The Global wealth report 2020 credit-suisse.com
Research. Institute. Thought leadership from Credit Suisse and the world's foremost experts. October 2020. Global wealth report 2020
Credit Suisse
Wealth creation in 2020 was largely immune to the challenges facing the world due to the actions taken by governments and central banks to mitigate the economic
Credit Suisse
The core reason for the apparent disconnect between the ongoing global recession in 2020 and household wealth is the pre-emptive action taken by governments and
ALLIANZ GLOBAL WEALTH REPORT 2021
7 Oct 2021 The discrepancy between wealth and economic growth has rarely been as pronounced as in 2020: Global financial assets grew by a staggering ...
Allianz Global Wealth Report 2020
ALLIANZ GLOBAL WEALTH. REPORT 2020. 23 September 2020. 04 Development of financial assets: Wealth immunity. 18 Developments in global liabilities:.
Credit Suisse
Research Institute's Global wealth report has 2020. 0.6. 262
the-wealth-report-2020.pdf
THE WEALTH REPORT – 2020. KNIGHTFRANK.COM/WEALTHREPORT. 4. 5. As Knight Frank's Global. Head of Research Liam keeps an eye on all things property
The Global wealth report 2021
The widespread negative impact on gross domestic product (GDP) was recognized early in 2020 and since reductions in the level of economic activity are
The Global Wealth Report 2019 — Credit Suisse
1 Oct 2019 Now in its tenth edition the Credit Suisse Global wealth report is the ... 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024.
Global Wealth 2020: The Future of Wealth Management—A CEO
Currency effects and inflation were not taken into account. Exhibit 1 - 20-Year Wealth Development by Region. Source: Global Wealth Report 2020—BCG Global
[PDF] Global wealth report 2020 Credit Suisse
The Credit Suisse Global Wealth Report provides the most comprehen- sive and up-to-date coverage of information on household wealth worldwide Last year total
Global Wealth Report - Credit Suisse
The most comprehensive and up-to-date resource of its kind Our Global wealth report analyzes the household wealth of 5 2 billion people across the globe
[PDF] The Wealth Report 2020 - Knight Frank
THE WEALTH REPORT – 2020 KNIGHTFRANK COM/WEALTHREPORT 4 5 As Knight Frank's Global Head of Research Liam keeps an eye on all things property
[PDF] World-Wealth-Report-WWR-2020pdf - Capgemini
World Wealth Report 2020 In Q1 2020 the impact of COVID-19 wiped out over USD18 trillion from markets globally over the course of
[PDF] Allianz Global Wealth Report 2020 - dpaqde
ALLIANZ GLOBAL WEALTH REPORT 2020 23 September 2020 04 Development of financial assets: Wealth immunity 18 Developments in global liabilities:
[PDF] The Global wealth report 2021 - dpaqde
Now in its twelfth edition the Credit Suisse Global Wealth Report is the most comprehensive and up-to-date source of information on global household wealth
[PDF] Standing Still Is Not an Option - Boston Consulting Group
Consulting Group take up in our 22nd annual Global Wealth Report Our chapter on market sizing proves that the industry—as diverse as it is globally—is
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12 oct 2022 · Allianz Global Wealth Report 2022 +7 6 vastly outpaced the long-term average of +4 6 and 2020's growth 11-07-2022-AllianzPulse pdf
[PDF] Julius Baer Global Wealth and Lifestyle Report 2022
Our third Global Wealth and Lifestyle Report focuses on the yearly changes in the cost of living well which in the last year has risen significantly Asia
Richest 1% bag nearly twice as much wealth as the rest of the world
16 jan 2023 · The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020 almost twice as much money as the
[PDF] Global wealth report 2020 Credit Suisse
The Credit Suisse Global Wealth Report provides the most comprehen- sive and up-to-date coverage of information on household wealth worldwide Last year total
[PDF] The Wealth Report 2020 - Knight Frank
This presents many opportunities for readers of The Wealth Report whether it's the investment potential of the global demographic trend towards longer
[PDF] World-Wealth-Report-WWR-2020pdf - Capgemini
World Wealth Report 2020 In Q1 2020 the impact of COVID-19 wiped out over USD18 trillion from markets globally over the course of
[PDF] Allianz Global Wealth Report 2020 - dpaqde
ALLIANZ GLOBAL WEALTH REPORT 2020 23 September 2020 04 Development of financial assets: Wealth immunity 18 Developments in global liabilities:
[PDF] The Global wealth report 2021 - dpaqde
The widespread negative impact on gross domestic product (GDP) was recognized early in 2020 and since reductions in the level of economic activity are
[PDF] Standing Still Is Not an Option - Boston Consulting Group
Exhibit 1 – Absolute Financial Wealth and Real Assets Growth 2020–2021 Source: BCG Global Wealth Market Sizing - Global Wealth Report 2022
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12 oct 2022 · due to the sharp increase in nominal output the global debt ratio (liabilities as a percentage of GDP) even fell to 69 (2020: 70 )
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Our third Global Wealth and Lifestyle Report focuses on the yearly changes in the cost of living well which in the last year has risen significantly Asia
What is the wealth of the world 2020?
