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Yahoo
26-07-2025
- Business
- Yahoo
Global Wealth Report: Where in Europe did people's net worth increase the most?
The net worth of citizens varies significantly across Europe, and it changes every year. What really matters is how the changes compare when adjusted for inflation. Wealth per adult increased in a huge majority of European countries between 2023 and 2024, while a few saw declines, according to UBS's Global Wealth Report 2025. Changes measured in local currencies are shown in both average and median values — we focus on the median for deeper analysis, which isn't affected by extreme outliers, while briefly mentioning averages. Hungary recorded the highest real growth in median wealth per adult between 2023 and 2024, rising by 18.6%. The growth also reached 15% or above in several other countries, including Lithuania (16.9%), Sweden (15.3%), Italy and Latvia (both 15%). In the report, among EU member states, candidate countries, EFTA members, and the UK, only Turkey and Belgium saw a decline in median wealth per adult. Turkey stands out with a sharp 20.9% drop, while Belgium recorded a more moderate fall of 5.6%. Of Europe's five largest economies, Italy saw the highest real growth in wealth per adult at 15% whereas the UK had the lowest at 5.3%. France (10.3%), Germany (9.5%), and Spain (9%) fell in between. Switzerland, the wealthiest country per adult, saw a 7.7% increase. Sweden and other Nordic countries also recorded strong growth, each exceeding 10%. Outside Europe, South Korea (13.9%), Australia (10.7%), Canada (9.6%), and Japan (8.6%) saw significant gains in 2024. The increase in the US was more moderate at 2.3%. China and Russia recorded notable declines of 6.3% and 8.2%, respectively. Looking at average wealth change instead of median, several European countries saw declines. Both Turkey (–14.6%) and Belgium (–0.3%) saw smaller average declines in comparison to their median values. Luxembourg (–1.3%), Estonia (–2.3%), France (–1.8%), and the UK (–3.6%) also recorded decreases. Drivers behind changes in Turkey's asset prices So, what explains Turkey's sharpest decline in wealth per adult between 2023 and 2024? Prof. Hakan Kara of Bilkent University in Ankara, and former chief economist at the Central Bank of Turkey, suggests that to understand this trend, one must look back over the past five years. He noted that between 2020 and 2023, an environment of abundant credit and extremely low real interest rates led to a significant surge in asset prices. 'This period witnessed a major transfer of wealth from savers to borrowers, and from fixed-income households to corporations. The Foreign Exchange Protected Deposit scheme (KKM) further reinforced this dynamic. As wealth inequality rose rapidly, only a narrow segment of the population—those with access to credit or pre-existing savings—was able to benefit from the asset price boom,' he explained. By mid-2023, with the normalisation of interest rates, a real correction in asset prices began. As housing, land, stock, and bond prices declined in real terms, a corresponding erosion of real wealth was observed. 'We can see the 2023-24 period as a correction of the 2020-22 period', he added. Related Where in Europe are workers losing ground as taxes rise faster than wages? Wage growth in Europe: Which jobs have seen the biggest increases? Five-year changes: Austria records the largest decline 'Real' changes in wealth per adult from the beginning of 2020 to the end of 2024 reveal longer-term trends. Austria emerges as a major outlier, with median wealth per adult falling by 18%. The Netherlands (–2.3%) and Estonia (–0.1%) followed. In Europe, Cyprus recorded the highest increase at 43.9%, followed by Denmark, Latvia, and Lithuania — each with gains of over 30%. Real median wealth per adult growth also exceeded 25% in Malta, Slovenia, Norway, Bulgaria, and Portugal. Germany saw the highest rise among Europe's top five economies, with a 20.1% increase. Italy recorded the lowest at 4.7%. Spain (17.8%) and the UK (16.3%) posted strong growth, while France saw a more moderate increase of 10.5%. Major non-European countries reported significant growth, with the US leading at 45.8%, followed by Russia (35.1%) and South Korea (31%). In average terms, the picture changes completely. Several countries saw declines in wealth per adult. Cyprus, which recorded the highest growth in median wealth, emerged as the outlier with a –24.9% drop in average wealth per adult. Other significant drops occurred in Austria (–13.1%), Malta (–11.3%), Estonia (–10.6%), Italy (–9.4%), and Ireland (–7.8%). Switzerland, Luxembourg, the Netherlands, Belgium, Romania, and Slovakia also recorded comparatively moderate declines. The impact of high inflation 'The contraction in real average wealth per