¦ho Sw|ss írunc hus u|so hud
u no¦ub|o |mpuc¦, propo|||ng no¦ wor¦h por udu|¦ |n
Sw|¦.or|und ¦o unprocodon¦od |o»o|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
Aír|cu
As|u-Puc|Ɵc
Ch|nu
Europo
lnd|u
Lu¦|n Amor|cu
Nor¦h Amor|cu
Wor|d
0 5 !0 !5 20 25 30
2000ŏ2009 20!0ŏ20!!
OLOBAL WEALTH REPORT 20!!_4
Tab|e 1
Annua| wea|th growth rates by country, 2000ŏ09 and 2010ŏ11
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
2010 ŏ 2011
H|gh (> 10%)
2010 ŏ 2011
Med|um (5%ŏ10%)
2010 ŏ 2011
Low (< 5%)
2000 ŏ 2009
H|gh (> 10%)
Aus¦ru||u, Bru.||, Ch||o, Ch|nu,
Co|omb|u, lnd|u, lndonos|u, Mu|uys|u,
Sou¦h Aír|cu
C.och Ropub||c, Po|und Bu|gur|u, Frunco, Hungury, Romun|u,
Russ|u, Spu|n, Turkoy
2000 ŏ 2009
Med|um (5%ŏ10%)
Cunudu, Korou, Mox|co, Ph|||pp|nos,
Swodon, Sw|¦.or|und, Thu||und
Egyp¦ Aus¦r|u, Bo|g|um, Oormuny, Orooco,
l¦u|y, No¦hor|unds, Por¦ugu|, UK
2000 ŏ 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 oí ¦ho pub||c dobu¦o on wou|¦h íocusos on
¦ho b||||onu|ros und ¦hoso |n ¦ho »ory ¦op ocho|ons
oí 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 oí wou|¦h ho|d|ngs írom r|ch ¦o poor ucross u||
coun¦r|os und rog|ons. Th|s chup¦or ou¦||nos koy
¦ronds und |o»o|s |n wou|¦h, und oxp|u|ns whu¦
wou|¦h |s und how |¦ |s d|s¦r|bu¦od.
Wo os¦|mu¦o ¦hu¦ g|obu| housoho|d wou|¦h ¦o¦u|od
USD 23! ¦r||||on |n m|d-20!!, oqu|»u|on¦ ¦o USD
5!,000 por udu|¦. To¦u| wou|¦h í|guros |n Nor¦h
Amor|cu und Europo romu|n u ||¦¦|o bo|ow ¦ho pouks
uch|o»od |n 2007, bu¦ ¦ho uggrogu¦o »u|uo |n u||
o¦hor rog|ons ŏ und |n ¦ho wor|d us u who|o ŏ
oxcoodod pro-cr|s|s |o»o|s |n m|d-20!!. From ¦ho
»|owpo|n¦ oí our os¦|mu¦os, ¦ho í|nunc|u| cr|s|s wou|d
uppour ¦o bo no moro ¦hun u modos¦ so¦buck |n u
bon|gn docudo íor housoho|d wou|¦h uccumu|u¦|on,
wh|ch suw uggrogu¦o wou|¦h doub|o írom ¦ho USD
!!3 ¦r||||on rocordod íor |u¦o 2000 (soo F|guro !).
Pur¦ oí ¦ho |ncrouso muy bo u¦¦r|bu¦od ¦o ¦ho r|so |n
¦ho udu|¦ popu|u¦|on írom 3.6 b||||on ¦o 4.5 b||||on.
Tho doproc|u¦|on oí ¦ho do||ur ugu|ns¦ mos¦ mu¸or
curronc|os hus u|so hud u s|gn|í|cun¦ |mpuc¦ on do|-
|ur-donom|nu¦od »u|uos. No»or¦ho|oss, s|nco ¦ho
s¦ur¦ oí ¦ho m|||onn|um, no¦ wor¦h por udu|¦ hud s¦|||
r|son by 67º us oí m|d-20!! whon mousurod |n
curron¦ do||urs und by 36º whon oxchungo ru¦os
uro ho|d cons¦un¦.
Wor|dw|de wea|th
Tho g|obu| í|guro íor u»orugo wou|¦h musks con-
s|dorub|o »ur|u¦|on ucross coun¦r|os und rog|ons
(F|guro 2). Tho r|chos¦ nu¦|ons, w|¦h wou|¦h |n
20!! ubo»o USD !00,000 por udu|¦, uro íound |n
Nor¦h Amor|cu, Wos¦orn Europo, und umong ¦ho
r|ch As|u-Puc|í|c und M|dd|o Eus¦ coun¦r|os. Thoy
uro ¦oppod by Sw|¦.or|und, ¦ho í|rs¦ und on|y coun-
¦ry ¦o rog|s¦or wou|¦h por udu|¦ |n oxcoss oí USD
500,000. Aus¦ru||u und Norwuy u|so hu»o u»orugo
wou|¦h ubo»o USD 300,000, ío||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 oí ¦ho p|||urs oí ¦ho oconom|c sys¦om ŏ dr|»|ng oconom|c
grow¦h, ¦ho uccumu|u¦|on oí cup|¦u|, ¦ronds |n consump¦|on, usso¦
pr|cos, und spoc|í|c |ndus¦r|os such us hou|¦h curo und bunk|ng.
A|¦hough porsonu| wou|¦h u¦¦ruc¦s u grou¦ dou| oí u¦¦on¦|on, |n ¦ho pus¦
¦horo hus boon u shor¦ugo oí ro||ub|o du¦u und |n-dop¦h rosourch on
¦ho ¦op|c. Bo¦¦or du¦u und now rosourch hu»o bogun ¦o corroc¦ ¦hu¦.
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F|gure 1
Aggregate g|oba| wea|th, 2000ŏ2011
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
0
50
!00
!50
200
250
2000 200! 2002 2003 2004 2005 2006 2007 2008 2009 20!0 20!!
¦r||||on USD
Aír|cu lnd|u Lu¦|n Amor|cu Ch|nu
As|u-Puc|Ɵc Europo Nor¦h Amor|cu
OLOBAL WEALTH REPORT 20!!_6
Ch|na has dr|ven demand for commod|t|es.
OLOBAL WEALTH REPORT 20!!_7
írom Frunco, wou|¦h por udu|¦ |n u|| ¦ho O7 nu¦|ons
|s coní|nod ¦o u nurrow rungo írom USD 200,000
¦o USD 260,000.
ln¦oros¦|ng|y, ¦ho runk|ng by mod|un wou|¦h |s
s||gh¦|y d|ííoron¦, íu»or|ng coun¦r|os w|¦h |owor |o»-
o|s oí wou|¦h |noquu||¦y. Aus¦ru||u (USD 222,000)
now ¦ops ¦ho ¦ub|o by u cons|dorub|o murg|n, w|¦h
l¦u|y, Bo|g|um, Jupun und ¦ho UK |n ¦ho rungo írom
USD !20,000 ¦o !60,000, und S|nguporo und
Sw|¦.or|und ouch uround USD !00,000. Tho USA
|ugs íur boh|nd w|¦h mod|un wou|¦h oí ¸us¦ USD
53,000.
Emerg|ng wea|th. Tho bund oí moun wou|¦h
írom USD 25,000 ¦o USD !00,000 co»ors muny
rocon¦ EU on¦run¦s (C.och Ropub||c, Es¦on|u,
Hungury, L|¦huun|u, Mu|¦u, Po|und, S|o»on|u) und
|mpor¦un¦ Lu¦|n Amor|cun coun¦r|os (Bru.||, Ch||o,
Mox|co, Uruguuy), u|ong w|¦h u numbor oí M|dd|o
Eus¦orn nu¦|ons (Buhru|n, Lobunon, Omun, Suud|
Arub|u, Turkoy). Tho ¦wo |oud|ng sub-Suhurun
nu¦|ons (Sou¦h Aír|cu, Num|b|u) hu»o rocon¦|y
¸o|nod ¦h|s group.
Front|er wea|th. Mos¦ oí ¦ho hou»||y popu|u¦od
nu¦|ons |n ¦ho wor|d, |nc|ud|ng Ch|nu, lnd|u, lndono-
s|u, Puk|s¦un, Ph|||pp|nos, und Russ|u, íu|| |n ¦ho
USD 5,000 ¦o 25,000 rungo, ¦ogo¦hor w|¦h muny
¦runs|¦|on nu¦|ons ou¦s|do ¦ho EU (A|bun|u, Armo-
n|u, Bosn|u, Ooorg|u, Ku.ukhs¦un und Mongo||u).
Tho group u|so con¦u|ns mos¦ coun¦r|os |n Lu¦|n
Amor|cu (Argon¦|nu, Co|omb|u, Cos¦u R|cu, Ecuu-
dor, Poru und vono.uo|u) und muny coun¦r|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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
F|nu||y, ¦ho cu¦ogory bo|ow USD 5,000 |s hou»||y
concon¦ru¦od |n Sub-Suhurun Aír|cu, u|¦hough ¦ho
wou|¦h rungo u|so co»ors somo mu¸or As|un nu¦|ons
(Bung|udosh, Cumbod|u, Luos, Nopu|, Sr| Lunku,
v|o¦ Num) und ¦hroo coun¦r|os bordor|ng ¦ho EU
(Bo|urus, Mo|do»u, Ukru|no).
The wea|th of reg|ons
F|guro 3 h|gh||gh¦s u numbor oí pronouncod
rog|onu| d|ííoroncos. ln pur¦|cu|ur, Nor¦h Amor|cu
hus h|ghor u»orugo wou|¦h ¦hun Europo, bu¦ ¦ho
grou¦or Europoun popu|u¦|on mouns ¦hu¦ ¦ho runk-
|ng |s ro»orsod |n ¦orms oí ¦o¦u| wou|¦h ownorsh|p.
Ros|don¦s oí Europo own 34º oí g|obu| wou|¦h
compurod ¦o 28º |n Nor¦h Amor|cu, und 22º |n
¦ho As|u-Puc|í|c coun¦r|os (oxc|ud|ng Ch|nu und
lnd|u). Tho ros¦ oí wor|d uccoun¦s íor ¦ho romu|n|ng
!6º oí ¦o¦u| housoho|d wou|¦h, u|¦hough |¦ con¦u|ns
58º oí ¦ho g|obu| udu|¦ popu|u¦|on.
What |s wea|th?
Th|s ropor¦ u|ms ¦o pro»|do u comprohons|»o g|obu|
por¦ru|¦ oí housoho|d wou|¦h co»or|ng ¦ho who|o
spoc¦rum oí wou|¦h ho|dors írom r|ch ¦o poor, und
oxum|n|ng |n do¦u|| ¦ho |o»o| und pu¦¦orn ucross coun-
¦r|os und rog|ons. Housoho|d no¦ wor¦h or Ŕwou|¦hŕ |s
doí|nod us ¦ho »u|uo oí í|nunc|u| usso¦s p|us rou|
usso¦s (pr|nc|pu||y hous|ng) ownod by |nd|»|duu|s |oss
¦ho|r dob¦s. Tho í|guros uro ob¦u|nod by upp|y|ng
cu¦¦|ng-odgo ¦ochn|quos ¦o du¦u dor|»od írom u grou¦
»ur|o¦y oí sourcos. ln ¦ho |ongor Crod|¦ Su|sso O|obu|
Wou|¦h Du¦ubook ¦hu¦ uccompun|os ¦h|s ropor¦, ¦ho
mo¦hodo|ogy omp|oyod |s doscr|bod |n moro do¦u||.
Undor USD 5,000
Wou|¦h por Adu|¦ (USD)
USD 5,000 ¦o 25,000
USD 25,000 ¦o !00,000
O»or USD !00,000
No du¦u
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 oí
¦ho g|obu| popu|u¦|on oí udu|¦s, wh|ch ¦o¦u|od 4.5
b||||on |n 20!!. Duo ¦o ¦ho s|.o oí ¦ho|r popu|u¦|ons,
Ch|nu und lnd|u uro ¦rou¦od sopuru¦o|y írom ¦ho
ŔAs|u-Puc|í|cŕ rog|on.
Why wea|th?
Wou|¦h |s ono oí ¦ho koy componon¦s oí ¦ho oco-
nom|c sys¦om. l¦ |s »u|uod us u sourco oí í|nunco íor
íu¦uro consump¦|on, ospoc|u||y |n ro¦|romon¦, und íor
roduc|ng »u|norub|||¦y ¦o shocks ||ko unomp|oymon¦,
||| hou|¦h or nu¦uru| d|sus¦ors. Wou|¦h u|so onhuncos
oppor¦un|¦|os íor |níormu| soc¦or und on¦ropronour|u|
uc¦|»|¦|os, whon usod o|¦hor d|roc¦|y or us co||u¦oru|
íor |ouns. Thoso íunc¦|ons uro |oss |mpor¦un¦ |n
coun¦r|os ¦hu¦ hu»o udoquu¦o soc|u| suío¦y no¦s,
good pub||c hou|¦h curo, h|gh quu||¦y pub||c oducu-
¦|on, gonorous s¦u¦o pons|ons und wo||-do»o|opod
bus|noss í|nunco. Con»orso|y, ¦ho nood ¦o ucqu|ro
porsonu| usso¦s |s pur¦|cu|ur|y compo|||ng und urgon¦
|n coun¦r|os ¦hu¦ hu»o rud|mon¦ury soc|u| |nsurunco
schomos und ros¦r|c¦od op¦|ons íor bus|noss í|nunco,
us |s ¦ho cuso |n much oí ¦ho do»o|op|ng wor|d.
Tho compos|¦|on oí housoho|d por¦ío||os |s oí
cons|dorub|o |n¦oros¦ und »ur|os w|do|y und sys¦om-
u¦|cu||y ucross coun¦r|os. O»or ¦ho pus¦ docudo, ¦ho
u»orugo g|obu| »u|uo oí housoho|d í|nunc|u| und
noní|nunc|u| wou|¦h hus c|oso|y ío||owod ¦ho ¦rond
|n no¦ wor¦h, |ncrous|ng up ¦o 2007 und ¦hon íu|||ng
buck by upprox|mu¦o|y !0º boíoro roco»or|ng ¦h|s
your ¦o ¦ho our||or pouk. A¦ ¦ho s¦ur¦ oí ¦ho docudo,
í|nunc|u| usso¦s uccoun¦od íor moro ¦hun hu|í oí ¦ho
housoho|d por¦ío||o, bu¦ ¦ho shuro doc||nod up ¦o
2008, u¦ wh|ch po|n¦ ¦ho g|obu| por¦ío||o wus
oquu||y sp||¦ bo¦woon í|nunc|u| und non-í|nunc|u|
usso¦s (mos¦|y propor¦y). ln ¦ho por|od s|nco 2008,
¦ho bu|unco hus ugu|n ¦|ppod s||gh¦|y ¦owurd í|nun-
c|u| usso¦s (soo F|guro 4).
On ¦ho ||ub|||¦y s|do oí ¦ho housoho|d bu|unco
shoo¦, u»orugo dob¦ roso by 80º bo¦woon 2000
und 2007, und ¦hon rough|y |o»o|od ou¦. l¦ now
umoun¦s ¦o USD 9,070 por udu|¦. Exprossod us u
propor¦|on oí housoho|d usso¦s, u»orugo dob¦ hus
mo»od |n u nurrow rungo, r|s|ng o»or ¦ho por|od, bu¦
no»or oxp|od|ng.
Exum|n|ng how g|obu| wou|¦h |s sproud ucross
housoho|ds und |nd|»|duu|s ŏ ru¦hor ¦hun ¸us¦ rog|ons
or coun¦r|os ŏ roqu|ros |níormu¦|on on ¦ho pu¦¦orn oí
wou|¦h ho|d|ngs w|¦h|n coun¦r|os. Tho u»u||ub|o o»|-
donco |nd|cu¦os ¦hu¦ wou|¦h |s moro concon¦ru¦od
¦hun |ncomo or consump¦|on. ln ¦h|s s¦udy, wo com-
b|no |níormu¦|on on |o»o|s und pu¦¦orns oí houso-
ho|d wou|¦h ucross und w|¦h|n coun¦r|os ¦o u||ow us
¦o os¦|mu¦o ¦ho g|obu| d|s¦r|bu¦|on oí wou|¦h.
How wea|th |s d|str|buted
To coun¦ umong ¦ho wou|¦h|os¦ hu|í oí ¦ho wor|d,
un udu|¦ noods on|y USD 4,200 |n usso¦s, onco
dob¦s hu»o boon sub¦ruc¦od. Howo»or, ouch udu|¦
F|gure 3
Wea|th shares |n 2011 by reg|on (%)
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
F|gure 4
G|oba| trends |n wea|th per adu|t
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
4% Lu¦|n Amor|cu
9% Ch|nu
22% As|u-Puc|Ɵc
28% Nor¦h Amor|cu
2% lnd|u
1% Aír|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¦ wor¦h No¦ wor¦h u¦ cons¦un¦ oxchungo ru¦os
Non-Ɵnunc|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
!0º oí g|obu| wou|¦h ho|dors und moro ¦hun USD
7!2,000 ¦o bo u mombor oí ¦ho ¦op !º. Tho bo¦-
¦om hu|í oí ¦ho g|obu| popu|u¦|on ¦ogo¦hor possoss
buro|y !º oí g|obu| wou|¦h, u|¦hough wou|¦h |s
grow|ng íus¦ íor somo mombors oí ¦h|s sogmon¦.
ln shurp con¦rus¦, ¦ho r|chos¦ !0º own 84º oí ¦ho
wor|dŒs wou|¦h, w|¦h ¦ho ¦op !º u|ono uccoun¦|ng
íor 44º oí g|obu| usso¦s.
