Global wealth reached $317 trillion this year. This is 18 times the size of the U.S. gross domestic product. The number rose 4.6 percent from last year. The nation with the most wealth is the U.S. at $98 trillion. But what about the global wealth held by women? A Credit Suisse report has all the dirt on it.
The report went on to say that the 4.6 percent increase in global wealth was more than enough to outpace world population growth, so that wealth per adult grew by 3.2 percent. That means global mean wealth rose to $63,000 per adult, which is a record.
The data came from the Global Wealth Report, published by the Credit Suisse Research Institute. Wealth, as described by the report, is a combination of household financial assets like stocks, and non-financial assets that include real estate and individual belongings. The calculations cover a year that ends mid-2018.
China has become the world’s second-largest economy by GDP. It has moved into second position based on total household wealth, replacing Japan.
Women’s wealth in absolute terms and relative to men’s wealth has also has risen in the 21st century. The report said 40 percent of global wealth is held by women.
The Credit Suisse report had good news on wealth inequality. The report said there was evidence that suggests the wealth growth pattern has recently shifted back toward the pre-financial crisis pattern. “Wealth inequality has not yet fallen significantly, but has stabilized according to most indicators,” said the report. “As a result, future prospects for inclusive wealth growth look more promising than they have been for the past couple of years.”
Looking ahead, the Credit Suisse report said global wealth is projected to climb by about 26 percent over the next five years to $399 trillion. Emerging markets will account for about one-third of the growth, an increase in share from 21 percent of current wealth. The report forecasts the number of millionaires will surge to 55 million.