adult in this period was mainly due to high inflation in the concerned countries, particularly so in Austria, Belgium and the Netherlands, but also in Italy, albeit to a slightly lesser extent', the report noted. The growth in the size of the adult population was a further contributing factor, primarily in the Netherlands and, to a smaller degree, in Switzerland according to the report. In Switzerland's case, currency depreciation was the primary factor, followed by inflation. Related Bean vs. cup: Where is the most expensive takeaway coffee in Europe? Energy, water, and waste: How much do Europeans pay for household bills? What do divergences suggest? Divergences are striking in several countries, where changes in average and median wealth per adult differ significantly. For example, in Switzerland, slightly negative growth in average wealth per adult compares with a 14% rise in median wealth per adult, while in Italy the figures are respectively –10% and almost +5%. 'These divergences suggest slower wealth growth at the higher end of the spectrum than in the middle section of the wealth distribution,' the report pointed out. The same dynamic was at work in Germany and the UK, too. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-07-2025
- Business
- Yahoo
Global Wealth Report: Where in Europe did people's net worth increase the most?
The net worth of citizens varies significantly across Europe, and it changes every year. What really matters is how the changes compare when adjusted for inflation. Wealth per adult increased in a huge majority of European countries between 2023 and 2024, while a few saw declines, according to UBS's Global Wealth Report 2025. Changes measured in local currencies are shown in both average and median values — we focus on the median for deeper analysis, which isn't affected by extreme outliers, while briefly mentioning averages. Hungary recorded the highest real growth in median wealth per adult between 2023 and 2024, rising by 18.6%. The growth also reached 15% or above in several other countries, including Lithuania (16.9%), Sweden (15.3%), Italy and Latvia (both 15%). In the report, among EU member states, candidate countries, EFTA members, and the UK, only Turkey and Belgium saw a decline in median wealth per adult. Turkey stands out with a sharp 20.9% drop, while Belgium recorded a more moderate fall of 5.6%. Of Europe's five largest economies, Italy saw the highest real growth in wealth per adult at 15% whereas the UK had the lowest at 5.3%. France (10.3%), Germany (9.5%), and Spain (9%) fell in between. Switzerland, the wealthiest country per adult, saw a 7.7% increase. Sweden and other Nordic countries also recorded strong growth, each exceeding 10%. Outside Europe, South Korea (13.9%), Australia (10.7%), Canada (9.6%), and Japan (8.6%) saw significant gains in 2024. The increase in the US was more moderate at 2.3%. China and Russia recorded notable declines of 6.3% and 8.2%, respectively. Looking at average wealth change instead of median, several European countries saw declines. Both Turkey (–14.6%) and Belgium (–0.3%) saw smaller average declines in comparison to their median values. Luxembourg (–1.3%), Estonia (–2.3%), France (–1.8%), and the UK (–3.6%) also recorded decreases. Drivers behind changes in Turkey's asset prices So, what explains Turkey's sharpest decline in wealth per adult between 2023 and 2024? Prof. Hakan Kara of Bilkent University in Ankara, and former chief economist at the Central Bank of Turkey, suggests that to understand this trend, one must look back over the past five years. He noted that between 2020 and 2023, an environment of abundant credit and extremely low real interest rates led to a significant surge in asset prices. 'This period witnessed a major transfer of wealth from savers to borrowers, and from fixed-income households to corporations. The Foreign Exchange Protected Deposit scheme (KKM) further reinforced this dynamic. As wealth inequality rose rapidly, only a narrow segment of the population—those with access to credit or pre-existing savings—was able to benefit from the asset price boom,' he explained. By mid-2023, with the normalisation of interest rates, a real correction in asset prices began. As housing, land, stock, and bond prices declined in real terms, a corresponding erosion of real wealth was observed. 