F|guro 5 shows how ¦ho rog|ons oí ¦ho wor|d
uro roproson¦od umong ¦ho wou|¦h doc||os (|.o.
popu|u¦|on ¦on¦hs). Unsurpr|s|ng|y, Nor¦h Amor|cu
und Europo ¦ogo¦hor uccoun¦ íor ¦ho ||onŒs shuro
oí ¦ho ¦op wou|¦h doc||o. Ch|nu hus ro|u¦|»o|y
íow roproson¦u¦|»os u¦ ¦ho »ory ¦op und bo¦¦om oí
¦ho g|obu| wou|¦h d|s¦r|bu¦|on, bu¦ dom|nu¦os ¦ho
uppor m|dd|o soc¦|on, supp|y|ng 40º oí ¦hoso |n
doc||os 5ŏ8. Tho s|.oub|o prosonco oí Ch|nu |n
¦ho m|dd|o soc¦|on roí|oc¦s no¦ on|y |¦s popu|u¦|on
s|.o und ¦ho mod|um »u|uo oí |¦s u»orugo wou|¦h,
bu¦ u|so modoru¦o wou|¦h |noquu||¦y. Ch|nuŒs
pos|¦|on |n ¦ho g|obu| p|c¦uro hus sh|í¦od upwurd |n
¦ho pus¦ docudo us u consoquonco oí u s¦rong
rocord oí grow¦h, r|s|ng usso¦ »u|uos und ¦ho
upproc|u¦|on oí ¦ho ronm|nb| ro|u¦|»o ¦o ¦ho US
do||ur. Ch|nu u|roudy hus moro poop|o |n ¦ho ¦op
!0º oí g|obu| wou|¦h ho|dors ¦hun uny coun¦ry
oxcop¦ íor ¦ho USA, Jupun, l¦u|y und Oormuny,
und |s po|sod ¦o o»or¦uko bo¦h Oormuny und l¦u|y
|n ¦ho nour íu¦uro.
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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
Peg|ona| compar|sons
Tho ob»|ous compur|son bo¦woon lnd|u und Ch|nu
|s u coro íou¦uro oí ¦ho chur¦. Wh||o Ch|nu und lnd|u
¦ogo¦hor uccoun¦ íor u|mos¦ hu|í oí g|obu| c|¦|.ons |n
doc||os 3ŏ8, lnd|u |s hou»||y concon¦ru¦od |n ¦ho
|owor rog|ons oí ¦ho wou|¦h d|s¦r|bu¦|on, hos¦|ng ono
quur¦or oí |nd|»|duu|s |n ¦ho bo¦¦om hu|í. Howo»or,
h|gh |noquu||¦y |n lnd|u mouns ¦hu¦ |¦ u|so hus
numorous roproson¦u¦|»os |n ¦ho ¦op ocho|ons oí
wou|¦h ho|dors.
Tukon ¦ogo¦hor, ros|don¦s oí ¦ho o¦hor As|u-
Puc|í|c nu¦|ons uro »ory o»on|y sproud ucross ¦ho
g|obu| wou|¦h spoc¦rum. Howo»or, ¦h|s musks u
subs¦un¦|u| dogroo oí po|ur|.u¦|on. Mombors oí h|gh-
|ncomo As|un coun¦r|os (o.g. Jupun, S|nguporo und
Hong Kong) uro hou»||y concon¦ru¦od u¦ ¦ho ¦op ond
oí ¦ho g|obu| wou|¦h d|s¦r|bu¦|on: o»or hu|í oí u|| udu|¦s
|n h|gh |ncomo As|u-Puc|í|c coun¦r|os uro p|ucod |n
¦ho ¦op g|obu| doc||o. ln con¦rus¦, ros|don¦s oí |owor
|ncomo coun¦r|os |n As|u, such us lndonos|u, Bung|u-
dosh, Puk|s¦un und v|o¦num, ¦ond ¦o bo íound |ow
down |n ¦ho wou|¦h d|s¦r|bu¦|on. ln íuc¦, ¦ho o»oru||
pu¦¦orn w|¦h|n As|u-Puc|í|c coun¦r|os oxc|ud|ng ¦ho
h|gh |ncomo group rosomb|os ¦hu¦ oí lnd|u, w|¦h bo¦h
rog|onu| group|ngs con¦r|bu¦|ng ubou¦ ono quur¦or oí
¦hoso on ¦ho bo¦¦om hu|í oí ¦ho wou|¦h |uddor.
Aír|cu |s o»on moro concon¦ru¦od u¦ ¦ho bo¦¦om
ond. Nour|y hu|í oí u|| Aír|cun udu|¦s uro íound |n
¦ho ¦wo bo¦¦om g|obu| wou|¦h doc||os. A¦ ¦ho sumo
0
!0º
20º
30º
40º
50º
60º
70º
80º
90º
!00º
Shuro oí momborsh|p
! Doc||o 2 3 4 5 6 7 8 9 !0
Nor¦h Amor|cu
Lu¦|n Amor|cu
Aír|cu
Ch|nu
lnd|u
As|u-Puc|Ɵc
Europo
OLOBAL WEALTH REPORT 20!!_10
¦|mo, wou|¦h |noquu||¦y w|¦h|n und ucross coun¦r|os
|n Aír|cu |s so h|gh ¦hu¦ u spr|nk||ng oí |nd|»|duu|s
uro íound umong ¦ho ¦op !0º oí g|obu| wou|¦h
ho|dors, und o»on umong ¦ho ¦op !º.
Lu¦|n Amor|cu |s uno¦hor rog|on whoso wou|¦h
d|s¦r|bu¦|on c|oso|y m|m|cs ¦ho g|obu| pu¦¦orn, w|¦h
|nd|»|duu|s íu|r|y o»on|y sproud ucross ¦ho g|obu|
d|s¦r|bu¦|on. Nor¦h Amor|cu und Europo uro much
moro skowod ¦owurd ¦ho ¦op doc||os, ¦ogo¦hor
uccoun¦|ng íor 60º oí ¦hoso |n ¦ho ¦op !0º.
Europo u|ono |s homo ¦o 38º oí mombors oí ¦ho
¦op wou|¦h doc||o, u í|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. Nor¦h Amor|cu, Europo und
As|u-Puc|í|c ¦ogo¦hor uccoun¦ íor 87º oí mombors
oí ¦ho ¦op wou|¦h doc||o, und un o»on h|ghor íruc-
¦|on (93º) oí ¦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|c¦uro oí wor|d wou|¦h
ŏ u|| pur¦s oí ¦ho wou|¦h spoc¦rum írom r|ch ¦o poor,
ucross u w|do rungo oí coun¦r|os und rog|ons.
Dosp|¦o u docudo oí nour .oro rou| ro¦urns on oqu|-
¦|os, so»oru| oqu|¦y bour murko¦s, und ¦ho co||upso
oí hous|ng bubb|os, wo í|nd ¦hu¦ ¦o¦u| g|obu| wou|¦h
hus doub|od s|nco 2000. S¦rong oconom|c grow¦h
und r|s|ng popu|u¦|on |o»o|s |n omorg|ng nu¦|ons
hu»o boon |mpor¦un¦ dr|»ors oí ¦h|s ¦rond.
Tho houd oí ¦ho wou|¦h (por udu|¦) |ouguo ¦ub|o |s
dom|nu¦od by smu||or, dynum|c oconom|os ŏSw|¦-
.or|und, S|nguporo, Norwuy, Swodon, Bo|g|um us
wo|| us Frunco und Aus¦ru||u. No¦ub|o cusos oí
omorg|ng wou|¦h uro íound |n ¦ho C.och Ropub||c,
S|o»on|u, Ch||o, Turkoy und Sou¦h Aír|cu, wh||o
Ŕíron¦|orŕ wou|¦h |s o»|don¦ |n Co|omb|u, lndonos|u,
Egyp¦ und Tun|s|u.
Wou|¦h |s uno»on|y d|s¦r|bu¦od. Our unu|ys|s
í|nds somo s¦urk d|ííoroncos |n ¦ho d|s¦r|bu¦|on oí
wou|¦h. Tho bo¦¦om hu|í oí ¦ho g|obu| popu|u¦|on
owns buro|y !º oí g|obu| wou|¦h. ln shurp con¦rus¦,
¦ho r|chos¦ !0º own 84º oí ¦ho wor|dŒs wou|¦h,
w|¦h ¦ho ¦op !º u|ono uccoun¦|ng íor 44º oí g|obu|
usso¦s. A|roudy wo soo s|gns ¦hu¦ ¦h|s |s chung|ng
w|¦h »ory rup|d grow¦h |n somo |ow-wou|¦h coun-
¦r|os. ln ¦|mo, wo oxpoc¦ ¦hu¦ ¦ho d|s¦r|bu¦|on oí ¦ho
wor|dŒs wou|¦h w||| bocomo moro o»on, w|¦h Ch|nu
und lnd|u ||ko|y ¦o bo ¦ho mu¸or cu¦u|ys¦s ¦owurd
such u ¦rond.
Wou|¦h |s u »|¦u|, bu¦ u ro|u¦|»o|y undor-rosourchod
cog |n ¦ho oconom|c sys¦om. l¦ |s »u|uod us u sourco
oí í|nunco íor íu¦uro consump¦|on, ospoc|u||y |n
ro¦|romon¦, und íor roduc|ng »u|norub|||¦y ¦o shocks
such us unomp|oymon¦, ||| hou|¦h or nu¦uru| d|sus-
¦ors. Wou|¦h u|so onhuncos oppor¦un|¦|os íor ¦ho
|níormu| soc¦or und on¦ropronour|u| uc¦|»|¦|os, whon
usod o|¦hor d|roc¦|y or us co||u¦oru| íor |ouns. ln ¦ho
nox¦ soc¦|on, wo |ook |n moro do¦u|| u¦ ¦ho pu¦¦orn oí
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
ŔTraff|c [amŕ ŏ Ind|aŒs economy grow|ng at fu|| speed.
OLOBAL WEALTH REPORT 20!!_12
ln ¦ho sp|r|¦ oí C.K. Pruhu|udŒs ŔTho For¦uno u¦ ¦ho
Bo¦¦om oí ¦ho Pyrum|d,ŕ wo soo grou¦ dynum|sm |n
¦ho m|dd|o und buso sogmon¦s, whoro omorg|ng
wou|¦h w||| dr|»o now ¦ronds |n consump¦|on und
|ndus¦r|u| chungo. A¦ ¦ho sumo ¦|mo, ¦ho Ŕ¦op oí ¦ho
pyrum|dŕ w||| bo ¦ho s¦rong dr|»or oí pr|»u¦o usso¦
í|ows und |n»os¦mon¦ ¦ronds.
The wea|th pyram|d
F|guro ! shows ŔTho g|obu| wou|¦h pyrum|dŕ |n
s¦r|k|ng do¦u||. l¦ |s mudo up oí u so||d buso oí |ow
wou|¦h ho|dors w|¦h uppor ¦|ors occup|od by pro-
gross|»o|y íowor und íowor poop|o. Wo os¦|mu¦o
¦hu¦ 3.! b||||on |nd|»|duu|s ŏ moro ¦hun ¦wo ¦h|rds oí
¦ho g|obu| udu|¦ popu|u¦|on ŏ hu»o wou|¦h bo|ow
USD !0,000. A íur¦hor b||||on (24º oí ¦ho wor|dŒs
udu|¦ popu|u¦|on) uro p|ucod |n ¦ho USD !0,000ŏ
!00,000 rungo, |ou»|ng 398 m||||on udu|¦s (9º oí
¦ho wor|d ¦o¦u|) w|¦h usso¦s ubo»o USD !00,000.
Our í|guros íor m|d-20!! |nd|cu¦o ¦hu¦ 29.7 m||-
||on udu|¦s uro ubo»o ¦ho ¦hrosho|d íor do||ur m||-
||onu|ros. Wh||o ¦hoy muko up |oss ¦hun !º oí ¦ho
wor|dŒs udu|¦ popu|u¦|on, ¦hoy own moro ¦hun u ¦h|rd
oí g|obu| housoho|d wou|¦h. Oí ¦h|s group, wo os¦|-
mu¦o ¦hu¦ 85,000 |nd|»|duu|s uro wor¦h moro ¦hun
USD 50 m||||on, und 29,000 uro wor¦h o»or USD
!00 m||||on.
Tho m|dd|o und buso sogmon¦s oí ¦ho pyrum|d
hu»o USD 4! ¦r||||on |n ¦o¦u| wou|¦h. Th|s undor||nos
¦ho po¦on¦|u| oí ¦h|s group íor omorg|ng consump-
¦|on ¦ronds und íor ¦ho do»o|opmon¦ oí ¦ho í|nunc|u|
sor»|cos |ndus¦ry |n grow|ng oconom|os. Moroo»or,
wou|¦h |n Ŕbo¦¦om oí ¦ho pyrum|dŕ coun¦r|os |s cur-
ron¦|y ||m|¦od, bu¦ grow|ng qu|ck|y. ln lnd|u, wou|¦h
|s skowod ¦o ¦ho bo¦¦om ond yo¦ hus u|mos¦ quu-
The g|oba|
wea|th
pyram|d
Tho pro»|ous chup¦or h|gh||gh¦od ¦ho pu¦¦orn
oí wou|¦h ownorsh|p g|obu||y, wh|ch somo
poop|o ||kon ¦o u pyrum|d. Th|s chup¦or
|n»os¦|gu¦os ¦ho wou|¦h pyrum|d |n moro
do¦u||, |ook|ng no¦ ¸us¦ u¦ ¦ho ¦op oí ¦ho
pyrum|d on wh|ch o¦hors íocus, bu¦ u¦ ¦ho
who|o s¦ruc¦uro írom bo¦¦om ¦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 grow¦h und, |n Lu¦|n Amor|cu, uggro-
gu¦o wou|¦h ¦oduy |s upprox|mu¦o|y USD !0.2 ¦r||-
||on, compurod ¦o USD 3.3 ¦r||||on |n 2000. ln con-
¦rus¦, wh||o Nor¦h Amor|cuns dom|nu¦o ¦ho ¦op oí
¦ho wou|¦h pyrum|d, ¦ho ru¦o oí grow¦h |n US wou|¦h
hus no¦ boon us s¦o||ur, mo»|ng írom USD 40 ¦r||||on
|n 2000 ¦o USD 58 ¦r||||on ¦oduy.
Bottom of the pyram|d
Tho »ur|ous ¦|ors oí ¦ho wou|¦h pyrum|d hu»o d|s¦|nc-
¦|»o churuc¦or|s¦|cs. Tho buso |o»o| |s sproud broud|y
ucross coun¦r|os. l¦ hus s|gn|í|cun¦ momborsh|p |n u||
rog|ons oí ¦ho wor|d, und spuns u w|do »ur|o¦y oí
íum||y c|rcums¦uncos (soo F|guro 2). Tho uppor
wou|¦h ||m|¦ oí USD !0,000 |s u modos¦ sum |n
do»o|opod coun¦r|os, oxc|ud|ng mos¦ udu|¦s own|ng
housos, w|¦h or w|¦hou¦ u mor¦gugo. No»or¦ho|oss, u
surpr|s|ng|y |urgo numbor oí |nd|»|duu|s |n ud»uncod
coun¦r|os hu»o ||m|¦od su»|ngs or o¦hor usso¦s.
A h|gh propor¦|on uro young poop|o w|¦h ||¦¦|o
oppor¦un|¦y or |n¦oros¦ |n uccumu|u¦|ng wou|¦h. ln
íuc¦, ||m|¦od umoun¦s oí ¦ung|b|o usso¦s comb|nod
w|¦h crod|¦ curd dob¦s und s¦udon¦ |ouns |oud muny
young poop|o ¦o rocord nogu¦|»o no¦ wor¦h. Th|s |s
un |mpor¦un¦ und oí¦on o»or|ookod group oí poop|o,
no¦ |ous¦ |n ¦ho con¦ox¦ oí ¦ho crod|¦ cr|s|s.
Low wou|¦h |s u|so u common íou¦uro oí o|dor
ugo groups, pur¦|cu|ur|y íor ¦hoso |nd|»|duu|s suííor-
|ng ||| hou|¦h und oxposod ¦o h|gh mod|cu| b|||s. ln
íuc¦, ¦ho mouns ¦os¦|ng upp||od ¦o muny s¦u¦o bono-
í|¦s, ospoc|u||y con¦r|bu¦|ons ¦o ¦ho cos¦ oí ros|don¦|u|
homos, pro»|dos un |ncon¦|»o ¦o shod wou|¦h. Yo¦
ro|u¦|»o|y íow poop|o |n r|ch coun¦r|os hu»o no¦ wor¦h
bo|ow USD !0,000 ¦hroughou¦ ¦ho|r udu|¦ ||ío. ln
ossonco, momborsh|p oí ¦ho buso soc¦|on oí ¦ho
g|obu| wou|¦h pyrum|d |s u ¦runs|on¦, ||ío-cyc|o pho-
nomonon íor mos¦ c|¦|.ons |n ¦ho do»o|opod wor|d.
Tho s|¦uu¦|on |n |ow-|ncomo coun¦r|os |s qu|¦o d|í-
íoron¦. Moro ¦hun 90º oí ¦ho udu|¦ popu|u¦|on |n
lnd|u und Aír|cu íu|| |n ¦h|s bund, |n muny |ow-|ncomo
Aír|cun coun¦r|os, ¦ho íruc¦|on oí ¦ho popu|u¦|on |s
c|oso ¦o !00º. Howo»or, ¦ho cos¦ oí ||»|ng |s usuu||y
much |owor. For u ros|don¦ oí lnd|u, íor |ns¦unco,
usso¦s oí USD !0,000 wou|d bo oqu|»u|on¦ ¦o ubou¦
USD 30,000 ¦o u ros|don¦ oí ¦ho Un|¦od S¦u¦os. ln
much oí ¦ho do»o|op|ng wor|d, ¦h|s |s onough ¦o own
u houso or |und ŏ u|bo|¦ poss|b|y w|¦h uncor¦u|n prop-
or¦y r|gh¦s ŏ und ¦o hu»o u comíor¦ub|o ||íos¦y|o by
|ocu| s¦undurds.
