The United States of America, due to its sheer size, population and economy, is home for numerous wealthiest individuals in the world. And why won’t it be? It’s one of the most powerful countries in the world, and it’s also among the fastest-growing nations.
However, despite all the glitz and glamour that resides within Uncle Sam’s motherland, it’s not the richest country in the world, especially if you compare the average amount of wealth per adult. That top spot goes to Switzerland, with the second place secured by Australia.
Why Switzerland and not Australia?
Well, for one thing, the report by Credit Suisse divides a country’s overall wealth by its population, and in that regard, Switzerland comes first in the list. However, if we were to take a look at the countries where the greatest number of people are really well-off, Australia easily tops the list, with an amount of $191,453 median wealth per adult.
For comparison, the U.S. has a median wealth of $61,667 per adult, putting the country somewhere around number 18 in the list. There’s also Canada with $106,342 and Japan with $103,861, at No. 6 and No. 7, respectively.
This means that even though America has richer people, the average Aussie has more money in the bank and owns more assets.
The richest people in the world
The report states that “household wealth in Australia grew at a fast pace between 2000 and 2012 in US dollar terms, except for a short interruption in 2008. The exchange-rate effect first went into reverse for three years after 2012 and, like other resource rich countries, Australia was badly hit by sagging commodity prices.”
Despite the slowdown, however, Australia’s wealth per adult, which mostly comes from non-financial assets, is the second highest in the world, with the country topping the list when it comes to median wealth.
“The high level of real assets partly reflects a large endowment of land and natural resources relative to population, but also results from high property prices in the largest cities. While financial assets are just four percent of total assets, they are also high on average, in part reflecting Australia’s mandatory superannuation system, which generates strong pension wealth,” the report states.
The latest findings given by the report show that the world was much wealthier in the past, yet it also reveals that the land down under has more in store, literally than what people normally surmise it to be.
(Featured image by DepositPhotos)
MATIC Share Price Forecast: What Does Polygon Expect in the Current Bear Market?
Cryptocurrencies such as Bitcoin and Polygon have a close correlation with stocks. In most cases, they rise when leading indexes...
Coima sgr’s Porta Nuova Centrale Fund Secures €173.5 Million Green Financing
Coima sgr, founded and led by CEO Manfredi Catella, ended 2021 with assets under management up 6 percent to $9.74...
Canopy Growth Sales Disappoint, Stock Under Pressure
Just a week before announcing its latest numbers, Canopy announced its latest acquisition: the purchase of California-based cannabis extraction and...
Solidarity Day 2022: Ganzourgou Producers Offer 2.6 Tons of Food to Vulnerable People
Regarding the selection criteria of vulnerable people, Ambroise Ouédraogo said that his association collaborates with the provincial directorate of Social...
Ford Chooses Almussafes over Germany for the Production of Electric Models
Thus, the Valencian factory will be the fifth Spanish factory to produce all-electric models. Stellantis manufactures electric models at its...
Biotech2 weeks ago
Satellos Bioscience’s Stem Cell Signaling Research Could Turn the Tables on Muscular Dystrophies
Cannabis2 weeks ago
Luis Figo Launches His Brand of CBD Products
Featured2 weeks ago
Stock Markets Have Officially Entered Bear Territory
Business2 weeks ago
The Influx of Federal Funds Is Spurring Rail Improvements Nationwide