'We can see the 2023-24 period as a correction of the 2020-22 period', he added. Related Where in Europe are workers losing ground as taxes rise faster than wages? Wage growth in Europe: Which jobs have seen the biggest increases? Five-year changes: Austria records the largest decline 'Real' changes in wealth per adult from the beginning of 2020 to the end of 2024 reveal longer-term trends. Austria emerges as a major outlier, with median wealth per adult falling by 18%. The Netherlands (–2.3%) and Estonia (–0.1%) followed. In Europe, Cyprus recorded the highest increase at 43.9%, followed by Denmark, Latvia, and Lithuania — each with gains of over 30%. Real median wealth per adult growth also exceeded 25% in Malta, Slovenia, Norway, Bulgaria, and Portugal. Germany saw the highest rise among Europe's top five economies, with a 20.1% increase. Italy recorded the lowest at 4.7%. Spain (17.8%) and the UK (16.3%) posted strong growth, while France saw a more moderate increase of 10.5%. Major non-European countries reported significant growth, with the US leading at 45.8%, followed by Russia (35.1%) and South Korea (31%). In average terms, the picture changes completely. Several countries saw declines in wealth per adult. Cyprus, which recorded the highest growth in median wealth, emerged as the outlier with a –24.9% drop in average wealth per adult. Other significant drops occurred in Austria (–13.1%), Malta (–11.3%), Estonia (–10.6%), Italy (–9.4%), and Ireland (–7.8%). Switzerland, Luxembourg, the Netherlands, Belgium, Romania, and Slovakia also recorded comparatively moderate declines. The impact of high inflation 'The contraction in real average wealth per adult in this period was mainly due to high inflation in the concerned countries, particularly so in Austria, Belgium and the Netherlands, but also in Italy, albeit to a slightly lesser extent', the report noted. The growth in the size of the adult population was a further contributing factor, primarily in the Netherlands and, to a smaller degree, in Switzerland according to the report. In Switzerland's case, currency depreciation was the primary factor, followed by inflation. Related Bean vs. cup: Where is the most expensive takeaway coffee in Europe? Energy, water, and waste: How much do Europeans pay for household bills? What do divergences suggest? Divergences are striking in several countries, where changes in average and median wealth per adult differ significantly. For example, in Switzerland, slightly negative growth in average wealth per adult compares with a 14% rise in median wealth per adult, while in Italy the figures are respectively –10% and almost +5%. 'These divergences suggest slower wealth growth at the higher end of the spectrum than in the middle section of the wealth distribution,' the report pointed out. The same dynamic was at work in Germany and the UK, too.
Independent Singapore
15-07-2025
- Business
- Independent Singapore
Singapore is the number 1 city for the ultra-wealthy again in 2025
Screengrab from SINGAPORE: The Little Red Dot has topped yet another global list, emerging in pole position as the number one city for wealthy people wishing to live la dolce vita on the 2025 Global Wealth & Lifestyle Report from the Julius Baer Group. The report recently revealed the top 10 cities for high net worth individuals for this year, although it noted that some significant changes around the world are underway, in the form of tariffs from United States President Donald Trump. These tariffs are widely expected to impact financial markets. It also pointed out that countries have been preparing for a global trade war even before Mr Trump started talking about tariffs, in addition to slowed consumer spending and heightened geopolitical tensions. This year's top three cities are the same: Singapore, London, and Hong Kong. However, the last two cities have changed places. In 2024, Hong Kong ranked second and London, third, but this year, the two cities have changed places. Monaco climbed up one space and is now in fourth, followed by Zurich, Shanghai, Dubai, New York, Paris, and Milan, respectively, in fifth to tenth places. The index ranks the most expensive cities in the world based on an analysis of residential property, cars, business class flights, as well as other luxuries. In Singapore, the greatest price increase was for business class flights, which went up by 14.5% year on year (YoY). The greatest price drop in the city-state was in health care, which went down by 35.8% YoY. Its costliest items on the index are cars and women's handbags, and the least expensive are treadmills. Read related: What do treadmills & whisky have in common? They're part of the reason why SG has become the most expensive city in the world For comparison's sake, here's a look at London. Like Singapore, its greatest price increase was also for business class flights, only in London's case, they went up by an eye-watering 28.3%. However, hotel suites went down by 52.3%, the greatest price drop for the city. Its most expensive items on the index are LASIK, MBA, and private schools, and unlike in Singapore, the cheapest index item is cars. See also Richest woman in Indonesia loses S$4.8 billion in three days 'With the current unpredictable nature of the world, Singapore is valued for its stability, security, and connection to Asia and beyond. Though the cost of living there may be on the rise, its strong pull factors consistently earn it the title of the most liveable city in Asia in numerous rankings,' the report notes. /TISG Read also: Singapore most expensive city in the world for luxury living () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Yahoo