M|dd|e of the pyram|d
Tho b||||on udu|¦s |n ¦ho USD !0,000ŏ!00,000
rungo cons¦|¦u¦o ¦ho m|dd|o c|uss oí g|obu| wou|¦h
ho|dors (F|guro 3). W|¦h USD 34 ¦r||||on |n ¦o¦u|
wou|¦h, ¦ho sogmon¦ cor¦u|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 con¦r|bu¦os
u|mos¦ u ¦h|rd oí ¦ho ¦o¦u|. ln h|gh |ncomo coun¦r|os,
¦h|s wou|¦h rungo co»ors ¦ho mod|un porson o»or
mos¦ oí h|s/hor udu|¦ ||ío. ln m|dd|o |ncomo coun-
¦r|os, |¦ wou|d oncompuss u m|dd|o c|uss porson |n
m|dd|o ugo. Howo»or, |n |ow-|ncomo coun¦r|os on|y
¦hoso |n ¦ho ¦op doc||o quu||íy, ros¦r|c¦|ng mombor-
sh|p ¦o s|gn|í|cun¦ |undownors, succossíu| bus|-
nossmon, proíoss|onu|s und ¦ho ||ko.
USD 89.! ¦rn (38.5º)
29.7 mn
(0.5º)
369 mn
(8.2º)
!,066 mn
(23.6º)
3,054 mn
(67.6º)
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 (43.6º)
USD 33.5 ¦rn (!4.5º)
USD 7.6 ¦rn (3.3º)
> 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 An¦hony Shorrocks, Crod|¦ Su|sso
O|obu| Wou|¦h Du¦ubook 20!!
OLOBAL WEALTH REPORT 20!!_14
H|gh segment of the pyram|d
Whon wo cons|dor ¦ho Ŕh|ghŕ sogmon¦ oí ¦ho
wou|¦h pyrum|d ŏ ¦ho group oí udu|¦s whoso no¦
wor¦h oxcoods USD !00,000 ŏ ¦ho rog|onu| com-
pos|¦|on bog|ns ¦o chungo. W|¦h 398 m||||on udu|¦s
wor|dw|do, ¦h|s group |s íur írom oxc|us|»o. Bu¦
¦ho ¦yp|cu| mombor oí ¦ho group |s »ory d|ííoron¦ |n
d|ííoron¦ pur¦s oí ¦ho wor|d. ln h|gh |ncomo coun-
¦r|os, ¦ho ¦hrosho|d oí USD !00,000 |s wo|| w|¦h|n
¦ho rouch oí m|dd|o-c|uss udu|¦s onco curoors
hu»o boon os¦ub||shod. ln con¦rus¦, ros|don¦s írom
|ow-|ncomo coun¦r|os wou|d nood ¦o bo|ong ¦o ¦ho
¦op porcon¦||o oí wou|¦h ho|dors, so on|y ¦ho
oxcop¦|onu||y succossíu|, wo|| ondowod or wo||
connoc¦od quu||íy.
Tho rog|onu| con¦rus¦ shows up |n ¦ho íuc¦ ¦hu¦
Nor¦h Amor|cu, Europo und ¦ho As|u-Puc|í|c
rog|ons uccoun¦ íor 89º oí ¦ho g|obu| momborsh|p
oí ¦ho USD !00,000+ group, w|¦h Europo u|ono
homo ¦o 39º oí ¦ho ¦o¦u|. As íur us |nd|»|duu|
coun¦r|os uro concornod, ¦ho momborsh|p runk|ng
doponds on ¦hroo íuc¦ors: ¦ho popu|u¦|on s|.o, ¦ho
u»orugo wou|¦h |o»o|, und wou|¦h |noquu||¦y w|¦h|n
¦ho coun¦ry. On|y !6 coun¦r|os hos¦ moro ¦hun !º
oí ¦ho g|obu| momborsh|p. Tho USA comos ¦op
w|¦h 2!º oí ¦ho ¦o¦u|. A|| ¦hroo íuc¦ors ro|níorco
ouch o¦hor |n ¦h|s |ns¦unco: u |urgo popu|u¦|on
comb|n|ng w|¦h h|gh moun wou|¦h und un unoquu|
wou|¦h d|s¦r|bu¦|on. Jupun comos u s¦rong socond
und |s ¦ho on|y coun¦ry u¦ proson¦ ¦o sor|ous|y chu|-
|ongo ¦ho hogomony oí ¦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|us¦or
s¦ock murko¦ und hous|ng murko¦ poríormunco,
Jupun |s s¦||| homo ¦o !6º oí |nd|»|duu|s w|¦h
wou|¦h ubo»o USD !00,000.
Emerg|ng wea|th
Tho mos¦ popu|ous EU coun¦r|os ŏ Oormuny, l¦u|y,
¦ho UK und Frunco ŏ occupy ¦ho nox¦ íour p|ucos |n
¦ho g|obu| ¦ub|o, ouch con¦r|bu¦|ng 6ºŏ8º. Ch|nu
|s u|so crod|¦od w|¦h 6º oí mombors, u drumu¦|c
r|so írom ¦ho pos|¦|on |n ¦ho your 2000, whon Ch|-
nuŒs roproson¦u¦|on |n ¦ho ¦op wou|¦h porcon¦||o wus
¦oo smu|| ¦o rog|s¦or. Bru.||, Tu|wun und Korou uro
o¦hor omorg|ng murko¦ oconom|os os¦|mu¦od ¦o
ouch hos¦ u¦ |ous¦ íour m||||on ros|don¦s w|¦h no¦
wor¦h ubo»o USD !00,000 (F|guro 4).
Top of the pyram|d
A¦ ¦ho ¦op oí ¦ho pyrum|d, wo í|nd ¦ho wor|dŒs
m||||onu|ros, whoro wo ugu|n w|¦noss u d|ííoron¦
pu¦¦orn oí momborsh|p. Tho propor¦|on oí mom-
bors írom ¦ho Un|¦od S¦u¦os r|sos shurp|y ¦o 34º,
und ¦ho shuro oí mombors írom ou¦s|do oí ¦ho
Nor¦h Amor|cun, Europoun und As|u-Puc|í|c
rog|ons íu||s ¦o ¸us¦ 7º. Tho ro|u¦|»o pos|¦|ons oí
mos¦ coun¦r|os mo»o downwurd, bu¦ ¦horo uro
oxcop¦|ons. Tho Fronch shuro |s os¦|mu¦od ¦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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
F|gure 2
Peg|ona| membersh|p of g|oba| wea|th strata
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
0 !0 20 30 40 50 60 70 80 90 !00
Porcon¦ugo oí 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|| |o»o|s
lnd|u Aír|cu Ch|nu
Europo Nor¦h Amor|cu
As|u-Puc|Ɵc Lu¦|n Amor|cu
0 !0 20 30 40 50
Porcon¦ugo oí ros|don¦s |n wou|¦h rungo
60 70 80 90 !00
Nor¦h Amor|cu
Europo
Ch|nu
Lu¦|n Amor|cu
As|u-Puc|Ɵc
Aír|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% l¦u|y
1% Korou
1% Tu|wun
3% Aus¦ru||u
1% No¦hor|unds
16% Jupun
13% Ros¦ oí 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 ŏ! bn
(!,700)
USD !00 m ŏ 500 m
(26,300)
USD 50 m ŏ !00 m
(55,700)
USD !0 m ŏ 50 m
(93!,600)
USD 5 m ŏ !0 m
(!,959,600)
USD ! m ŏ 5 m
(26,724,200)
Lu¦|n Amor|cu
Europo
Nor¦h Amor|cu
Ch|nu
lnd|u
Aír|cu
As|u-Puc|Ɵc
b|o ¦o 9º, wh||o bo¦h Swodon und Sw|¦.or|und uro
now crod|¦od w|¦h moro ¦hun !º oí ¦ho g|obu|
momborsh|p (F|guro 5).
Wea|th ana|ys|s. The |mportance of data qua||ty
To ussomb|o do¦u||s oí ¦ho pu¦¦orn oí wou|¦h ho|d|ngs
ubo»o USD ! m||||on roqu|ros u h|gh dogroo oí |ngo-
nu|¦y. Tho usuu| sourcos oí wou|¦h du¦u ŏ oíí|c|u| s¦u-
¦|s¦|cs und sump|o sur»oys ŏ bocomo |ncrous|ng|y
|ncomp|o¦o und unro||ub|o u¦ h|gh wou|¦h |o»o|s. A
grow|ng numbor oí pub||cu¦|ons hu»o ío||owod ¦ho
oxump|o oí Forbos mugu.|no by cons¦ruc¦|ng Ŕr|ch
||s¦s,ŕ wh|ch u¦¦omp¦ ¦o »u|uo ¦ho usso¦s oí pur¦|cu|ur
numod |nd|»|duu|s u¦ ¦ho upox oí ¦ho wou|¦h pyrum|d.
Bu¦ »ory ||¦¦|o |s known ubou¦ ¦ho g|obu| pu¦¦orn oí
usso¦ ho|d|ngs |n ¦ho h|gh no¦ wor¦h (HNW ŏ írom
USD ! m||||on ¦o USD 50 m||||on) und u|¦ru h|gh no¦
wor¦h (UHNW ŏ írom USD 50 m||||on upwurd) rungo.
Wo br|dgo ¦h|s gup by oxp|o|¦|ng wo||-known s¦u-
¦|s¦|cu| rogu|ur|¦|os |n ¦ho ¦op wou|¦h ¦u||. Us|ng on|y
du¦u írom ¦rud|¦|onu| sourcos |n ¦ho pub||c domu|n
y|o|ds u pu¦¦orn oí g|obu| wou|¦h ho|d|ngs íor ouch
coun¦ry |n ¦ho USD 250,000 ¦o USD 5 m||||on
rungo, wh|ch cun bo usod ¦o os¦|mu¦o ¦ho numbor
oí do||ur b||||onu|ro housoho|ds. Wo mu¦ch ¦hoso
pro¸oc¦|ons ¦o ¦ho numbor ropor¦od by Forbos mug-
u.|no íor Fobruury 20!! und ud¸us¦ ¦ho wou|¦h d|s-
¦r|bu¦|on ucross udu|¦s w|¦h|n coun¦r|os uccord|ng|y.
Tho buso oí ¦ho wou|¦h pyrum|d |s occup|od by
poop|o írom u|| coun¦r|os oí ¦ho wor|d u¦ »ur|ous
s¦ugos oí ¦ho|r ||ío-cyc|os, |n con¦rus¦, HNW und
UHNW |nd|»|duu|s uro hou»||y concon¦ru¦od |n pur-
¦|cu|ur rog|ons und coun¦r|os, shur|ng u much moro
s|m||ur ||íos¦y|o. E»on mombors u¦ o¦hor |ocu¦|ons
¦ond ¦o pur¦|c|pu¦o |n ¦ho sumo g|obu| murko¦s íor
h|gh coupon consump¦|on |¦oms. Tho wou|¦h por¦ío-
||os oí |nd|»|duu|s uro u|so ||ko|y ¦o bo s|m||ur, dom|-
nu¦od by í|nunc|u| usso¦s und, |n pur¦|cu|ur, oqu|¦y
ho|d|ngs |n pub||c compun|os ¦rudod |n |n¦ornu¦|onu|
F|gure 6
H|gh net worth |nd|v|dua|s by reg|on
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks,
Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
F|gure 5
Do||ar m||||ona|res by country of res|dence
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 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% No¦hor|unds
9% Ros¦ oí wor|d
1% Bru.||
1% Donmurk
1% Bo|g|um
6% Oormuny
4% Aus¦ru||u
5% l¦u|y
OLOBAL WEALTH REPORT 20!!_16
murko¦s. For ¦hoso rousons, us|ng oíí|c|u| oxchungo
ru¦os ¦o »u|uo usso¦s |s moro uppropr|u¦o, ru¦hor ¦hun
us|ng |ocu| pr|co |o»o|s ¦o compuro wou|¦h ho|d|ngs.
Our í|guros íor m|d-20!! |nd|cu¦o ¦hu¦ ¦horo
woro 29.6 m||||on HNW |nd|»|duu|s w|¦h wou|¦h
írom USD ! m||||on ¦o USD 50 m||||on, oí whom ¦ho
»us¦ mu¸or|¦y (26.7 m||||on) íu|| |n ¦ho USD !ŏ5 m||-
||on rungo (soo F|guro 6). Nor¦h Amor|cu usod ¦o
hos¦ ¦ho grou¦os¦ numbor oí mombors, und s¦|||
uccoun¦s íor !! m||||on HNW |nd|»|duu|s (37º oí
¦ho ¦o¦u|), bu¦ momborsh|p |n ¦ho Nor¦h Amor|cun
rog|on hus boon surpussod ¦h|s your by ros|don¦s oí
Europo (37.2º oí ¦ho ¦o¦u|). As|u-Puc|í|c coun¦r|os
oxc|ud|ng Ch|nu und lnd|u uro homo ¦o 5.7 m||||on
mombors (!9.2º), und wo os¦|mu¦o ¦hu¦ ¦horo uro
now ¸us¦ o»or ! m||||on HNW |nd|»|duu|s |n Ch|nu
(3.4º oí ¦ho g|obu| ¦o¦u|). Tho romu|n|ng 937,000
HNW |nd|»|duu|s (3.2º oí ¦ho ¦o¦u|) ros|do |n lnd|u,
Aír|cu or Lu¦|n Amor|cu.
U|tra h|gh net worth
Our í|guros |nd|cu¦o u g|obu| ¦o¦u| oí 84,700 UHNW
|nd|»|duu|s w|¦h no¦ usso¦s oxcood|ng USD 50 m||-
||on. Oí ¦hoso, nour|y 29,000 uro wor¦h u¦ |ous¦
USD !00 m||||on und 2,700 hu»o usso¦s ubo»o
USD 500 m||||on. Nor¦h Amor|cu dom|nu¦os ¦ho
rog|onu| runk|ng, w|¦h 37,500 UHNW ros|don¦s
(44º), wh||o Europo hos¦s 23,700 |nd|»|duu|s
(28º) und !3,000 (!5º) ros|do |n As|u-Puc|í|c
coun¦r|os, oxc|ud|ng Ch|nu und lnd|u.
ln ¦orms oí s|ng|o coun¦r|os, ¦ho USA |ouds by u
hugo murg|n w|¦h 35,400 UHNW |nd|»|duu|s,
oqu|»u|on¦ ¦o 42º oí ¦ho group (soo F|guro 7). Tho
rocon¦ íor¦unos crou¦od |n Ch|nu hu»o propo||od
Ch|nu |n¦o socond p|uco w|¦h 5,400 roproson¦u¦|»os
(6.4º oí ¦ho g|obu| ¦o¦u|), ío||owod by Oormuny
(4,!35), Sw|¦.or|und (3,820) und Jupun (3,400).
Numbors |n o¦hor BRlC coun¦r|os uro u|so r|s|ng
íus¦, w|¦h !,970 Russ|un mombors, !,840 lnd|un
mombors, und !,520 Bru.|||uns. Among omorg|ng
murko¦s, s¦rong show|ngs uro o»|don¦ |n Tu|wun
(!,400), Turkoy (!,!00) und Hong Kong (!,030).
A|¦hough compurub|o du¦u on ¦ho pus¦ uro spurso,
|¦ |s u|mos¦ cor¦u|n ¦hu¦ ¦ho numbor oí UHNW |nd|-
»|duu|s |s cons|dorub|y grou¦or ¦hun u docudo ugo.
Tho gonoru| grow¦h |n usso¦ »u|uos uccoun¦s íor
somo oí ¦ho |ncrouso, u|ong w|¦h ¦ho upproc|u¦|on oí
o¦hor curronc|os ugu|ns¦ ¦ho US do||ur. Howo»or, |¦
u|so uppours ¦hu¦, no¦w|¦hs¦und|ng ¦ho crod|¦ cr|s|s,
¦ho pus¦ docudo hus boon ospoc|u||y conduc|»o ¦o
¦ho os¦ub||shmon¦ oí |urgo íor¦unos.
Chang|ng fortunes
Wou|¦h |s oí¦on soon |n ¦orms oí u pyrum|d, w|¦h m||-
||onu|ros on ¦op und pooror poop|o u¦ ¦ho buso.
Muny sur»oys íocus oxc|us|»o|y on ¦ho ¦op pur¦ oí
¦ho pyrum|d, wh|ch |n our »|ow |s uníor¦unu¦o |n ¦hu¦
|¦ oxc|udos ¦ho íus¦-grow|ng USD 4! ¦r||||on |n ¦ho
m|dd|o und buso sogmon¦s. 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 coun¦r|os
¦hu¦ uro u|roudy r|s|ng qu|ck|y ¦hrough ¦h|s pur¦ oí
¦ho wou|¦h pyrum|d, w|¦h lndonos|u c|oso boh|nd und
lnd|u grow|ng íus¦ írom u |ow s¦ur¦|ng po|n¦.
A¦ ¦ho sumo ¦|mo, ¦ho u|¦ru wou|¦hy Ŕ¦op oí ¦ho
pyrum|dŕ sogmon¦ w||| con¦|nuo ¦o bo ¦ho s¦rong
dr|»or oí pr|»u¦o usso¦ í|ows und |n»os¦mon¦ ¦ronds.
Our í|guros íor m|d-20!! |nd|cu¦o ¦hu¦ ¦horo uro
nour|y 30 m||||on HNW |nd|»|duu|s w|¦h moro ¦hun u
m||||on oí ¦hoso |n Ch|nu, und 5.7 m||||on ros|d|ng |n
As|u-Puc|í|c coun¦r|os o¦hor ¦hun Ch|nu und lnd|u.
