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Global wealth increased by 4.2% in 2023, according to UBS's latest wealth report. Despite ongoing inflation, the United States and emerging markets drove this rebound, showcasing significant growth in wealth accumulation and millionaire populations.
UBS Report: Global Wealth Grows 4.2% in 2023, Despite Economic Upheaval and Inflation
The most recent edition of the annual UBS wealth report indicates that wealth is increasing once more following a decline during the pandemic, even though "the global economy is in the midst of a dramatic structural upheaval."
In its Global Wealth Report 2024, published on July 10, UBS examined income and wealth data from 56 markets, which collectively account for "92% of the world's wealth." The overall theme of the report was that global wealth increased by 4.2% in 2023, counteracting a 3% decline in 2022. Despite the ongoing inflation, modified global wealth experienced an 8.4% increase.
Nevertheless, the report indicated that the global wealth development rate decreased from an annual average of 7% between 2000 and 2010 to just over 4.5% between 2010 and 2023, equivalent to a nearly one-third decrease in global wealth.
The world's most developed and prosperous nations maintain their current growth rate. The average wealth per adult in the United States increased by nearly 2.5%, and the country is home to approximately 22 million millionaires, which accounts for 38% of the global millionaire population.
Mainland China ranked second with just over 6 million millionaires, followed by the United Kingdom with 3 million.
UBS Report Highlights Massive $83.5 Trillion Wealth Transfer and Rapid Growth in Asia-Pacific
According to Barron’s, the report also examined the escalating issue of wealth transfer. Global wealth will be transmitted to spouses and the next generation at a rate of US$83.5 trillion over the next 25 years. According to UBS, women will transmit 10% of this amount, and US$9 trillion will be transferred between spouses.
Since the report's inception 15 years ago, the Asia-Pacific region has experienced the most significant increase in wealth, with a roughly 177% increase. The Americas are the second most rapidly growing region, with a growth rate of nearly 146%. Surprisingly, Turkey has experienced the highest asset growth per adult of any nation in the past 15 years, with a rise of over 1,700% in local currency.
The world's wealthiest class remains a small, densely concentrated group. According to the report, only 12 individuals possess between US$50 billion and US$100 billion, and only 14 possess US$2 trillion of the world's wealth. Individuals in Western Europe hold an additional 25% of this wealth, while individuals in the United States and Canada have 44%.
The data from UBS indicates that emerging markets will continue to experience the most significant growth in global wealth, with some countries experiencing a millionaire growth of up to 50% over the next five years.