14-07-2025
- Business
- Yahoo
The U.S. is minting millionaires: China doesn't even come close, UBS says in global wealth report
The U.S. now accounts for about 40% of the world's millionaires, despite representing only 4% of the global population. Just how fast the world's largest and richest economy generates wealth was captured, along with several other takeaways, by the 2025 edition of the UBS Global Wealth Report. The report aims to provide 'a clear and detailed picture of wealth generation and distribution in over 50 key markets across the globe,' with some deep dives into particular topics for key markets. UBS said its global sample comprised nearly 60 million USD millionaires worldwide, owning approximately $226.47 trillion worth of combined assets. UBS found that, after a dip in 2022, global wealth rebounded strongly in 2023 and accelerated further in 2024. Total global personal wealth rose by 4.6% in USD terms in 2024, up from 4.2% the previous year. This growth was not uniform, however, as regional disparities persisted. One key finding is that more than 680,000 new USD millionaires were added globally in 2024 alone, a 1.2% increase. The fastest rate of wealth growth occurred in Türkiye and the United Arab Emirates, with increases of 8.4% and 5.8%, respectively, but the big fish in the pond is the United States, which has the largest number of USD millionaires by far — more than Western Europe and Greater China combined. In fact, on average, the U.S. created over 1,000 new millionaires per day in 2024, adding 379,000 new millionaires over the course of the year, for a total of almost 24 million. Other notable increases came in mainland China, which saw an increase of 141,000 millionaires in 2024, an average of more than 380 per day, and India added 39,000 new millionaires, about 107 per day. Eastern Europe achieved the highest regional growth in total personal wealth in 2024, at over 12%. North America closely followed, with nearly 12% growth, largely due to the U.S. Greater China and Southeast Asia experienced moderate growth, while Western Europe, Oceania, and Latin America saw slight declines in wealth relative to 2023. Distribution: North America is home to 43.2% of the world's millionaires, followed by Western Europe (26.2%), Greater China (12.9%), and Southeast Asia (9.3%). Density: Switzerland and Luxembourg have the highest per capita density of millionaires, with more than one in seven adults qualifying as a USD millionaire. (Luxembourg has the highest median wealth per adult.) A key takeaway from the report is the dominance of the United States and mainland China, which together account for more than half of the world's personal wealth. The U.S. alone holds almost 35% of this, making it the single largest repository of private assets globally. (It also leads in total wealth and in the number of high-net-worth individuals.) Mainland China, boasting a vast population and continuing economic growth, commands nearly 20% of global personal wealth. The country is home to over 6.3 million millionaires, a figure that has grown steadily over the past decade. Combined, these two countries control approximately 54% of the world's personal wealth, leaving the remaining 54 markets in the UBS sample to share the other 46%. While North America and Greater China surge ahead, other regions lag behind: Western Europe: Despite its historical wealth, Western Europe now accounts for just over a quarter of the world's millionaires and a shrinking share of global wealth. Emerging Markets: The share of global wealth held by emerging markets has plateaued at around 30%, with little movement expected in the coming years. Latin America, Oceania, and Africa: These regions collectively hold a minor share of global wealth, reflecting both demographic and economic challenges. UBS projects that the number of millionaires will continue to rise, with an additional 5.34 million people expected to join the ranks of the world's millionaires by 2029—an increase of almost 9% over 2024. The bank projects that Latin America and Oceania are set to play supporting roles, Europe and Southeast Asia are forecast to see solid, if somewhat slower, growth, and North America and Greater China are expected to remain the main engines of global wealth growth. UBS did not respond to a request for comment. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on Sign in to access your portfolio
Khaleej Times
14-07-2025
- Business
- Khaleej Times