A¦ ¦ho ¦op oí ¦ho pyrum|d, ¦horo uro u|mos¦
85,000 |nd|»|duu|s |n ¦ho UHNW brucko¦, w|¦h no¦
wor¦h oxcood|ng USD 50 m||||on. Tho rocon¦ íor-
¦unos crou¦od |n Ch|nu |oud us ¦o os¦|mu¦o ¦hu¦
5,400 Ch|noso (6.4º oí ¦ho g|obu| ¦o¦u|) 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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 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
Aus¦ru||u
l¦u|y
Cunudu
Un|¦od K|ngdom
Frunco
Jupun
Oormuny
Sw|¦.or|und
Ch|nu
Un|¦od S¦u¦os oí Amor|cu
USD 50 m ŏ !00 m
USD !00 m ŏ 500 m
USD 500 m ŏ ! bn
> USD ! bn
OLOBAL WEALTH REPORT 20!!_17
Muny íuc¦ors |ní|uonco ¦ho o»o|u¦|on oí housoho|d
wou|¦h, |nc|ud|ng propor¦y r|gh¦s und o¦hor |ns¦|¦u-
¦|onu| cons|doru¦|ons, ¦ho mu¦ur|¦y oí í|nunc|u| mur-
ko¦s und í|nunc|u| |ns¦rumon¦s, und ¦ho ox¦on¦ ¦o
wh|ch pub||c pro»|s|on oí ro¦|romon¦ pons|ons und
hou|¦h curo m|¦|gu¦o ¦ho nood íor pr|»u¦o uccumu|u-
¦|on. Bu¦ ¦ho s|ng|o mos¦ |mpor¦un¦ íuc¦or |n do»o|-
opod oconom|os |s housoho|d |ncomo. As rou|
|ncomos grow und pr|co |ní|u¦|on orodos purchus|ng
powor, ¦ho »u|uo oí housoho|d wou|¦h u|so ¦onds ¦o
r|so. Tho |n¦oros¦|ng quos¦|on |s ¦ho ro|u¦|on
bo¦woon |ncomo und wou|¦h o»or ¦|mo, und ¦ho rou-
sons íor do»|u¦|ons írom ¦ho |ong-run pu¦¦orn.
A century of wea|th data
F|guro ! shows wou|¦h ¦o |ncomo ru¦|os íor Frunco,
¦ho UK und ¦ho USA du¦|ng buck ¦o !900. Tho
mos¦ s¦r|k|ng íou¦uro |s ¦ho ro|u¦|»o|y s¦ub|o pu¦¦orn
obsor»od íor ¦ho USA. For mos¦ oí ¦ho por|od s|nco
!900, housoho|d wou|¦h |n ¦ho USA hus í|uc¦uu¦od
|n u nurrow bund bo¦woon ubou¦ íour und í|»o ¦|mos
d|sposub|o |ncomo. Fur¦hormoro, ¦horo |s no
upwurd ¦rond o»or ¦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 írom ¦ho ¦yp|cu| rungo |n ¦ho USA
hu»o occurrod ¦w|co, bo¦h |n»o|»|ng brouks ¦hrough
¦ho ¦op oí ¦ho bund. Tho í|rs¦ op|sodo |s ussoc|u¦od
w|¦h ¦ho d|srup¦|on cuusod by ¦ho Wu|| S¦roo¦ crush
und ¦ho onso¦ oí ¦ho Orou¦ Dopross|on. Tho wou|¦h-
|ncomo ru¦|o romu|nod cons|s¦on¦|y ubo»o 5.3 dur-
|ng ¦ho por|od !928ŏ39, und rouchod 7.3 |n !932,
u |o»o| no»or s|nco ropou¦od.
Tho socond d|»orgonco op|sodo occurrod írom
!997 ¦o 2007, whon ¦ho wou|¦h-|ncomo ru¦|o
ugu|n broko ¦ho 5.3 burr|or. ln íuc¦, ¦wo sub-op|-
sodos uro o»|don¦ |n ¦ho ŔOroonspun oruŕ: ¦ho í|rs¦
írom !997 ¦o 2002 cumo ¦o un ond whon ¦ho do¦.
com bubb|o wus punc¦urod, ¦ho socond írom
2002 ¦o 2007 ondod w|¦h ¦ho g|obu| í|nunc|u| cr|-
s|s. Tho o»oru|| |mpross|on |s ¦hus ono oí romurk-
ub|o s¦ub|||¦y |n ¦ho USA wou|¦h-|ncomo ru¦|o íor
¦ho mos¦ pur¦, w|¦h u íow dopur¦uros írom ¦ho
|ong-run oqu|||br|um ío||owod promp¦|y by u ro¦urn
¦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
s¦ub|o íor mos¦ oí ¦ho pus¦ con¦ury, u|¦hough upwurd Ŕbroukou¦sŕ
occurrod dur|ng ¦ho Orou¦ Dopross|on und ¸us¦ boíoro ¦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 murko¦s hu»o cons|dorub|o scopo
¦o |ncrouso porsonu| wou|¦h, s|nco ¦ho ru¦|o oí no¦ í|nunc|u| usso¦s
¦o |ncomo |n mu¦uro 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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 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 u»orugod bo¦woon 4 und 5 íor much oí ¦ho
¦|mo, bu¦ dopur¦uros írom ¦h|s rungo hu»o boon
moro íroquon¦ und |ongor |us¦|ng. Tho ru¦|o |n ¦ho
UK hus ío||owod ¦ho gonoru| pu¦¦orn obsor»od |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| í|nun-
c|u| cr|s|s. Bu¦ ubnormu||y h|gh »u|uos u|so occurrod
uí¦or ¦ho ond oí ¦ho Socond Wor|d Wur, und ¦ho
rocon¦ op|sodo oí h|gh »u|uos hus boon bo¦h moro
sus¦u|nod ŏ bog|nn|ng uround !985 ŏ und moro
pronouncod ŏ pouk|ng u¦ u mu|¦|p|o oí 9 |n ¦ho your
2007. ln íuc¦, ¦ho wou|¦h-|ncomo ru¦|o |n ¦ho UK
hus ¦rondod upwurds s|nco ¦ho s¦ur¦ oí ¦ho Thu¦chor
oru |n !979, und |s now moro ¦hun doub|o ¦ho |o»o|
soon |n ¦ho m|d-!970s.
Tho Fronch oxpor|onco dur|ng ¦ho pus¦ con¦ury
shows |ong por|ods oí ro|u¦|»o|y s¦ub|o wou|¦h-
|ncomo ru¦|os punc¦uu¦od by ¦hroo por|ods oí s|g-
n|í|cun¦ chungo. Tho ru¦|o ío|| shurp|y írom ubou¦ 7
dur|ng !900ŏ!9!4 ¦o |oss ¦hun hu|í ¦hu¦ í|guro ¦on
yours |u¦or, ¦hon c||mbod buck up ¦o 5.4 by !944,
uí¦or wh|ch |¦ ugu|n qu|ck|y hu|»od |n »u|uo. Mos¦ oí
¦ho doc||no |n ¦ho wou|¦h-|ncomo ru¦|o dur|ng
!9!3ŏ!949 wus duo ¦o íu|||ng houso pr|cos, h|gh
|ní|u¦|on, und poor s¦ock murko¦ poríormunco, w|¦h
on|y !0º oí ¦ho doc||no u¦¦r|bu¦od ¦o wur¦|mo |oss
oí cup|¦u|.
For u hu|í con¦ury uí¦or ¦ho wur, ¦ho wou|¦h-
|ncomo ru¦|o |n Frunco roso gruduu||y, írom 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
ubo»o 8, u |o»o| s|m||ur ¦o ¦ho UK und s|gn|í|cun¦|y
ubo»o ¦ho USA.
Ev|dence for G7 countr|es
From !960 onwurds, du¦u on ¦ho wou|¦h-|ncomo
ru¦|o uro u»u||ub|o íor u |urgor group oí coun¦r|os
¦hun ¸us¦ Frunco, ¦ho UK und ¦ho USA. F|guro 2
shows murkod|y d|ííoron¦ oxpor|oncos íor O7 coun-
¦r|os dur|ng ¦ho í|rs¦ und socond hu|»os oí ¦ho
por|od. Un¦|| !985, ¦ho ru¦|os chungod »ory ||¦¦|o
o»or ¦|mo und ío|| w|¦h|n ¦ho bund írom 3.5 ¦o 5.5
íor mos¦ coun¦r|os |n mos¦ yours. Aí¦or !985, ¦horo
|s cons|dorub|o »ur|u¦|on |n ¦ho o»o|u¦|on oí no¦
wor¦h us u mu|¦|p|o oí d|sposub|o |ncomo, bo¦h
ucross coun¦r|os und o»or ¦|mo, bu¦ |n ouch coun¦ry
¦horo |s un upwurd ¦rond.
Poss|b|o oxp|unu¦|ons íor ¦ho upwurd ¦rond s|nco
!985 |nc|udo ¦ho ||boru||.u¦|on oí í|nunc|u| murko¦s,
¦ho ug|ng oí ¦ho popu|u¦|on, doc||n|ng |n¦oros¦ ru¦os
und |ní|u¦|on ru¦os push|ng up usso¦ pr|cos, und u
sh|í¦ |n omphus|s ¦owurds grou¦or Ŕporsonu| rospon-
s|b|||¦yŕ |n propur|ng íor ro¦|romon¦, ch||dronŒs odu-
cu¦|on und o¦hor oxponsos. Euch oí ¦hoso íuc¦ors
hus no doub¦ mudo |¦s con¦r|bu¦|on, bu¦ ¦ho|r ro|u-
¦|»o |mpor¦unco romu|ns un opon quos¦|on.
Cunudu und Oormuny d|sp|uy ¦ho h|ghos¦ s¦ub||-
|¦y umong O7 coun¦r|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 ŏ |ncome rat|o |n G7 countr|es
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
F|gure 4
Househo|d debt ŏ |ncome rat|o |n G7 countr|es
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
F|gure 3
Househo|d gross Ɵnanc|a| assets ŏ |ncome rat|o |n
G7 countr|es
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 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 l¦u|y Jupun USA
!975 !980 !970 !965 !960 !985 !990 !995 2000 2005 20!0
0.0
Oormuny Frunco Cunudu UK l¦u|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 l¦u|y Jupun USA
OLOBAL WEALTH REPORT 20!!_20
muny roso s¦oud||y írom 4.7 |n !99! ¦o 6.! |n
2008. Wou|¦h |n Cunudu roso o»on moro gruduu||y
und s¦oud||y írom íour ¦|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|¦ oí ¦ho g|obu| í|nunc|u| cr|s|s,
probub|y duo ¦o ¦ho consor»u¦|»o nu¦uro oí bo¦h |¦s
bunk|ng rogu|u¦|ons und bunkors.
A¦ ¦ho o¦hor ond oí ¦ho scu|o, ¦ho grou¦os¦ »o|u-
¦|||¦y ŏ u¦ |ous¦ |n|¦|u||y ŏ wus oxpor|oncod |n Jupun,
whoro ¦ho wou|¦h-|ncomo ru¦|o oxp|odod írom 4.4
|n !977 ¦o pouk u¦ 9.4 |n !989, u |o»o| no»or
rouchod by uny o¦hor coun¦ry íor wh|ch du¦u uro
u»u||ub|o. A|¦hough houso-pr|co und |und-pr|co
|ní|u¦|on con¦r|bu¦od mos¦ ¦o ¦h|s grow¦h, ¦ho s¦ock
murko¦ u|so íuo||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 |o»o| o»or s|nco.
As u|roudy no¦od, ¦ho UK hus u|so oxpor|oncod
oxp|os|»o grow¦h |n ¦ho wou|¦h |ncomo ru¦|o s|nco
!985, und grou¦or »o|u¦|||¦y ¦hun Jupun. Frunco hus
u|so shown ubnormu| wou|¦h grow¦h, u|¦hough w|¦h-
ou¦ ¦ho »o|u¦|||¦y obsor»od |n Br|¦u|n. By ¦hoso s¦un-
durds, ¦ho oxpor|onco |n ¦ho USA dur|ng ¦ho pus¦
¦wo docudos |ooks ro|u¦|»o|y s¦ub|o, o»on u||ow|ng
íor ¦ho shor¦-¦orm pouks |n !999 und 2006.
Wea|th components |n h|story
S|m||ur sor|os íor sub-componon¦s oí wou|¦h us
mu|¦|p|os oí d|sposub|o |ncomo pro»|do íur¦hor
|ns|gh¦s |n¦o ¦ho h|s¦or|cu| ¦ronds. Tho gruphs íor
gross í|nunc|u| usso¦s |n F|guro 3 ugu|n show ro|u-
¦|»o|y ||¦¦|o chungo up ¦o !985, uí¦or wh|ch u rogu|ur
pu¦¦orn oí grow¦h |s ¦ho norm, so ¦hu¦ by 2008, ¦ho
gross í|nunc|u| wou|¦h-|ncomo ru¦|o |s ¦yp|cu||y
h|ghor by u íuc¦or oí !ŏ2. Howo»or, ¦ho »o|u¦|||¦y
soon |n F|guro 2 hus u|mos¦ »un|shod. W|¦h ¦ho
oxcop¦|on oí Cunudu, ¦ho í|nunc|u| cr|s|s cuusod ¦ho
í|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 du¦u.
Frunco und Oormuny hu»o murchod s¦oud||y und
|n ¦undom s|nco !990, wh||o ¦ho gruph íor Cunudu
hus boon oxcop¦|onu||y smoo¦h und qu|¦o í|u¦ íor ¦ho
pus¦ !5 yours. E»on l¦u|y und Jupun oxh|b|¦ ro|u-
¦|»o|y smoo¦h grow¦h oí í|nunc|u| wou|¦h punc¦uu¦od
w|¦h occus|onu| í|uc¦uu¦|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| mo»omon¦ s|nco
!995, ru¦hor ¦hun s¦oudy grow¦h.
How |ndebted are Western househo|ds?
A s|gn|í|cun¦ r|so |n housoho|d dob¦ ro|u¦|»o ¦o |ncomo
|s o»|don¦ |n u|| O7 coun¦r|os s|nco !980 (F|guro 4).
Tho UK oxpor|oncod ¦ho grou¦os¦ ubso|u¦o r|so |n ¦ho
dob¦-|ncomo ru¦|o, wh|ch ¦r|p|od írom 0.6 |n !980 ¦o
!.8 |n 2008, bu¦ ¦ho grou¦os¦ propor¦|onu¦o r|so
occurrod |n l¦u|y und Frunco, whoro ¦ho ru¦|o u|mos¦
quudrup|od bo¦woon !978 und 2009. Tho ru¦|o dou-
b|od |n bo¦h Cunudu und ¦ho USA írom !985 ¦o
2009, bu¦ hus romu|nod unchungod |n Jupun s|nco
¦ho m|d-!990s, und o»on doc||nod s||gh¦|y |n Oor-
muny dur|ng ¦ho pus¦ docudo.
Wa|| Street ŏ 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 Ɵnanc|a| wea|th ŏ |ncome rat|o |n
G7 countr|es
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
F|gure 6
Pea| assets ŏ |ncome rat|o |n G7 countr|es
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
As oxpoc¦od, ¦ho o»o|u¦|on oí no¦ í|nunc|u| wou|¦h
|s »ory s|m||ur ¦o ¦ho pu¦¦orn íor gross í|nunc|u|
wou|¦h (F|guro 5). Bu¦ |¦ now omorgos ¦hu¦ ¦ho
ru¦|os oí no¦ í|nunc|u| wou|¦h ¦o |ncomo |n !980
woro coní|nod ¦o u nurrow rungo bo¦woon !.0 und
!.5 íor u|| O7 coun¦r|os oxcop¦ ¦ho USA, íor wh|ch
¦ho ru¦|o wus ubou¦ 2.5 írom !973 ¦o !988. Aí¦or
¦ho gyru¦|ons oí ¦ho Oroonspun oru, ¦ho US ru¦|o
hus ro¦urnod ¦o |¦s |ong-¦orm norm. ln ¦ho moun-
¦|mo, ¦ho o¦hor O7 coun¦r|os hu»o c|osod mos¦, |í
no¦ u||, oí ¦ho gup w|¦h ¦ho USA. Th|s con»orgonco
¦o US |o»o|s oí ¦ho no¦ í|nunc|u| usso¦s ¦o |ncomo
ru¦|os |s un |mpor¦un¦ ¦rond ¦o wh|ch ||¦¦|o u¦¦on¦|on
hus boon g|»on.
Du¦u on rou| (|.o. non-í|nunc|u|) usso¦s us u mu|-
¦|p|o oí d|sposub|o |ncomo y|o|ds qu|¦o u d|ííoron¦
p|c¦uro, show|ng moro »ur|u¦|on ucross coun¦r|os und
much moro orru¦|c bohu»|or. Tho ¦ronds shown |n
F|guro 6 uro c|oso|y ro|u¦od ¦o ¦ho o»o|u¦|on oí rou|
usso¦ pr|cos, pur¦|cu|ur|y ¦ho pr|co oí rou| os¦u¦o.
Tho o»o|u¦|on oí rou| usso¦s |n ¦ho USA hus
boon romurkub|y cons¦un¦ o»or ¦|mo, c|oso ¦o dou-
b|o ¦ho |o»o| oí |ncomo írom !960 un¦|| !995,
whon ¦ho mu|¦|p|o roso s¦oud||y ¦o 3 |n 2007
boíoro ro¦urn|ng buck ¦o 2, ¦ho |owos¦ |o»o| umong
O7 coun¦r|os. Tho rou| usso¦-|ncomo ru¦|os |n
Cunudu, Oormuny und l¦u|y hu»o u|| boon on u r|s-
|ng ¦rond s|nco !995, und show no s|gn ¦hu¦
hous|ng pr|cos hu»o boon ud»orso|y uííoc¦od by
¦ho í|nunc|u| cr|s|s. ln con¦rus¦, ¦ho gruphs íor
Frunco und Br|¦u|n show u d|p ío||ow|ng ¦ho í|nun-
c|u| cr|s|s, u|¦hough bo¦h coun¦r|os hu»o oxpor|-
oncod u sus¦u|nod houso pr|co boom s|nco ¦ho
|u¦o !990s, u|mos¦ doub||ng |n »u|uo, so ¦hu¦ rou|
usso¦s romu|n u h|gh mu|¦|p|o oí d|sposub|o
|ncomo. ln íuc¦, ¦ho gruphs íor Frunco und ¦ho UK
uro oor||y s|m||ur írom !990 onwurds.
Tho oxpor|onco oí Jupun pro»|dos u su|u¦ury |os-
son |n u||ow|ng rou| os¦u¦o pr|cos ¦o run ou¦ oí con-
¦ro|. Tho oxp|os|»o grow¦h írom !984 ¦o !990 hus
boon ío||owod by doc||n|ng propor¦y pr|cos íor ¦hroo
docudos, roduc|ng ¦ho rou| usso¦s-|ncomo ru¦|o
írom 6.5 u¦ |¦s pouk |n !990 ¦o 3.5 |n 2008. Th|s
ro»orsu| oí íor¦uno hus boon so pronouncod ¦hu¦
Jupun |s now on u pur w|¦h Cunudu, und runks
bo|ow o»ory o¦hor O7 coun¦ry oxcop¦ ¦ho USA.