Table 1 shows that aggregate global wealth increased by USD 36.3 trillion to USD 399.2 trillion, a rise of 10.0%.What is the top 1% income in the world?
According to Credit Suisse, individuals with more than $1 million in wealth sit in the top 1 percent bracket. The billionaire class is $2.6 trillion richer than before the pandemic, even if billionaire fortunes slightly fell in 2022 after their record-smashing peak in 2021.16 jan. 2023Which country is richest in Global wealth Report?
Total wealth by country
United States (31.5%)China (18.4%)Japan (5.5%)Germany (3.8%)India (3.7%)United Kingdom (3.5%)France (3.1%)Canada (2.7%)- This study estimates that as of November 2021, the global 'balance sheet,' which comprises of the real assets in the economy as well as financial assets, had $510 trillion in financial assets held by corporations, $510 trillion in assets held by households, governments, and others, and $520 trillion in assets for the
Research Institute
Thought leadership from Credit Suisse and the world"s foremost expertsOctober 2020
Global wealth report 2020
2Editorial
The COVID-19 pandemic has had a huge impact
on regions all around the globe and affected people"s lives in countless ways. How it has impacted wealth and the distribution of wealth is the subject of this special Credit Suisse GlobalWealth Report 2020.
our full dataset in these turbulent times, we have chosen to publish an interim edition of the GlobalWealth Report for 2020. We will publish a full
edition in the second quarter of 2021, providing further insights into the impact of the pandemic on global wealth.Whereas 2019 was a year of tremendous wealth
creation - total global wealth rose by USD 36.3 trillion during the year - our experts estimate total household wealth dropped by USD 17.5 trillion between January and March. From March onward, stock markets have rebounded and house prices have soared, and the data available for Q2 2020 suggests that household wealth is roughly back to the level at the end of last year. Lower economic growth for some time and changes in corporate and consumer behavior will result not only in lost output, but also in redun dant facilities as well as sectoral changes that may restrain household wealth accumulation for many years. Thus our authors believe that household wealth will, at best, recover slowly from the pandemic throughout 2021. Among major economies, only China is projected to see material gains in wealth over the period.Without the pandemic, our experts" best estimate
of global wealth per adult would have risen fromUSD 77,309 at the start of the year to USD
78,376 at end-June. Instead, the pandemic has
caused average wealth to drop to USD 76,984.The most adversely affected region was Latin
America, where currency devaluations reinforced
reductions in gross domestic product (GDP) to result in a 12.8% decline in total wealth inUS dollar terms. The pandemic eradicated the
expected growth in North America and caused losses in every other region, except China andIndia. Among the major global economies, the
United Kingdom has seen the most notable
relative erosion of wealth.The worldwide impact on wealth distribution
within countries has been remarkably small given the substantial pandemic-related GDP losses. demic has systematically favored broad higher- wealth groups over lower-wealth groups or vice versa. Although it is too early to fully assess the impact of the COVID-19 pandemic on global wealth distribution, it is notable that the latest data indicate that overall wealth inequality has declined in at least one key country - the UnitedStates.