Dubai jumps in global wealth rankings as lifestyle appeal lures world's elite
Dubai has risen to the seventh place globally and fourth in the EMEA region as a preferred destination for high-net-worth individuals. In Julius Baer's Global Wealth and Lifestyle Report 2025, Dubai underscored its meteoric rise as a sought-after global hub for the super rich, climbing five spots from last year's ranking, marking the largest leap across the Europe, Middle East, and Africa (EMEA) region, despite only a marginal one per cent increase in average local currency prices. The report, which tracks the cost of luxury living across major cities, paints a compelling picture of Dubai's growing stature as a global wealth magnet. While the world grapples with geopolitical tensions and macroeconomic uncertainty, Dubai is attracting record inflows of capital, people, and investment. With a potent mix of favourable tax policies, world-class infrastructure, and visionary leadership, the city is positioning itself alongside traditional wealth hubs like London, Monaco, and Zurich. Big-ticket items have been a key driver of Dubai's rise in the rankings. Car prices have jumped 13 per cent, while residential property values have surged 17 per cent — contributing significantly to the overall cost of luxury living. This mirrors a broader real estate boom: Dubai's property market saw values climb 27 per cent year-on-year in 2024, with prime neighbourhoods witnessing record-high demand from international buyers. 'This is not a momentary spike — it's a long-term recalibration,' said Behnam Bargh, managing director at CRC Property. 'Dubai is no longer just a second-home city for global elites. It is becoming the first choice for residency, business, and lifestyle.' That sentiment is backed by global mobility firm Henley & Partners, which reported a 102 per cent increase in the number of millionaires residing in Dubai over the last decade. The city continues to lead the world in millionaire inflows, a trend that accelerated during the pandemic and has shown no signs of slowing. Much of this momentum is attributed to long-term residency programmes such as the Golden Visa and Entrepreneur Visa, as well as a secure, pro-business environment that stands out amid global volatility. Complementing this financial magnetism is Dubai's lifestyle appeal. HNWIs in the Middle East are showing strong demand for both experiential and material luxury. Premium hotel stays, fine dining, designer menswear, and high-end accessories remain popular among affluent residents. Meanwhile, wellness, longevity, and sustainable living are becoming top priorities for the region's elite. The survey reveals that nearly 100 per cent of HNWIs in the Middle East are now focused on extending their lifespan—through healthier lifestyles, advanced medical treatments, and investments in wellbeing. At the same time, financial longevity is gaining traction, with many reassessing their wealth strategies in light of longer life expectancies. Dubai is also adapting to this shift by developing ecosystems that cater to all stages of life. With the city's over-60 population expected to grow by 29 per cent by 2050, new investments in healthcare, wellness, and sustainable infrastructure are underway. The Emirate's 'D33' agenda aims to double the size of Dubai's economy by 2033, and longevity-linked sectors are expected to play a crucial role in that growth. The financial services ecosystem is booming as well. The Dubai International Financial Centre (DIFC) reported a 25 per cent increase in active companies during 2024, reinforcing Dubai's status as a global capital for fintech, digital assets, and investment banking. Abu Dhabi is also making strides, with its non-oil economy growing 8.6 per cent in 2024 and contributing over 55 per cent to the emirate's GDP. Christian Gattiker, head of research at Julius Baer, noted that the GCC economies, particularly the UAE, are displaying remarkable resilience. 'With low inflation, strong fiscal buffers, and a commitment to reform, Dubai and Abu Dhabi are attracting wealth and talent at a time when many global cities are facing economic stagnation.' Globally, Singapore held onto its title as the most expensive city for HNWIs, followed by London and Hong Kong. EMEA cities accounted for more than half of the top ten, highlighting the region's enduring appeal. Dubai, with its strategic location, diversified economy, and luxury ecosystem, is emerging as a serious challenger for a spot on the podium in the near future. At a time when the global luxury market is showing signs of softening — evidenced by a 2.0 per cent decline in prices in US dollar terms — Dubai's ascent stands out. Technology prices dropped 22.6 per cent globally, but travel and private education costs soared, driven by changing business models and shifting regulatory landscapes.