Busod on ¦ho Jupunoso oxpor|onco, ¦o|oru¦|on oí
hous|ng booms |n Br|¦u|n, Frunco und l¦u|y sooms
rock|oss |n compur|son ¦o ¦ho s|ow und s¦oudy
progross oí Cunudu und Oormuny.
Determ|nants of wea|th. The ro|e of sav|ngs
Wh||o shuro pr|cos und houso pr|cos uro oí¦on ¦ho
prox|mu¦o rouson íor »ur|u¦|ons |n housoho|d wou|¦h
ro|u¦|»o ¦o |ncomo, »ory ||¦¦|o |s known ubou¦ ¦ho
undor|y|ng cuusos oí ¦ho d|ííoron¦ coun¦ry oxpor|-
oncos.
Tho |o»o| oí su»|ngs |s ono ob»|ous sourco oí
wou|¦h d|ííoroncos, w|¦h |ncrousod su»|ngs ¦runs|u¦-
|ng |n¦o grou¦or uggrogu¦o wou|¦h und u h|ghor
wou|¦h-|ncomo ru¦|o. ln pruc¦|co, |¦ |s oí¦on d|íí|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 l¦u|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 l¦u|y Jupun USA
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OLOBAL WEALTH REPORT 20!!_23
¦o |don¦|íy ¦ho connoc¦|on. Among O7 coun¦r|os,
¦ho housoho|d su»|ng ru¦o shows subs¦un¦|u| ho¦-
orogono|¦y, rung|ng |n 2009 írom us ||¦¦|o us 2º |n
Jupun ¦o !6º |n l¦u|y und !7º |n Oormuny. Dur|ng
¦ho pus¦ !5 yours, su»|ng ru¦os docrousod |n ¦ho
UK, ¦ho USA, l¦u|y, Jupun und Cunudu, bu¦
romu|nod unchungod |n Frunco und o»on roso
s||gh¦|y |n Oormuny. Tho ||nk ¦o uggrogu¦o wou|¦h |s
no¦ |mmod|u¦o|y o»|don¦.
Determ|nants of wea|th. The ro|e of
|nst|tut|ons
v|ow|ng d|ííoroncos ucross coun¦r|os, ¦ho |ow
wou|¦h (ospoc|u||y í|nunc|u| wou|¦h) ¦o |ncomo ru¦|os
|n Aus¦r|u, Oormuny und Norwuy muy roí|oc¦ h|gh
|o»o|s oí pub||c pons|ons und good s¦u¦o pro»|s|on
oí hou|¦h sor»|cos, wh|ch poop|o oxpoc¦ ¦o bo mu|n-
¦u|nod |n ¦ho íu¦uro. Orow|ng popu|u¦|ons und |und
scurc|¦y uro oxpoc¦od ¦o corro|u¦o w|¦h h|gh »u|uos
oí rou| usso¦s ro|u¦|»o ¦o |ncomo, bu¦ ¦ho ||nk hus
bocomo |oss o»|don¦ |n rocon¦ yours g|»on ¦ho |ow
rou| usso¦ í|guro íor Jupun und ¦ho »ory h|gh »u|uo
íor Aus¦ru||u.
Tho pro»|s|on oí moro soph|s¦|cu¦od í|nunc|u|
|ns¦rumon¦s |s ||ko|y ¦o rosu|¦ |n h|ghor |o»o|s oí
í|nunc|u| usso¦s, us |s ¦ho gonoru| ¦ondoncy ¦o
rop|uco doí|nod bonoí|¦ pons|ons w|¦h doí|nod con-
¦r|bu¦|on pons|ons oííor|ng |owor bonoí|¦s. Tho
|mpuc¦ oí í|nunc|u| |nno»u¦|on on dob¦s |s o»on moro
o»|don¦. Tho oxp|os|on oí housoho|d dob¦ |n ¦ho
pus¦ ¦wo docudos |s undoub¦od|y ||nkod ¦o grou¦or
uccoss ¦o crod|¦ íor mor¦gugos und consumor
oxpond|¦uro, ro|níorcod by ¦ho grow|ng u»u||ub|||¦y
und uccop¦unco oí s¦udon¦ dob¦, íor oxump|o |n
Donmurk und Swodon.
H|stor|ca| |essons for emerg|ng markets
Whu¦ |mp||cu¦|ons cun bo druwn íor wou|¦h uccu-
mu|u¦|on |n omorg|ng murko¦s írom ¦ho pus¦ oxpor|-
onco oí h|gh |ncomo coun¦r|os? Tho u»orugo
wou|¦h-|ncomo ru¦|os íor !6 h|gh-|ncomo coun¦r|os
und n|no omorg|ng murko¦s (Ch||o, Ch|nu, Co|om-
b|u, C.och Ropub||c, lnd|u, S|o»uk|u, S|o»on|u,
Sou¦h Aír|cu und Ukru|no) show s¦r|k|ng d|ííoroncos
bo¦woon h|gh-|ncomo coun¦r|os und omorg|ng mur-
ko¦s (F|guro 7). O»or ¦ho por|od 2000ŏ08, ¦ho
u»orugo ru¦|o íor h|gh |ncomo coun¦r|os |s 6.35,
w|¦h Orou¦ Br|¦u|n, Bo|g|um und Sw|¦.or|und rocord-
|ng ru¦|os ubo»o 7.5. ln con¦rus¦, ¦ho u»orugo íor
omorg|ng murko¦s |s 3.25, und so»oru| coun¦r|os
s¦rugg|o ¦o uch|o»o wou|¦h |o»o|s oquu| ¦o ¦w|co d|s-
posub|o |ncomo.
Tho compur|son |s o»on s¦urkor íor no¦ í|nunc|u|
usso¦s. Tho u»orugo usso¦-|ncomo ru¦|o |s oxuc¦|y !
|n omorg|ng murko¦s, buro|y 40º oí ¦ho 2.4 í|guro
rocordod |n h|gh-|ncomo coun¦r|os. Thoro uro u|so
mu¸or d|ííoroncos |n dob¦ |o»o|s. On u»orugo,
housoho|ds |n omorg|ng murko¦s owo ¸us¦ 30º oí
¦ho|r unnuu| |ncomo, wh||o housoho|ds |n do»o|opod
coun¦r|os owo u|mos¦ !.5 yours oí |ncomo. Bour |n
F|gure 7
Net worth as mu|t|p|e of d|sposab|e |ncome, 2000ŏ8
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
F|gure 8
Pat|o of Ɵnanc|a| assets to non-Ɵnanc|a| assets, 2000ŏ08
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
!
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OLOBAL WEALTH REPORT 20!!_24
m|nd, howo»or, ¦hu¦ no¦ wor¦h, no¦ í|nunc|u| usso¦s
und dob¦ |o»o|s |n h|gh-|ncomo coun¦r|os hu»o u||
r|son s|gn|í|cun¦|y s|nco !980. Tho wou|¦h í|guros
rocordod íor omorg|ng murko¦s now uro no¦ so d|í-
íoron¦ írom ¦ho h|s¦or|cu| »u|uos íor 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. l¦s wou|¦h-|ncomo ru¦|o oí 6.9 ||os
w|¦h|n ¦ho ¦op ¦h|rd oí ¦ho rungo oí ¦ho h|gh-|ncomo
¦ub|o, c|oso ¦o ¦ho |o»o| oí Jupun, und wo|| ubo»o
¦ho í|guro íor ¦ho USA. Tho housoho|d su»|ngs ru¦o
|n Ch|nu hus oxcoodod 20º oí ODP s|nco ¦ho our|y
!990s, und hus o»on r|son s||gh¦|y |n rocon¦ yours,
duo ¦o |ncrousos |n |ncomo uncor¦u|n¦y und chungos
|n pons|on pro»|s|on. Th|s muy ho|p uccoun¦ íor ¦ho
d|ííoron¦ pu¦¦orn |n Ch|nu ro|u¦|»o ¦o o¦hor omorg|ng
murko¦s, u|ongs|do íro¦hy houso pr|cos und |n¦onso
|n¦ornu¦|onu| domund íor 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 coun¦ry |o»o|s, bu¦ housoho|d
|ncomo hus yo¦ ¦o cu¦ch up.
Oo|dsm|¦h (!986)
!
c|u|ms ¦hu¦ ¦ho wou|¦h-
|ncomo ru¦|o doos no¦ nocossur||y r|so dur|ng do»o|-
opmon¦, bocuuso cup|¦u| |s usod moro oíí|c|on¦|y
und gonoru¦os moro |ncomo, bu¦ í|nunc|u| do»o|op-
mon¦ |ncrousos ¦ho ru¦|o oí í|nunc|u| usso¦s ¦o non-
í|nunc|u| usso¦s. F|guro 8 shows ¦hu¦ ¦ho ru¦|o oí
í|nunc|u| ¦o non-í|nunc|u| usso¦s |s ¦yp|cu||y h|ghor |n
r|ch coun¦r|os, w|¦h un u»orugo ¸us¦ bo|ow ! íor ¦ho
por|od 2000ŏ08, compurod ¦o 0.6 íor omorg|ng
murko¦s. Oo|dsm|¦h un¦|c|pu¦od u ru¦|o oí ! íor
mu¦uro oconom|os. ln pruc¦|co, ru¦|os ubo»o 2 uro
now íound no¦ on|y íor h|gh-|ncomo coun¦r|os, bu¦
u|so íor u¦ |ous¦ ono omorg|ng oconomy: Sou¦h
Aír|cu.
No¦|coub|o oxcop¦|ons ¦o ¦ho gonoru| pu¦¦orn uro
Sou¦h Aír|cu und Ch|nu umong ¦ho omorg|ng mur-
ko¦s, und Frunco, Norwuy und Aus¦ru||u |n ¦ho h|gh-
|ncomo coun¦ry ||s¦. Tho h|gh í|nunc|u| ¦o non-í|nun-
c|u| usso¦s ru¦|o |n Sou¦h Aír|cu roí|oc¦s u dynum|c
s¦ock murko¦ und mu¦uro ||ío |nsurunco und pon-
s|on |ndus¦r|os ¦ogo¦hor w|¦h ro|u¦|»o|y |ow rou|
os¦u¦o pr|cos. Ch|nuŒs pos|¦|on |s oxp|u|nod by ¦ho
h|gh su»|ngs ru¦o und ro|u¦|»o|y wo||-do»o|opod
í|nunc|u| murko¦s. ln con¦rus¦, u¦ ¸us¦ 0.53, ¦ho
í|nunc|u| ¦o non-í|nunc|u| ru¦|o |n Aus¦ru||u |s bo|ow
¦ho u»orugo o»on íor omorg|ng murko¦s. Th|s
roí|oc¦s u spurso|y popu|u¦od coun¦ry w|¦h u |urgo
ondowmon¦ oí |und und nu¦uru| rosourcos, bu¦ u|so
h|gh urbun rou| os¦u¦o pr|cos.
Conc|us|ons
A»u||ub|o o»|donco suggos¦s ¦hu¦ housoho|d wou|¦h
|n mu¦uro oconom|os wus u íu|r|y cons¦un¦ mu|¦|p|o
oí |ncomo íor much oí ¦ho 20¦h con¦ury un¦|| !980,
uí¦or wh|ch ¦ho wou|¦h-|ncomo ru¦|o hus ¦rondod
upwurds und moro »o|u¦|||¦y hus boon oxpor|oncod.
F|nunc|u| usso¦s |n O7 coun¦r|os u|so show ||¦¦|o
chungo ro|u¦|»o ¦o |ncomo up ¦o !985, whon u rog-
u|ur pu¦¦orn oí grow¦h bogun. Cunudu u|ono sur-
»|»od ¦ho í|nunc|u| cr|s|s w|¦hou¦ u íu|| |n ¦ho ru¦|o oí
í|nunc|u| wou|¦h ¦o |ncomo, u|¦hough ¦ho ru¦|o hus
roboundod |n u|| O7 coun¦r|os w|¦h 20!0 du¦u. Tho
ru¦|o oí non-í|nunc|u| usso¦s ¦o |ncomo shows
grou¦or »ur|u¦|on ucross coun¦r|os und much moro
orru¦|c bohu»|or.
Housoho|d dob¦ hus r|son s|gn|í|cun¦|y |n u|| O7
coun¦r|os s|nco !980, bu¦ ¦ho r|so hus boon ospo-
c|u||y pronouncod |n ¦ho UK, l¦u|y und Frunco. As u
mu|¦|p|o oí |ncomo |n !980, no¦ í|nunc|u| wou|¦h |n
¦ho USA wus ubou¦ doub|o ¦ho |o»o| |n u|| o¦hor O7
coun¦r|os, bu¦ ¦ho gup hus orodod o»or ¦|mo, und
¦ho ru¦|o oí no¦ í|nunc|u| wou|¦h ¦o |ncomo |s now
much moro s|m||ur ucross ¦ho O7 nu¦|ons.
Tho ru¦|o oí no¦ wor¦h ¦o |ncomo ¦onds ¦o bo
cons|dorub|y |owor |n omorg|ng murko¦s, und ¦ho
sumo |s ¦ruo oí ¦ho ru¦|o oí í|nunc|u| usso¦s ¦o non-
í|nunc|u| usso¦s, bu¦ ¦horo uro oxcop¦|ons ¦o ¦ho
gonoru| pu¦¦orn, Ch|nu |n pur¦|cu|ur. Wh||o no¦ guur-
un¦ood, |¦ sooms ||ko|y ¦hu¦ housoho|d wou|¦h w|||
grow íus¦or ¦hun housoho|d |ncomo |n omorg|ng
murko¦s, ru|s|ng ¦ho wou|¦h-|ncomo ru¦|o o»or ¦|mo,
u|¦hough s¦opp|ng shor¦ oí ¦ho |ní|u¦od |o»o|s soon
|n r|ch coun¦r|os |n rocon¦ yours. lncrous|ng ||ío
oxpoc¦uncy und |ongor ro¦|romon¦, ug|ng popu|u-
¦|ons, und |ncrous|ng uncor¦u|n¦y ubou¦ |ubor ourn-
|ngs und íu¦uro hou|¦h cos¦s uro u|| íuc¦ors ¦hu¦
po|n¦ ¦o un |ncrouso |n ¦ho nood íor pr|»u¦o wou|¦h.
!
Oo|dsm|¦h, Ruymond W., (!986), Compuru¦|»o Nu¦|onu| Bu|unco
Shoo¦s, A S¦udy oí Twon¦y Coun¦r|os, !688ŏ!978. Ch|cugo:
Un|»ors|¦y oí Ch|cugo Pross.
IT revo|ut|ons.
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l¦ hus |ong boon rocogn|.od ¦hu¦ ¦ho |o»o| oí
porsonu| wou|¦h |s ro|u¦od ¦o ugo. Ono ob»|ous rou-
son |s ¦hu¦ ¦ho pussugo oí ¦|mo pro»|dos moro
oppor¦un|¦y íor housoho|ds ¦o ucqu|ro wou|¦h »|u
su»|ngs ou¦ oí |ncomo, succossíu| |n»os¦mon¦s,
cup|¦u| upproc|u¦|on und |nhor|¦uncos. Lu¦or |n ||ío,
wou|¦h muy bo druwn down |n ordor ¦o mu|n¦u|n u
cus¦omury |o»o| oí consump¦|on |n ¦ho íuco oí |owor
|ncomo, or ¦o muko g|í¦s ¦o ch||dron und grundch||-
dron. So |¦ |s nu¦uru| ¦o oxpoc¦ wou|¦h ¦o pouk u¦
somo po|n¦ uí¦or ¦ho ond oí work|ng ||ío. Howo»or,
¦ho ru¦o u¦ wh|ch wou|¦h r|sos und íu||s o»or ¦|mo,
und ¦ho ugo u¦ wh|ch wou|¦h pouks, »ury cons|dor-
ub|y ucross |nd|»|duu|s, bo¦woon coun¦r|os, und o»or
¦|mo. Much doponds on ¦ho mo¦|»os íor su»|ng or ŏ
¦o bo moro proc|so ŏ ¦ho s¦rong¦h oí dos|ro ¦o
ucqu|ro, uccumu|u¦o und ro¦u|n wou|¦h.
Mot|ves for sav|ng
Thoro uro ¦hroo mu|n rousons íor su»|ng. Tho pre-
caut|onary mot|ve u|ms ¦o pro»|do Ŕru|ny duyŕ
|nsurunco ugu|ns¦ o»on¦s ||ko unomp|oymon¦ or |||
hou|¦h. Procuu¦|onury su»|ng rosu|¦s |n u buííor
s¦ock oí íu|r|y ||qu|d usso¦s ¦hu¦ cun bo usod ¦o sur-
»|»o ud»orso unun¦|c|pu¦od o»on¦s w|¦hou¦ ¦uk|ng on
oxcoss|»o dob¦.
A socond rouson íor uccumu|u¦|ng wou|¦h |s ||fe-
cyc|e sav|ng, undor¦ukon ¦o smoo¦h consump¦|on
|n rosponso ¦o un¦|c|pu¦od íu¦uro 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 smoo¦h|ng íor ro¦|romon¦
rosu|¦s |n u hump-shupod ugo-wou|¦h pu¦¦orn,
mudo íum|||ur by ¦ho ||ío-cyc|o modo| do»o|opod by
Frunco Mod|g||un|
!
und o¦hors u hu|í con¦ury ugo.
Tho ¦h|rd mo¦|»o íor su»|ng |s ¦o uccumu|u¦o
usso¦s ¦o puss on ¦o onoŒs ho|rs. Tho s¦rong¦h oí
Wea|th and age
Su»|ng íor ro¦|romon¦ und o¦hor íuc¦ors |oud ¦o u d|s¦|nc¦ ugo proí||o w|¦h
rogurd ¦o wou|¦h ho|d|ngs und porsonu| dob¦. Tho ||nks bo¦woon wou|¦h und
ugo hu»o |mpor¦un¦ |mp||cu¦|ons íor g|obu| ug|ng |n íu¦uro, |ncrous|ng domund
íor í|nunc|u| usso¦s, íor oxump|o, ro|u¦|»o ¦o rou| usso¦s ||ko hous|ng. A koy
|ssuo |s ¦ho s¦ru|n ¦hu¦ popu|u¦|on ug|ng w||| p|uco on pub||c pons|on sys¦oms
und o¦hor suppor¦s íor ¦ho o|dor|y, wh|ch |s ||ko|y ¦o promp¦ grou¦or pr|»u¦o
pro»|s|on oí rosourcos íor ro¦|romon¦.