Nevertheless, we are likely to see a differential
impact on low-skilled labor, women, minorities and young workers that will require the atten tion of policymakers. Importantly, the worldwide distribution of wealth will change in response to the changing pattern of household wealth across countries and regions, with China very likely toWealth plays an essential role in household
for broader economic development, especially during times of crisis. We at Credit Suisse expertise and experience to all of our clients and stakeholders. of the Global Wealth Report to be of particular relevance in present times.Urs Rohner
Chairman of the Board of Directors
Credit Suisse Group AG
Global wealth report 20203
Cover photo: GettyImages, David Baileys
02 Editorial
05 Global wealth 2019: Before the storm
13Household wealth in a pandemic
29Distributional impact of COVID-19
41Wealth of nations
42 United States - Challenging times
43 China - Keeping calm
44 India - Working hard
45 Germany - Good management
46 United Kingdom - Perfect storm
47 Switzerland - Still at the top
49About the authors
50General disclaimer / important information
Authors:
Professor Anthony Shorrocks
Professor James Davies
Dr. Rodrigo Lluberas
For more information, contact:
Richard Kersley
Head Global Thematic Research, Global Markets
Credit Suisse International
richard.kersley@credit-suisse.comNannette Hechler-Fayd"herbe
and Global Head of Economics & ResearchCredit Suisse AG
Credit Suisse Research Institute
research.institute@credit-suisse.com credit-suisse.com/researchinstitute 4Global wealth report 20205
Global wealth 2019:
Before the storm
Anthony Shorrocks, James Davies and Rodrigo Lluberas The Credit Suisse Global Wealth Report provides the most comprehen sive and up-to-date coverage of information on household wealth worldwide. Last year, total global wealth rose by USD 36.3 trillion and wealth per adult reached USD 77,309, up 8.5% versus 2018. As a con sequence, the world has been better placed to absorb any losses from COVID?19 during 2020. However, while events this year caused wide spread wealth losses during January-March, these were reversed by June in most countries. Surprisingly, global household wealth is slightly above the level at the start of the year.A new era
The COVID-19 pandemic has posed a series of
unanticipated and unprecedented challenges for the world in 2020. Medical resources have been stretched as greater mobility in a globalized world caused the virus to spread quickly. Economic resources have been stretched as countries discovered their vulnerability to disruptions in normal work practices and social arrangements.Lessons have also been quickly learned. There
is increasing recognition, for example, of the research and vaccine technology. Better appre coordinated and targeted economic intervention, which has helped to mitigate potential economic catastrophe.These developments have been accompanied by
a huge appetite for information that helps people understand and respond to the unfolding events. economic consequences of the pandemic, falling dramatically during March, but soon recovering most of their losses after markets were reassured that governments would take robust action despite the impact on public debt, and also buoyed by the likelihood of low interest rates for on unemployment, gross domestic product (GDP) and government expenditure document some of the macroeconomic trends. But the prospects for employment, average incomes, exchange rates, equity prices and government debt remain highly uncertain. The distributional consequences are even harder to ascertain. But since lower-wage workers with insecure jobs have been among the worst casualties, it is likely that income inequality has grown in many countries, despite efforts by governments to support those most in need. Apart from news on equity prices, little attention for household assets and debts. The Credit SuisseResearch Institute, via the Global Wealth Report,
developments. Although the usual lags in releasing government data handicap any assessment, there mates of global trends in household wealth during projections for the year ahead, albeit with more than the usual degree of uncertainty. 6Household wealth changes during
January-June 2020
As economies advance, household wealth tends
to grow broadly in line with GDP. By the same token, household wealth is expected to decline when GDP falls. However, since the physical assets remain largely intact, the impact is usually registered through changes in asset prices such as house price and stock market indices and the valuations of small and medium-sized enterprises (SMEs). Variations in the prospects of different rates.Global household
wealth...has held up extremely well in the face of the economic turmoil confronting the worldThis year, reductions in GDP throughout the
world, and lower growth prospects in the future, had the anticipated consequences for household wealth during January to March. Stock markets wealth, and four (Denmark, Australia, the UnitedStates and Canada) recorded losses above 9%.