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A|bor¦ Ando und Frunco Mod|g||un|, ŔTho ő||ío-cyc|oŒ hypo¦hos|s oí su»|ng: uggro-
gu¦o |mp||cu¦|ons und ¦os¦s,ŕ Amor|cun Econom|c Ro»|ow, !963, pp 55ŏ84
OLOBAL WEALTH REPORT 20!!_26
¦ho bequest mot|ve ¦onds ¦o r|so w|¦h |ncomo,
und |s »ory |mpor¦un¦ íor somo HNWls, bu¦ su» -
|ng by poop|o u¦ u|| |ncomo |o»o|s |s oí¦on |ní|u-
oncod by u dos|ro ¦o |ou»o somo¦h|ng íor íu¦uro
gonoru¦|ons.
The L|fe-Cyc|e Mode|
Tho ||nk bo¦woon wou|¦h und ugo |s mos¦ prom|non¦
|n ¦ho con¦ox¦ oí ||ío-cyc|o su»|ng. To undors¦und
¦ho ||nk, |mug|no u s|mp||í|od wor|d |n wh|ch un |nd|-
»|duu| con¦omp|u¦os ¦ho íu¦uro u¦ ugo 20, oxpoc¦|ng
¦o work un¦|| ugo 60 und ¦o d|o u¦ ugo 80. Assumo
íur¦hor ¦hu¦ |ncomo w||| bo USD 30,000 por your,
dos|rod consump¦|on |s cons¦un¦, ¦ho |n¦oros¦ ru¦o
|s .oro, und no boquos¦s uro p|unnod. Thon ¦ho
|nd|»|duu| shou|d spond USD 20,000 por your,
rosu|¦|ng |n cons¦un¦ unnuu| su»|ng oí USD !0,000
wh||o work|ng, und cons¦un¦ unnuu| d|ssu»|ng oí
USD 20,000 dur|ng ro¦|romon¦. F|guro ! |||us¦ru¦os
F|gure 1
Wea|th-age proƟ|e |n a ||fe-cyc|e mode|
Sourco: Jumos Du»|os, Rodr|go L|uborus und An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
¦ho ¦on¦-shupod ugo-wou|¦h proí||o, w|¦h pouk
wou|¦h oí USD 400,000 u¦ ugo 60.
vury|ng ¦ho purumo¦ors |n ¦h|s s|mp|o modo|
y|o|ds c|our rosu|¦s. For oxump|o, |í |ongo»|¦y |s í|xod
und ¦ho work|ng ||ío |s |ongor ¦hun ¦ho por|od oí
ro¦|romon¦, u docrouso |n ro¦|romon¦ ugo |ncrousos
pouk wou|¦h. And |í |ongo»|¦y |s r|s|ng, pouk wou|¦h
w||| r|so ¦oo, us |ong us no|¦hor ¦ho work|ng ||ío¦|mo
nor ¦ho por|od oí ro¦|romon¦ bocomos shor¦or. O»or-
u|| |¦ |s suío ¦o suy ¦hu¦ pouk wou|¦h ¦onds ¦o r|so
w|¦h |ncrousos o|¦hor |n ¦ho |ong¦h oí ro¦|romon¦, or
|n |ongo»|¦y, |n ¦ho ||ío-cyc|o modo|.
Ano¦hor |mp||cu¦|on oí ¦ho s|mp|o ||ío-cyc|o
modo| |s ¦hu¦ ¦ho ru¦|o oí uggrogu¦o wou|¦h ¦o
|ncomo |s pos|¦|»o|y corro|u¦od w|¦h ¦ho |ong¦h oí
ro¦|romon¦ und w|¦h |ongo»|¦y. lí ¦ho popu|u¦|on |s
oquu||y d|s¦r|bu¦od by ugo, moun wou|¦h w||| oquu|
hu|í oí pouk wou|¦h. Th|s mouns ¦hu¦ |n ¦ho wor|d oí
F|guro !, u»orugo wou|¦h |s USD 200,000. A»or-
ugod o»or ¦ho on¦|ro udu|¦ ||ío¦|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 coní|rmod
¦ho pos|¦|»o |mpuc¦ oí |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 coun¦r|os o»or ¦ho |us¦ 25 yours muy |n pur¦
roí|oc¦ ¦hoso oííoc¦s.
Intergenerat|ona| transfers.
From the o|d to the young
lí wou|¦h uccumu|u¦|on |s dr|»on by procuu¦|onury
mo¦|»os ru¦hor ¦hun ||ío-cyc|o cons|doru¦|ons, ¦hon
¦ho |o»o| oí dos|rod wou|¦h wou|d no¦ bo oxpoc¦od
¦o show grou¦ »ur|u¦|ons by ugo. lí bo¦h mo¦|»os uro
proson¦, |¦ |s ||ko|y ¦hu¦ procuu¦|onury noods w||| bo
su¦|sí|od by wou|¦h uccumu|u¦od íor ||ío-cyc|o pur-
posos, oxcop¦ porhups íor ¦ho youngos¦ und o|dos¦
mombors oí soc|o¦y, so ¦ho |mpuc¦ on ¦ho ugo-
wou|¦h pu¦¦orn shou|d bo m|n|mu|.
Boquos¦s und g|í¦s muy bo |n¦on¦|onu| or o|so
Ŕucc|don¦u|ŕ ŏ ur|s|ng bocuuso |nd|»|duu|s uro usu-
u||y unub|o ¦o guurun¦oo |ou»|ng proc|so|y .oro
wou|¦h u¦ ¦ho ¦|mo oí dou¦h. lí boquos¦s uro puro|y
ucc|don¦u| und roc|p|on¦s consumo ¦hom gruduu||y,
u»orugo wou|¦h w||| r|so íor o|dor ugo groups, und
wou|¦h cou|d pouk u¦ u h|ghor ugo. P|unnod g|í¦s
und boquos¦s muy roduco su»|ng und wou|¦h ho|d-
|ngs |n our|y yours by ¦hoso un¦|c|pu¦|ng roco|p¦ oí
boquos¦s, bu¦ |ncrouso wou|¦h |u¦or on |n ¦ho ||ío-
cyc|o by ¦hoso p|unn|ng boquos¦s. Tho no¦ rosu|¦
ugu|n |s h|ghor u»orugo housoho|d wou|¦h, und u
h|ghor pouk |o»o| oí wou|¦h, w|¦h ¦ho pouk poss|b|y
occurr|ng |u¦or |n ||ío.
Intergenerat|ona| transfers.
From the young to the o|d
Ro¦|romon¦ pons|ons oí u|| ¦ypos ŏ s¦u¦o pons|ons
und pr|»u¦o pons|ons oí o|¦hor doí|nod bonoí|¦ (DB)
or doí|nod con¦r|bu¦|on (DC) íorm ŏ ru|so pur¦|cu|ur
d|íí|cu|¦|os whon u¦¦omp¦|ng ¦o coníron¦ ¦ho ||ío-
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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 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 An¦hony Shorrocks, Crod|¦ Su|sso O|obu| Wou|¦h Du¦ubook 20!!
3
5
9
7
!!
!5
!3
25ŏ34 35ŏ44 45ŏ54 55ŏ64 65ŏ74 75ŏ84 85+
0
US Cunudu UK l¦u|y Ch||o lndonos|u
!0
20
40
30
50
60
25ŏ34 35ŏ44 45ŏ54 55ŏ64 65ŏ74 75ŏ84 85+
0
US Cunudu UK l¦u|y Ch||o lndonos|u
!0
5
!5
20
25
40
30
35
45
50
25ŏ34 35ŏ44 45ŏ54 55ŏ64 65ŏ74 75ŏ84 85+
0
US Cunudu UK l¦u|y Ch||o lndonos|u
OLOBAL WEALTH REPORT 20!!_28
cyc|o modo| w|¦h du¦u on housoho|d wou|¦h. A||
¦ypos oí ro¦|romon¦ pons|ons oííor ¦ho prospoc¦ oí
íu¦uro puymon¦s |n o|d ugo, ¦hus ¦ond|ng ¦o subs¦|-
¦u¦o íor pr|»u¦o su»|ng und |owor non-pons|on
wou|¦h, u|¦hough o»|donco suggos¦s ¦hu¦ |nd|»|duu|s
do no¦ »|ow pons|on wou|¦h us u poríoc¦ subs¦|¦u¦o
íor pr|»u¦o su»|ng.
Tho cup|¦u| »u|uo ussoc|u¦od w|¦h on¦|¦|omon¦s ¦o
DC or DB pons|ons cun bo os¦|mu¦od |n pr|nc|p|o,
bu¦ ¦ho roqu|rod |níormu¦|on |s no¦ usuu||y u»u||ub|o
¦o ¦hoso ussomb||ng os¦|mu¦os oí ¦ho wou|¦h ho|d-
|ngs oí |nd|»|duu|s. Mos¦ housoho|d sur»oys ¦horo-
íoro om|¦ pr|»u¦o pons|ons, bu¦ ¦horo uro |mpor¦un¦
oxcop¦|ons, íor 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 oí ¦ho ussoc|u¦od |ncomo s¦roums
cun bo os¦|mu¦od, bu¦ wh||o |¦ muy bo poss|b|o ¦o
mob|||.o pr|»u¦o pons|on wou|¦h ¦hrough our|y w|¦h-
druwu|s |n somo cusos, or by borrow|ng ugu|ns¦
íu¦uro 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¦ oí un |nd|»|duu|Œs
wou|¦h. Moro |mpor¦un¦|y, s|nco pub||c pons|ons uro
mos¦|y on un uníundod, puy-us-you-go bus|s, ¦hoy
do no¦ uppour us un |¦om |n nu¦|onu| housoho|d bu|-
unco shoo¦s: ¦ho pos|¦|»o wou|¦h »u|uos íor o|dor
porsons uro oxuc¦|y oííso¦ by ¦ho nogu¦|»o »u|uos oí
(unsuspoc¦|ng) youngor |nd|»|duu|s whon íu¦uro
pub||c pons|on ||ub|||¦|os uro ¦ukon |n¦o uccoun¦.
Our wou|¦h os¦|mu¦os |n ¦h|s ropor¦ ¦ry ¦o ío||ow
¦ho s¦undurd upprouch ¦o nu¦|onu| bu|unco shoo¦
uccoun¦|ng, by |nc|ud|ng pr|»u¦o pons|ons |n houso-
ho|d wou|¦h, bu¦ no¦ pub||c pons|ons. For coun¦r|os
w|¦h ro|u¦|»o|y |urgor pub||c pons|ons compurod ¦o
pr|»u¦o pons|ons, ¦h|s shou|d |oud ¦o bo¦h u |owor
hump |n ¦ho ugo-wou|¦h proí||o und u |owor ru¦|o oí
uggrogu¦o 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 u»u||ub|o íor u ||m|¦od numbor oí coun¦r|os. Th|s
soc¦|on cons|dors ugo-wou|¦h ro|u¦|onsh|ps |n íour
h|gh |ncomo coun¦r|os (Cunudu, l¦u|y, ¦ho UK und
¦ho USA), und ¦wo omorg|ng murko¦ coun¦r|os
(Ch||o und lndonos|u), busod on du¦u írom houso-
ho|d sur»oys ¦hu¦ pro»|do d|ííor|ng co»orugo oí pr|-
»u¦o pons|ons. Tho wou|¦h os¦|mu¦os |n ¦h|s ropor¦
ud¸us¦ íor ¦hoso d|ííoroncos, so ¦hu¦ ¦ho í|guros íu||y
roí|oc¦ pr|»u¦o pons|on wou|¦h, bu¦ horo ¦ho rosu|¦s
oí ¦ho ruw housoho|d sur»oys uro ropor¦od w|¦hou¦
ud¸us¦mon¦. Tho sur»oys |n Cunudu und ¦ho UK
co»or pr|»u¦o pons|ons íu||y. Tho US sur»oy |nc|udos
DC bu¦ no¦ DB pons|ons. ln l¦u|y, Ch||o und lndono-
s|u, pr|»u¦o pons|ons uro comp|o¦o|y oxc|udod.
F|guro 2 shows ¦ho moun wou|¦h oí »ur|ous ugo
groups oxprossod us u mu|¦|p|o oí o»oru|| d|sposub|o
|ncomo. Dosp|¦o ¦ho d|ííoroncos |n pons|on co»or-
ugo, u hump-shupod ugo-wou|¦h proí||o |s obsor»od
|n ouch cuso, w|¦h u pouk |n ¦wo coun¦r|os u¦ ugos
55ŏ64 und |n íour coun¦r|os u¦ ugos 65ŏ74. Pouk
wou|¦h |s ubou¦ 60º ubo»o o»oru|| u»orugo wou|¦h |n
Cunudu, Ch||o, ¦ho UK und ¦ho USA, bu¦ on|y ubou¦
30º ubo»o ¦ho u»orugo |n l¦u|y und lndonos|u.
ln l¦u|y und lndonos|u ¦ho ugo proí||o oí wou|¦h |s
í|u¦¦or ¦hun |n ¦ho o¦hor coun¦r|os. Th|s |s ||ko|y ¦o bo
pur¦|y u roí|oc¦|on oí ¦ho om|ss|on oí pons|on wou|¦h,
bu¦ u|so roí|oc¦s |owor dob¦ umong ¦ho young |n
¦hoso ¦wo coun¦r|os compurod w|¦h ¦ho o¦hors.
Tho pu¦¦orn |s broud|y |n ||no w|¦h ¦ho prod|c¦|ons
oí ¦ho ||ío-cyc|o su»|ngs modo|. Tho our|y pouk
obsor»od íor Cunudu und ¦ho UK cou|d bo duo ¦o ¦ho
íuc¦ ¦hu¦ ¦ho gruphs roíor ¦o cross-soc¦|on du¦u íor
d|ííoron¦ ugo groups u¦ u g|»on ¦|mo, ru¦hor ¦hun |on-
g|¦ud|nu| du¦u íor u cohor¦ oí |nd|»|duu|s us ¦hoy ugo.
Tho doc||no |n wou|¦h ubo»o ugo 65, wh|ch u»orugos
ubou¦ 2º por your ucross ¦ho coun¦r|os shown,
sooms |n ||no w|¦h oxpoc¦u¦|ons, bu¦ ¦h|s |o»o| oí d|s-
su»|ng cou|d s|mp|y roí|oc¦ ¦ho |owor ||ío¦|mo ourn-
|ngs oí o|dor cohor¦s |n grow|ng oconom|os.
Asset a||ocat|on and ag|ng
F|guro 3 shows ¦hu¦ ¦ho shuro oí í|nunc|u| usso¦s |n
¦o¦u| usso¦s (oxc|ud|ng dob¦s) »ur|os w|do|y ucross
coun¦r|os. Tho h|gh |o»o|s |n ¦ho Eng||sh-spouk|ng
coun¦r|os uro pur¦|y oxp|u|nod by ¦ho íu|| |nc|us|on oí
pr|»u¦o pons|ons |n Cunudu und ¦ho UK, und pur¦|u|
|nc|us|on |n ¦ho USA. Tho |ow |o»o|s obsor»od |n
l¦u|y, Ch||o und lndonos|u muy roí|oc¦ no¦ on|y ¦ho
om|ss|on oí pons|on wou|¦h, bu¦ u|so du¦u prob|oms
und o¦hor íuc¦ors. H|s¦or|c op|sodos oí |ní|u¦|on |n
¦hoso coun¦r|os muy hu»o mudo housoho|ds shy oí
í|nunc|u| usso¦s, so rou| usso¦s muy bo proíorrod íor
consump¦|on smoo¦h|ng: |n lndonos|u, íor oxump|o,
go|d p|uys un |mpor¦un¦ ro|o us u s¦oro oí omor-
goncy íunds.
ln í|»o oí ¦ho coun¦r|os, ¦ho shuro oí í|nunc|u|
usso¦s r|sos u¦ |ous¦ up ¦o ro¦|romon¦, bu¦ |n lndono-
s|u ¦ho |mpor¦unco oí í|nunc|u| usso¦s doc||nos un|-
íorm|y w|¦h ugo, porhups roí|oc¦|ng u ¦runs|¦|on ¦o
grou¦or uso oí í|nunc|u| usso¦s by youngor poop|o íor
consump¦|on smoo¦h|ng. Tho o¦hor í|»o coun¦r|os
pro»|do un |n¦oros¦|ng con¦rus¦ |n whu¦ huppons uí¦or
ro¦|romon¦. ln Cunudu und ¦ho USA, í|nunc|u| usso¦s
con¦|nuo ¦o |ncrouso |n |mpor¦unco, porhups roí|oc¦-
|ng u downs|.|ng |n homo ownorsh|p. ln Ch||o, l¦u|y
und ¦ho UK, ¦ho |mpor¦unco oí í|nunc|u| usso¦s
pouks uround ro¦|romon¦ ugo und ¦hon gruduu||y
doc||nos ŏ us oxpoc¦od |í 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 usso¦s (F|guro 4). For poop|o ugod 25ŏ34 |n
¦ho Eng||sh-spouk|ng coun¦r|os, dob¦s ŏ |urgo|y
mor¦gugos ŏ uro oquu| ¦o ubou¦ 40º oí ¦o¦u|
usso¦s. As mor¦gugos uro gruduu||y pu|d oíí und
í|nunc|u| usso¦s uro uccumu|u¦od, ¦ho dob¦ ru¦|o
doc||nos íu|r|y rup|d|y, u|mos¦ »un|sh|ng by ¦ho ugo
oí ro¦|romon¦, oxcop¦ |n ¦ho USA, whoro dob¦ s¦|||
u»orugos 6.4º oí ¦o¦u| usso¦s u¦ ugos 65ŏ74. Tho
dob¦ ru¦|o |n Ch||o |s s|m||ur whon u»orugod ucross
ugo groups, bu¦ s¦ur¦s u¦ u |owor |o»o| (25º) íor
¦ho 25ŏ34 your o|d group. l¦u|y und lndonos|u hu»o
OLOBAL WEALTH REPORT 20!!_29
ru¦o|y, ru¦hor ¦hun w|¦h ¦ho|r oííspr|ng, wh|ch muy
occur |n do»o|op|ng und omorg|ng coun¦r|os |n ¦ho
íu¦uro us |¦ d|d |n h|gh |ncomo coun¦r|os |n ¦ho pus¦,
¦ho nood íor ro¦|romon¦ su»|ngs w||| bo |ncrousod,
ugu|n |oud|ng ¦o grou¦or wou|¦h.
Mos¦ oí ¦ho ubo»o íuc¦ors ¦ond ¦o |ncrouso ||ío-
cyc|o su»|ng und wou|¦h. R|s|ng oducu¦|on |s ||ko|y
¦o ro|níorco ¦h|s ¦rond, s|nco |¦s mu|n oííoc¦ |s ¦o
ru|so ||ío¦|mo ourn|ngs, wh|ch w||| |oud ¦o h|ghor
su»|ng íor ro¦|romon¦.
Sav|ngs and wea|th |n an ag|ng wor|d
Tho mos¦ |mpor¦un¦ íu¦uro consoquoncos oí ¦ho
ugo-wou|¦h ro|u¦|onsh|p uro ||ko|y ¦o ur|so bocuuso
oí ¦ho g|obu| domogruph|c ¦ronds oxpoc¦od ¦o |oud
¦o popu|u¦|on ug|ng |n u|| rog|ons oí ¦ho wor|d o»or
¦ho nox¦ 50 yours. O»oru||, h|ghor ugo groups uro
wou|¦h|or ¦hun u»orugo, so popu|u¦|on ug|ng
|ncrousos wou|¦h ¦hrough u s|mp|o compos|¦|onu|
oííoc¦. Thoro w||| u|so bo compos|¦|onu| oííoc¦s on
por¦ío||o pu¦¦orns. Tho ro|u¦|»o domund íor í|nunc|u|
usso¦s, und ospoc|u||y íor r|sky í|nunc|u| usso¦s, w|||
||ko|y |ncrouso s|nco ¦ho |mpor¦unco oí ¦hoso usso¦s
¦onds ¦o |ncrouso w|¦h ugo. Tho con»orso |s u ro|u-
¦|»o doc||no |n ¦ho domund íor hous|ng. Housoho|d
dob¦ shou|d u|so docrouso |n ro|u¦|»o ¦orms s|nco
o|dor groups uro |oss |ndob¦od.
Popu|u¦|on ug|ng w||| hu»o muny o¦hor oííoc¦s, oí
courso. l¦ |s oxpoc¦od ¦o |ncrouso rou| wugos, bu¦
roduco ro¦urns ¦o cup|¦u|, w|¦h oppos|ng oííoc¦s on
much |owor o»oru|| dob¦ |o»o|s ¦hun ¦ho o¦hor coun-
¦r|os, und ¦ho dob¦s oí ¦ho young uro »ory modos¦ |n
compur|son ¦o ¦hoso |n ¦ho o¦hor íour coun¦r|os. ln
l¦u|y, ¦h|s pu¦¦orn |s ro|u¦od ¦o ¦ho d|íí|cu|¦y oí ob¦u|n-
|ng mor¦gugos.
Imp||cat|ons of ag|ng
Tho ¦hooro¦|cu| prod|c¦|ons und omp|r|cu| o»|donco
on ¦ho ro|u¦|onsh|p bo¦woon wou|¦h und ugo hu»o
|mpor¦un¦ |mp||cu¦|ons íor g|obu| wou|¦h ho|d|ngs |n
¦ho con¦ox¦ oí ¦ho mu¸or domogruph|c und soc|u|
chungos ||ko|y ¦o ¦uko p|uco |n ¦ho íu¦uro. Somo oí
¦ho íu¦uro ¦ronds d|roc¦|y uííoc¦ ¦ho ugo-wou|¦h pu¦-
¦orn: ¦h|s cu¦ogory |nc|udos pons|on chungos, |on-
gor ||ío oxpoc¦uncy, und ŏ pur¦|cu|ur|y |n do»o|op|ng
coun¦r|os ŏ soc|u| ¦ronds such us |ncrousod oducu-
¦|on, smu||or íum|||os, und h|ghor íomu|o |ubor íorco
pur¦|c|pu¦|on. O¦hor íu¦uro ¦ronds muy hu»o |mpor-
¦un¦ soc|u| or oconom|c consoquoncos bocuuso oí
ugo-wou|¦h ro|u¦|onsh|ps: ¦ho mu¸or íuc¦or |n ¦h|s
socond cu¦ogory |s popu|u¦|on ug|ng.
Changes to pub||c and pr|vate pens|ons
A numbor oí h|gh |ncomo coun¦r|os hu»o ru|sod, or
p|un ¦o ru|so, ¦ho m|n|mum ugo íor roco|»|ng pub||c
pons|ons, wh|ch |s oxpoc¦od ¦o |oud ¦o |owor |o»o|s
oí pr|»u¦o wou|¦h s|nco |¦ w||| ||ko|y |oud ¦o |u¦or ro¦|ro-
mon¦. An |ncrouso |n pons|on con¦r|bu¦|ons w|||
roduco no¦ |ncomos und ro|níorco ¦ho ¦ondoncy
¦owurd |owor su»|ng. Roduc|ng pons|on bonoí|¦s, on
¦ho o¦hor hund, |ncrousos ¦ho nood íor pr|»u¦o ro¦|ro-
mon¦ su»|ng und honco ru|sos wou|¦h. Thus d|ííoron¦
wou|¦h |mpuc¦s cun bo prod|c¦od íor coun¦r|os ¦hu¦
pursuo d|ííoron¦ so|u¦|ons ¦o pub||c pons|on doí|c|¦s.
Rogurd|ng pr|»u¦o soc¦or omp|oyor-busod pon-
s|ons, ¦horo hus boon u s|gn|í|cun¦ sh|í¦ ¦owurd
doí|nod con¦r|bu¦|on pons|ons |n h|gh-|ncomo coun-
¦r|os, wh|ch |s oxpoc¦od ¦o |ncrouso ||ío-cyc|o su»|ng
und wou|¦h. Low curron¦ ru¦os oí ro¦urn on mos¦
í|nunc|u| usso¦s und |ncrousod uncor¦u|n¦y ubou¦
íu¦uro |ncomo s¦roums rosu|¦|ng írom ¦ho ¦rond ¦o
doí|nod con¦r|bu¦|on schomos w||| ¦ond ¦o ru|so ¦ho
nood ¦o uccumu|u¦o wou|¦h. W|dosproud coníus|on
ubou¦ ¦ho oxpoc¦od íu¦uro bonoí|¦s írom bo¦h pub||c
und pr|»u¦o pons|ons cou|d, on ¦ho o¦hor hund, |oud
somo poop|o ¦o ubundon ¦ho|r su»|ng oííor¦s |í unsuro
who¦hor ¦ho|r pr|»u¦o su»|ng w||| muko uny d|ííoronco.
Chang|ng fam||y va|ues
Roducod íor¦|||¦y und r|s|ng íomu|o |ubor íorco pur-
¦|c|pu¦|on ŏ ¦ronds soon u|| uround ¦ho wor|d,
u|¦hough no¦ |n o»ory s|ng|o coun¦ry ŏ ru|so rou|
|ncomos por houd und ¦horoíoro u|so ¦ond ¦o
|ncrouso bo¦h ||ío-cyc|o su»|ng und housoho|d
wou|¦h. Moroo»or, ¦ho wou|¦h-|ncomo ru¦|o w|||
|ncrouso íur¦hor bocuuso u íum||yŒs ro|u¦|»o con-
sump¦|on noods íu|| |n ¦ho yours whon ch||dron uro
u¦ homo und sh|í¦ ¦o ¦ho ro¦|romon¦ por|od. lí ¦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 oxpoc¦od ¦o
|ncrouso pub||c oxpond|¦uros on hou|¦h curo und
o¦hor 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 o¦hor hund, ¦horo muy bo cu¦-
bucks |n pub||c sor»|cos íor ¦ho o|dor|y duo ¦o ¦ho|r
|ncrousod cos¦, |oud|ng ¦o grou¦or nood íor pr|»u¦o
propuru¦|on íor o|d ugo. Tho no¦ oííoc¦ oí u|| ¦hoso
íuc¦ors |s unc|our.
Conc|us|ons
Wou|¦h uccumu|u¦|on occurs íor ¦hroo pr|nc|pu| rou-
sons: íor procuu¦|onury rousons, |n un¦|c|pu¦|on oí
ro¦|romon¦ noods, und ¦o muko |n¦orgonoru¦|onu|
¦runsíors. Su»|ng íor ||ío-cyc|o purposos, |n pur¦|cu-
|ur, mouns ¦hu¦ ugo |s un |mpor¦un¦ do¦orm|nun¦ oí
housoho|d wou|¦h |o»o|s. Econom|c ¦hoory prod|c¦s
u Ŕhump shupoŕ íor ¦ho ugo-wou|¦h proí||o, und
cross soc¦|on du¦u coní|rms ¦h|s pu¦¦orn |n u|| coun-
¦r|os. Emp|r|cu| o»|donco u|so shows ¦hu¦ ŏ
oxprossod us íruc¦|ons oí ¦o¦u| usso¦s ŏ dob¦ drops
shurp|y w|¦h ugo, und í|nunc|u| usso¦s ¦ond ¦o r|so
íu|r|y s¦rong|y w|¦h ugo, u¦ |ous¦ up ¦o ro¦|romon¦.
Tho ||ío-cyc|o su»|ng modo| suggos¦s ¦hu¦, |n
íu¦uro, ¦ho ugo-wou|¦h proí||o w||| bo moro poukod,
und u»orugo wou|¦h w||| bo h|ghor |í ||ío oxpoc¦uncy
|s |ongor, ro¦|romon¦ |s our||or, or pub||c pons|ons
uro |owor. A¦ proson¦, ||ío oxpoc¦uncy con¦|nuos ¦o
|ncrouso |n muny coun¦r|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 o¦hor hund, ro¦|romon¦
ugos uro ¦rond|ng upwurd |n ¦ho do»o|opod wor|d,
w|¦h ¦ho oppos|¦o oííoc¦. So, u|¦hough |¦ sooms
||ko|y ¦hu¦ wou|¦h/|ncomo ru¦|os w||| r|so |n do»o|op-
|ng und omorg|ng murko¦ coun¦r|os |n ¦ho íu¦uro,
¦hoy muy no¦ con¦|nuo ¦o r|so o»orywhoro.
ln ¦ho com|ng yours, ¦ho ro|u¦|onsh|p bo¦woon
wou|¦h und ugo |s ||ko|y ¦o hu»o grou¦os¦ s|gn|í|-
cunco |n ¦ho con¦ox¦ oí g|obu| domogruph|c ¦ronds
|oud|ng ¦o popu|u¦|on ug|ng. A»orugo wou|¦h und
wou|¦h-|ncomo ru¦|os w||| r|so us ¦ho popu|u¦|on
wo|gh¦|ng sh|í¦s ¦o o|dor groups. Ag|ng |s u|so
oxpoc¦od ¦o |ncrouso ¦ho domund íor í|nunc|u|
usso¦s ro|u¦|»o ¦o rou| usso¦s ||ko hous|ng. Moro
|mpor¦un¦, porhups, |s ¦ho s¦ru|n ¦hu¦ popu|u¦|on
ug|ng p|ucos on pub||c pons|on sys¦oms und o¦hor
suppor¦s íor ¦ho o|dor|y, wh|ch |s ||ko|y ¦o íur¦hor
s¦rong¦hon cu||s íor pr|»u¦o rospons|b|||¦y |n propur-
|ng íor ro¦|romon¦.
Tho opon quos¦|on |s who¦hor popu|u¦|on ug|ng
w||| proc|p|¦u¦o u cr|s|s duo ¦o |nsuíí|c|on¦ pr|»u¦o
su»|ng íor ro¦|romon¦. Wh||o |ow su»|ng íor ro¦|ro-
mon¦ romu|ns u concorn |n so»oru| coun¦r|os, und
wh||o somo poop|o uro wooíu||y unpropurod íor
ro¦|romon¦ í|nunc|u||y, o»oru|| housoho|d wou|¦h
uccumu|u¦|on hus |ncrousod und wou|¦h/|ncomo
ru¦|os hu»o r|son. Lowor os¦|mu¦os oí ¦ho |o»o| oí
|ncomo noodod ¦o mu|n¦u|n pro-ro¦|romon¦ s¦un-
durds oí ||»|ng, pro»|do udd|¦|onu| grounds íor op¦|-
m|sm ¦hu¦ mos¦ coun¦r|os w||| u»o|d u í|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 í|nunc|u| cr|s|s s¦ur¦|ng |n 2007, wo
cu|cu|u¦o ¦hu¦ g|obu| housoho|d wou|¦h |ncrousod
by USD !!7 ¦r||||on bo¦woon 2000 und 20!!,
w|¦h ¦ho shuro oí omorg|ng murko¦s ¦rond|ng
s¦rong|y upwurds. Bu¦ whu¦ |s ||ko|y ¦o huppon |n
¦ho nour íu¦uro?
Wo proson¦ u p|c¦uro oí íu¦uro g|obu| housoho|d
wou|¦h u¦ m|d-20!6 busod on |nd|»|duu| coun¦ry
os¦|mu¦os oí ¦o¦u| wou|¦h und |¦s d|s¦r|bu¦|on ucross
udu|¦s. Our rosu|¦s suggos¦ ¦hu¦ omorg|ng ocono-
m|os w||| con¦|nuo ¦o cu¦ch up w|¦h do»o|opod
nu¦|ons, ¦hu¦ ¦ho m|dd|o sogmon¦ oí ¦ho wou|¦h
pyrum|d w||| grow |n |mpor¦unco, und ¦hu¦ ¦ho num-
bor oí m||||onu|ros w||| r|so s|gn|í|cun¦|y.
Wor|d wea|th at USD 345 tr||||on by 2016
Wo os¦|mu¦o ¦hu¦ ¦o¦u| housoho|d wou|¦h w||| r|so by
50º |n ¦ho nox¦ í|»o yours írom 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 modoru¦o und s¦ub|o oconom|c
grow¦h, wo oxpoc¦ ¦o¦u| housoho|d wou|¦h ¦o
r|so by moro ¦hun 50º |n ¦ho nox¦ í|»o yours
írom USD 23! ¦r||||on |n 20!! ¦o USD 345
¦r||||on by 20!6. No¦ wor¦h por udu|¦ shou|d
rouch USD 70,700, u 40º |ncrouso ro|u¦|»o
¦o 20!!. Wo oxpoc¦ Ch|nu ¦o udd u ¦o¦u| oí
USD !8 ¦r||||on ¦o ¦ho s¦ock oí g|obu| wou|¦h
|n ¦ho nox¦ í|»o yours und surpuss Jupun us
¦ho socond wou|¦h|os¦ coun¦ry |n ¦ho wor|d.
Tho USA shou|d romu|n on ¦op oí ¦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
8.4º grow¦h por your. No¦ wor¦h por udu|¦ wor|d-
w|do |s oxpoc¦od ¦o rouch USD 70,700 |n ¦ho your
20!6, un |ncrouso oí u|mos¦ 40º o»or 20!!.
Accord|ng ¦o our os¦|mu¦os, Ch|nu w||| rop|uco
Jupun us ¦ho socond-wou|¦h|os¦ coun¦ry |n ¦ho
wor|d, w|¦h ¦o¦u| housoho|d wou|¦h oí USD 39 ¦r||-
||on |n 20!6, compurod ¦o USD 3! ¦r||||on íor
Jupun. Tho USA |s oxpoc¦od ¦o mu|n¦u|n |¦s
supromucy |n ¦ho wou|¦h runk|ng, w|¦h u pro¸oc¦od
¦o¦u| housoho|d wou|¦h oí USD 82 ¦r||||on. Wo||
boh|nd |n íour¦h und í|í¦h p|ucos uro Frunco und
Oormuny w|¦h USD 20.! ¦r||||on und USD !9.6 ¦r||-
||on, rospoc¦|»o|y.
Leapfrogg|ng
O»or ¦ho nox¦ í|»o yours, wo oxpoc¦ ¦o soo u b|g
|mpro»omon¦ |n ¦ho pos|¦|on oí omorg|ng ocono-
m|os. Wou|¦h |n bo¦h Ch|nu und Aír|cu us u who|o |s
pro¸oc¦od ¦o r|so by o»or 90º, bu¦ lnd|u und Bru.||
uro íorocus¦ ¦o do o»on bo¦¦or, w|¦h porsonu| wou|¦h
moro ¦hun doub||ng by 20!6.
F|guro ! compuros ¦ho ¦o¦u| wou|¦h oí cor¦u|n
coun¦r|os und rog|ons ¦oduy und |n í|»o yours ¦|mo,
us|ng US wou|¦h o»or ¦ho courso oí ¦ho 20¦h con-
¦ury us u yurds¦|ck. Dosp|¦o hu»|ng u|mos¦ 300 m||-
||on moro udu|¦s ¦hun ¦ho USA, Aír|cuŒs ¦o¦u| curron¦
wou|¦h oí USD 3 ¦r||||on |n 20!! |s compurub|o ¦o
¦o¦u| US wou|¦h |n !908. E»on ¦hough wo oxpoc¦ u
subs¦un¦|u| |mpro»omon¦ |n Aír|cuŒs wou|¦h |n ¦ho
nox¦ í|»o yours, |¦ w||| r|so on|y ¦o ¦ho |o»o| oí US
wou|¦h ho|d|ngs buck |n !928, so ¦ho |mpro»omon¦
oquu¦os ¦o 20 ŔUS yours.ŕ
Tho cuso oí lnd|u |s pur¦|cu|ur|y s¦r|k|ng. W|¦h
¦o¦u| wou|¦h oí USD 4.! ¦r||||on |n 20!!, lnd|uŒs
housoho|d wou|¦h |s compurub|o ¦o ¦ho USA |n
!9!6. Bu¦, dur|ng ¦ho nox¦ í|»o yours, lnd|u |s pro-
¸oc¦od ¦o gu|n us much wou|¦h us ¦ho USA
uch|o»od o»or ¦ho courso oí 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|í|cun¦ r|so |n ¦ho udu|¦
popu|u¦|on.