For the world as a whole, we estimate that total
household wealth dropped by USD 17.5 trillion between January and March, a 4.4% decrease compared to the value at the end of 2019.Roughly two-thirds of this is due to currency
depreciation against the US dollar. If exchange been just 1.2%.From March onward, a remarkable reversal of
fortune occurred. Stock markets rebounded and house prices edged upwards. The limited balance sheet data available for Q2 2020 suggests that household wealth is roughly back to the level at the end of last year, at least for most countries whose currencies have not depreciated. We estimate that total global wealth at mid-2020 was marginally higher than the level at the start of the year, a rise of USD 1 trillion or 0.3%. wealth would have been USD 10.8 trillion higher, a gain of 2.4% over the six-month period.A word of caution is in order here. Very little
balance sheet information is available for Q22020, and what is available may be subject to
future revision, particularly in regard to the valua tions of smaller businesses, many of which have suffered greatly during the pandemic. Neverthe less, it seems highly likely that global household up extremely well in the face of the economic turmoil confronting the world. This unexpected outcome can be traced to three sources. First, restricted consumption opportunities have trans lated into higher savings and then into higher interest rates and relaxed credit conditions have supported asset prices, including house prices and the valuations of pension entitlements. Finally, there has been massive economic support by governments involving the transfer of many trillions of US dollars from the government sector to the private sector, and ultimately to households.There has been
massive economic support by governmentsThese support mechanisms are temporary, of
course. Emergency measures are being phased out, and interest rates will need to rise again at some point. Furthermore it seems likely that governments will seek to recover some of the increased expenditure via higher taxation in the future. This, together with reduced GDP pros pects, will hamper growth of household wealth for several years ahead.The evolution of the level of household wealth
from January to June 2020 is explored in detail in Chapter 2 of this report, together with our assessment of the likely trends for regions and individual countries until the end of 2021.Chapter 3 looks in depth at the distributional
consequences of the pandemic. But, before addressing these questions, we take the Global wealth report 20207Source: Original estimates by the authors Figure 1: Annual contribution (%) to growth of wealth opportunity to review household wealth develop ments during the calendar year 2019, both as a reminder of how wealth might have evolved in the absence of the pandemic and to provide a base line for assessing the changes that have occurred those reported in the Global Wealth Report 2019, which cover the period up to mid-2019.Wealth trends this century
pace this century. Using current USD exchange rates, total household wealth rose from USD117.9 trillion in 2000 to 399.2 trillion at end-
2019, averaging 6.6% growth per annum. But
growth has not been even over time. Again measured in current US dollars, there have been two distinct phases separated by the global and 2007 when total wealth grew by 10.3% p.a., followed by a sharp 7.5% decline in 2008, after which growth resumed at a modest pace averaging 5.7% p.a. from 2008 onward. From have permanently damaged the growth pros pects for household wealth. Similar conclusions apply when allowance is made for population growth: wealth per adult in US dollars grew by4.9% per annum during 2000-19, split between
8.2% pre-2008 and 4.1% post-2008. This is
not a good omen for wealth growth after the COVID-19 crisis.However, an alternative, more positive assess- ment emerges after further examination. The early years of the century were marked by widespread depreciation of the US dollar, which ularly among Eurozone countries. From 2007 onward, the situation reversed and, as the US dollar appreciated, wealth growth contracted for nations not pegged to the US dollar. exchange rates instead. For this century as a whole, global growth in wealth per adult is 4.9%, the same as that obtained using current USD.However,
Figure 1
shows that the time patternquotesdbs_dbs17.pdfusesText_23[PDF] global wealth report wikipedia
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