Tho cuso oí Bru.|| |s u|so no¦owor¦hy. W|¦h
housoho|d wou|¦h oxpoc¦od ¦o rouch USD 9.2 ¦r||-
||on by 20!6 ŏ u |o»o| compurub|o ¦o ¦ho USA |n
!948 ŏ ¦ho r|so |n wou|¦h |n ¦ho nox¦ í|»o yours
shou|d corrospond ¦o ¦ho gu|n |n ¦ho USA o»or ¦ho
23-your por|od írom !925 ¦o !948.
To¦u| housoho|d wou|¦h |n Ch|nu |s curron¦|y USD
20.! ¦r||||on, oqu|»u|on¦ ¦o ¦hu¦ rocordod íor ¦ho
USA |n !968. lí rocon¦ ¦ronds con¦|nuo, by 20!6
Ch|nu cou|d rouch ¦ho wou|¦h |o»o| ¦hu¦ ¦ho USA
uch|o»od |n !990 ŏ u ¸ump oí 22 US yours |n ¸us¦
í|»o yours.
Wea|th growth |n m|dd|e- and |ow-|ncome
countr|es
Oroup|ng coun¦r|os uccord|ng ¦o |ncomo |o»o|, wo
í|nd ¦hu¦ |ow- und m|dd|o-|ncomo coun¦r|os, wh|ch
¦ogo¦hor uccoun¦ íor 2!º oí g|obu| wou|¦h |n
20!!, uro pro¸oc¦od ¦o con¦r|bu¦o 36º oí ¦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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To¦u| wou|¦h |n ¦ho US (|n ¦r||||on USD, cons¦un¦ pr|cos) Forocus¦
!0
20
40
30
50
90
80
!00
70
60
Shuro (º)
Low |ncomo M|dd|o |ncomo H|gh |ncomo
Shuro oí g|obu|
wou|¦h 20!!
Shuro oí g|obu|
wou|¦h 20!6
Shuro oí wou|¦h grow¦h
20!!ŏ20!6
0
!0
20
40
30
50
80
70
60
Shuro oí udu|¦ popu|u¦|on (º)
20!! 20!6
< USD !0,000 < USD !0,000 ŏ !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
Sou¦h Aír|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| grow¦h |n wou|¦h bo¦woon 20!! und 20!6
(F|guro 2).
Ch|nu u|ono w||| udd USD !8 ¦r||||on ¦o ¦ho s¦ock
oí g|obu| wou|¦h |n ¦ho nox¦ í|»o yours, oqu|»u|on¦ ¦o
¦ho comb|nod con¦r|bu¦|on oí u|| ¦ho o¦hor As|u-
Puc|í|c coun¦r|os upur¦ írom lnd|u. Lu¦|n Amor|cuŒs
con¦r|bu¦|on ¦o g|obu| wou|¦h grow¦h |s oxpoc¦od ¦o
bo USD 7.5 ¦r||||on, w|¦h ¦ho rog|on uccoun¦|ng íor
USD !7.7 ¦r||||on oí wor|d wou|¦h |n 20!6. Aír|cu
|ugs boh|nd, w|¦h pro¸oc¦od wou|¦h ¦o¦u|||ng USD
8.9 ¦r||||on |n 20!6.
The m|dd|e and top segments
Tho |us¦ docudo hus soon un |ncrouso |n |mpor¦unco
oí ¦ho m|dd|o sogmon¦ oí wou|¦h ho|dors, compr|s-
|ng udu|¦s w|¦h no¦ wor¦h bo¦woon USD !0,000 und
USD !00,000. Our pro¸oc¦|ons show ¦h|s sogmon¦
con¦|nu|ng ¦o grow |n |mpor¦unco. F|guro 3 d|sp|uys
¦ho curron¦ und os¦|mu¦od íu¦uro wou|¦h d|s¦r|bu¦|on
ucross ¦ho »ur|ous sogmon¦s. Tho m|dd|o sogmon¦
uccoun¦s íor 24º oí udu|¦s |n 20!!, bu¦ ¦ho íruc-
¦|on |s oxpoc¦od ¦o r|so ¦o ubou¦ 3!º |n 20!6. Wo
u|so oxpoc¦ un |ncrouso |n ¦ho propor¦|on oí udu|¦s
w|¦h wou|¦h ubo»o USD !00,000.
Who wants to be a m||||ona|re?
Focus|ng on ¦ho ¦op ¦|or oí ¦ho wou|¦h d|s¦r|bu¦|on,
our os¦|mu¦os suggos¦ ¦hu¦ ¦ho numbor oí g|obu|
m||||onu|ros w||| r|so by !7 m||||on o»or ¦ho nox¦ í|»o
yours ¦o rouch u ¦o¦u| oí nour|y 47 m||||on by ¦ho
your 20!6.
Wh||o ¦ho numbor oí m||||onu|ros |n omorg|ng
oconom|os w||| romu|n wo|| bo|ow ¦ho |o»o|s |n ¦ho
US (!2.6 m||||on) or Europo (!8.5 m||||on), wo
oxpoc¦ ¦ho procoss oí cu¦ch|ng up ¦o bo »ory o»|-
don¦ |n ¦ho nox¦ í|»o yours (soo Tub|o !). Ch|nu
shou|d moro ¦hun doub|o |¦s numbor oí m||||onu|ros
¦o porhups 2.4 m||||on by 20!6, und ¦ho numbor |n
lnd|u und Tu|wun uro bo¦h prod|c¦od ¦o r|so ubo»o
hu|í u m||||on íor ¦ho í|rs¦ ¦|mo. ln Aír|cu, ¦ho numbor
oí m||||onu|ros |s oxpoc¦od ¦o ¦rob|o ¦o 367,000 |n
20!6, w|¦h ospoc|u||y |urgo con¦r|bu¦|ons írom
Sou¦h Aír|cu (243,000) und Egyp¦ (92,000). Pro-
¸oc¦|ons íor Lu¦|n Amor|cu suggos¦ u ¦o¦u| oí !.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||mu¦o romu|ns
ro|u¦|»o|y bon|gn, o»or ¦ho nox¦ íow yours, wo
oxpoc¦ grow¦h |n housoho|d wou|¦h ¦o u»orugo
8ºŏ9º 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 mo»o |n¦o socond p|uco |n
¦ho wor|d wou|¦h |ouguo, comíor¦ub|y o»or¦uk|ng
Jupun, whoso housoho|d wou|¦h |s pro¸oc¦od ¦o
grow »ory modos¦|y.
M|dd|o-|ncomo coun¦r|os uro oxpoc¦od ¦o
|ncrouso ¦ho|r shuro oí 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¦ oí ¦ho wou|¦h d|s¦r|bu¦|on co»or|ng
udu|¦s |n ¦ho wou|¦h rungo írom USD !0,000 ¦o
USD !00,000. Thoro w||| u|so bo u r|so |n ¦ho num-
bor oí m||||onu|ros |n bo¦h h|gh-|ncomo und omorg-
|ng oconom|os, w|¦h ¦ho wor|dw|do ¦o¦u| oxpoc¦od
¦o upprouch 50 m||||on |n ¦ho nox¦ í|»o yours.
Methodo|ogy
Pro¸oc¦|ons oí ¦o¦u| no¦ wor¦h u¦ ¦ho coun¦ry |o»o|
íor ¦ho nox¦ í|»o yours uro busod on sopuru¦o íoro-
cus¦s oí |¦s ¦hroo componon¦s: í|nunc|u| usso¦s,
non-í|nunc|u| usso¦s und dob¦s.
For uggrogu¦o í|nunc|u| wou|¦h, wo muko u
5-your pro¸oc¦|on oí murko¦ »u|uo us|ng u d|»|dond
d|scoun¦ modo| u¦ ¦ho coun¦ry |o»o|. Non-í|nunc|u|
wou|¦h |s os¦|mu¦od by rogross|ng non-í|nunc|u|
wou|¦h on ODP und |ní|u¦|on, us|ng lMF-busod
íorocus¦s oí ¦hoso »ur|ub|os. Housoho|d dob¦ pro-
¸oc¦|ons ussumo ¦hu¦ ¦ho ru¦|o oí dob¦s ¦o ODP por
cup|¦u romu|n cons¦un¦ und uso lMF ODP por cup-
|¦u íorocus¦s up ¦o 20!6.
For coun¦r|os |uck|ng ¦ho du¦u ¦o muko pro¸oc-
¦|ons, ODP por cup|¦u grow¦h |s usod ¦o prod|c¦ no¦
wor¦h, und ¦ho í|nunc|u|/non-í|nunc|u|/dob¦ ru¦|os ¦o
no¦ wor¦h |s ussumod ¦o bo ¦ho sumo us íor 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 world’s 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 2000–11. 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 country’s
wealth usually does not appear as strong using the average exchange rate.

Countries that show typical features over 2000–11 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.

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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 world’s 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 œœœœœ 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 œœœœœ 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 China’s currency, but the most
important source of wealth increase is growth in real terms.
China’s 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 œœœ 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 œœœ 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
world’s 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 œœœœœ 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 œœœœœ 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 œœœœœ 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 10,000–100,000 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 world’s 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 œœœœœ 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 country’s 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 œœœœœ 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
Taiwan’s 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 œœœœ 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 2007–08.
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 œœœ 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 world’s 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 œœœœœ 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 œœœ 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
10,000–100,000 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 œœœ 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, Canada’s
wealth in domestic currency is now 3% above the 2007 figure.
This reflects the fact that Canada’s 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 world’s
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 œœœœœ 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|roc¦or oí
¦ho Wor|d lns¦|¦u¦o íor Do»o|opmon¦
Econom|cs Rosourch oí ¦ho Un|¦od
Nu¦|ons Un|»ors|¦y (UNU-WlDER) |n
Ho|s|nk| írom 200! ¦o 2009. Aí¦or
roco|»|ng h|s PhD írom ¦ho London
Schoo| oí Econom|cs (LSE), ho ¦uugh¦
u¦ ¦ho LSE un¦|| !983, whon ho
bocumo Proíossor oí Econom|cs u¦
Essox Un|»ors|¦y, sor»|ng u|so us Houd
oí Dopur¦mon¦ und D|roc¦or oí Eco-
nom|c Rosourch íor ¦ho Br|¦|sh Houso-
ho|d Puno| S¦udy. Ho wus o|oc¦od u
Fo||ow oí ¦ho Economo¦r|c Soc|o¦y |n
!996. Ho hus pub||shod w|do|y on
|ncomo und wou|¦h d|s¦r|bu¦|on, |noquu|-
|¦y, po»or¦y und mob|||¦y. Pub||cu¦|ons
|nc|udo ŔTho ugo-wou|¦h ro|u¦|onsh|p:
A cross soc¦|on und cohor¦ unu|ys|sŕ
(Ro»|ow oí Econom|cs und S¦u¦|s¦|cs
!975), ŔTho por¦ío||o compos|¦|on oí
usso¦ ho|d|ngs |n ¦ho Un|¦od K|ngdomŕ
(Econom|c Journu| !982), und, w|¦h
J|m Du»|os und o¦hors, ŔAssoss|ng ¦ho
quun¦|¦u¦|»o |mpor¦unco oí |nhor|¦unco
|n ¦ho d|s¦r|bu¦|on oí wou|¦hŕ (Oxíord
Econom|c Pupors !978), ŔTho d|s¦r|bu-
¦|on oí wou|¦hŕ (Hundbook oí lncomo
D|s¦r|bu¦|on 2000), ŔTho wor|d d|s¦r|bu-
¦|on oí housoho|d wou|¦hŕ |n Porsonu|
Wou|¦h írom u O|obu| Porspoc¦|»o
(Oxíord Un|»ors|¦y Pross 2008), ŔTho
g|obu| pu¦¦orn oí housoho|d wou|¦hŕ
(Journu| oí ln¦ornu¦|onu| Do»o|opmon¦
2009) und ŔTho Lo»o| und D|s¦r|bu¦|on
oí O|obu| Housoho|d Wou|¦hŕ
(Econom|c Journu| 20!!).
1|m Dav|es |s u Proíossor |n ¦ho
Dopur¦mon¦ oí Econom|cs u¦ ¦ho Un|-
»ors|¦y oí Wos¦orn On¦ur|o |n Cunudu,
whoro ho hus boon u íucu|¦y mombor
s|nco !977 und sor»od us chu|r oí ¦ho
dopur¦mon¦ írom !992 ¦o 200!. Ho
hus boon ¦ho d|roc¦or oí ¦ho Econom|c
Po||cy Rosourch lns¦|¦u¦o u¦ UWO s|nco
200!. J|m roco|»od h|s PhD írom ¦ho
London Schoo| oí Econom|cs |n !979.
Ho rocon¦|y comp|o¦od u í|»o-your ¦orm
us munug|ng od|¦or oí Cunud|un Pub||c
Po||cy. From 2006 ¦o 2008, ho
d|roc¦od un |n¦ornu¦|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, ŔPorsonu| Wou|¦h
írom u O|obu| Porspoc¦|»oŕ (Oxíord Un|-
»ors|¦y Pross 2008). Ho hus uu¦horod
¦wo books und o»or 60 ur¦|c|os und
chup¦ors |n books on ¦op|cs rung|ng
írom ¦ux po||cy ¦o housoho|d su»|ng und
¦ho d|s¦r|bu¦|on oí wou|¦h. Pub||cu¦|ons
|nc|udo ŔTho Ro|u¦|»o lmpuc¦ oí lnhor|-
¦unco und O¦hor Fuc¦ors on Econom|c
lnoquu||¦yŕ (Ouur¦or|y Journu| oí Eco-
nom|cs !982), ŔWou|¦h und Econom|c
lnoquu||¦yŕ (Oxíord Hundbook oí Eco-
nom|c lnoquu||¦y, Oxíord Un|»ors|¦y
Pross, 2009), und so»oru| pub||cu¦|ons
on wou|¦h uu¦horod ¸o|n¦|y w|¦h An¦hony
Shorrocks und o¦hors.
Podr|go L|uberas |s u PhD cund|du¦o
|n Econom|cs u¦ Royu| Ho||owuy Co|-
|ogo, Un|»ors|¦y oí London. Ho ho|ds
un MSc |n Econom|cs írom Un|»ors|¦y
Co||ogo London und u BA |n Econom-
|cs írom Un|»ors|dud do |u Ropub||cu,
Uruguuy. Pr|or ¦o undor¦uk|ng h|s MSc,
ho workod íor ¦hroo yours us un oco-
nom|c unu|ys¦ u¦ Wu¦son Wyu¦¦ O|obu|
Rosourch Sor»|cos und moro rocon¦|y
us u rosourch uss|s¦un¦ u¦ NESTA. H|s
mu|n urous oí oxpor¦|so uro pons|ons,
consump¦|on und wou|¦h.
OLOBAL WEALTH REPORT 20!!_54
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Componsu¦|on Schomo bo u»u||ub|o |í ¦ho |ssuor oí ¦ho |n»os¦mon¦ íu||s ¦o moo¦ |¦s ob||gu¦|ons. Th|s documon¦ hus boon |ssuod |n As|u-Puc|í|c by wh|cho»or oí
¦ho ío||ow|ng |s ¦ho uppropr|u¦o|y uu¦hor|.od on¦|¦y oí ¦ho ro|o»un¦ ¸ur|sd|c¦|on: |n Hong Kong by Crod|¦ Su|sso (Hong Kong) L|m|¦od, u corporu¦|on ||consod w|¦h
¦ho Hong Kong Socur|¦|os und Fu¦uros Comm|ss|on or Crod|¦ Su|sso Hong Kong brunch, un Au¦hor|.od lns¦|¦u¦|on rogu|u¦od by ¦ho Hong Kong Mono¦ury Au¦hor|¦y
und u Rog|s¦orod lns¦|¦u¦|on rogu|u¦od by ¦ho Socur|¦|os und Fu¦uros Ord|nunco (Chup¦or 57! oí ¦ho Luws oí Hong Kong), |n Jupun by Crod|¦ Su|sso Socur|¦|os
(Jupun) L|m|¦od, o|sowhoro |n As|u-Puc|í|c by wh|cho»or oí ¦ho ío||ow|ng |s ¦ho uppropr|u¦o|y uu¦hor|.od on¦|¦y |n ¦ho ro|o»un¦ ¸ur|sd|c¦|on: Crod|¦ Su|sso Equ|¦|os
(Aus¦ru||u) L|m|¦od, Crod|¦ Su|sso Socur|¦|os (Thu||und) L|m|¦od, Crod|¦ Su|sso Socur|¦|os (Mu|uys|u) Sdn Bhd, Crod|¦ Su|sso S|nguporo Brunch und o|sowhoro |n
¦ho wor|d by ¦ho ro|o»un¦ uu¦hor|.od uíí|||u¦o oí ¦ho ubo»o. Th|s documon¦ muy no¦ bo roproducod o|¦hor |n who|o, or |n pur¦, w|¦hou¦ ¦ho wr|¦¦on porm|ss|on oí ¦ho
uu¦hors und CREDlT SUlSSE. © 20!! CREDlT SUlSSE OROUP AO
OLOBAL WEALTH REPORT 20!!_55
CPEDIT SUISSE AG
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Purudop|u¦. 8
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Sw|¦.or|und
www.crod|¦-su|sso.com/rosourch|ns¦|¦u¦o R
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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
Oc¦obor 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
Sop¦ombor 2009
Water. The next
cha||enge
No»ombor 2009
Cred|t Su|sse G|oba|
Investment Peturns
Yearbook 2009
Fobruury 2009
Intang|b|e
|nfrastructure.
The key to growth
Docombor 2008
Country
|ndebtedness.
Part 1
Junuury 20!0

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