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Euronews
4 days ago
- Business
- Euronews
Europe's wealth: Which nations hold the biggest share?
Did you know EU countries hold only 16.6% of the world's personal wealth? In Europe, this rises to 22.3% when four more countries are included. The US holds more than a third, and China about a fifth. Together, these two powers control 54% of world's wealth according to UBS's Global Wealth Report 2025. The UBS report covers 56 countries and markets, representing over 92% of global wealth. But which European countries hold the largest shares of the world's personal wealth? And what is the total personal wealth of each country? Euronews Business takes a deep dive. Where in Europe holds the largest share of the world's personal wealth? According to the report, global personal wealth reached $471 trillion (€435 trillion) by the end of 2024. The US holds the largest share at 34.7% (€150.9 trillion), followed by China with 19.4% (€84.2 trillion). Japan ranks third with 4.5% (€19.7 trillion). Europe—including the EU, UK, Switzerland, Norway, and Turkey—holds 22.3% of global personal wealth. In Europe, the UK holds the highest share of global personal wealth at 3.84%, closely followed by Germany at 3.76%. France is not far behind with a 3.3% share. Italy (2.25%) and Spain (1.95%) complete the top five in Europe. Not surprisingly, Europe's five largest economies take the top five spots on this list. China larger than Europe's top five combined The combined share of Europe's top five economies (15.1%)—France, Germany, Italy, Spain and UK—is still significantly behind China's share of global personal wealth (19.4%). The Netherlands (1.14%) and Switzerland (1.04%) each hold shares above 1%. The global wealth shares of other European countries are far below this threshold. Nineteen out of 31 countries have shares of less than 0.4%. For several countries, the global wealth share is below 0.1%. They included Luxembourg, Bulgaria, Slovakia, Slovenia, Lithuania, Latvia, Cyprus, Estonia and Malta. In nominal terms, the UK holds €16.7 trillion in personal wealth, followed by Germany (€16.4 trillion) and France (€14.3 trillion). No other European country exceeds the €10 trillion mark. Country totals, not wealth per person It is important to note that these figures show total wealth and national shares. They do not indicate which countries are richer or wealthier at the individual level. Wealth per adult is the measure used for that comparison. In general, countries with higher gross domestic product (GDP) tend to have larger shares of global personal wealth, as shown by the top five European economies. While GDP levels vary greatly, this pattern also applies to several other countries. As for why the US and China hold more than half of global wealth, the report notes: 'A combination of high wealth per adult and a large population makes the US stand out by holding almost 35% of the entire wealth measured in USD. Mainland China, thanks to its large population, holds almost 20% of personal wealth.' Wealth rises in Eastern Europe, declines in the west The overall global increase was faster than the previous year, rising from 4.2% to 4.6% in USD terms. But global wealth growth was uneven, as the total hides clear differences between regions. Eastern Europe recorded the largest jump in total personal wealth in 2024—over 12% increased compared with 2023, slightly ahead of North America. It added 28,000 new millionaires, a 2.9% increase, making the region a strong engine of growth. Total personal wealth in Greater China grew by 3.4% from 2023 to 2024, outpacing Southeast Asia's 2.7%. The Middle East & Africa rose 4.2%, making it the only other region with positive growth. Western Europe and Oceania (both -1.5%) and Latin America (-4.3%) all saw declines, after adjusting for population size. What is personal wealth? Wealth or net worth is defined as the value of financial assets and real assets (principally housing) owned by private individuals, less their debts according to the report. Private pension fund assets are included, but not entitlements to state pensions. Wealth per adult rose in most European countries between 2023 and 2024, though a few saw declines. The Euronews article 'Where in Europe did people's net worth increase the most?' shows how this changed at the personal level. Meanwhile, the richest 10% in the eurozone held 57.3% of total net household wealth in the final quarter of 2024, you can read more on how wealth inequality varies widely across Europe here.
Euronews
26-07-2025
- Business
- Euronews
Where in Europe did wealth per adult grow fastest in 2024?
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. 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. 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.
CNBC
24-06-2025
- Business
- CNBC
The U.S. gained 1,000 millionaires a day on average in 2024, new report finds
The number of millionaires in the U.S. grew by an average of 1,000 people a day in 2024, according to new data from UBS. The U.S. saw the fastest growth of its millionaire population of any nation worldwide, according to the investment bank's newly released Global Wealth Report 2025. China came in second, adding around 380 millionaires a day. The number of "everyday millionaires," or investors with between $1 million and $5 million in assets, is also on the rise globally. The volume of everyday millionaires worldwide has more than quadrupled since 2000 to about 52 million individuals, per UBS. Real estate values were the largest driver of wealth growth worldwide, the report finds. Those assets make up the largest share of several countries' total wealth, with 53% of Australia's and 42% of the United Kingdom's wealth held in real estate net of mortgages, UBS reports. In the U.S., however, securities and other financial instruments like stocks account for largest share of Americans' total wealth at 37%. Real estate follows at 30%. Though many more individuals hit the million-dollar mark in 2024, those gains were likely not across the board. The top 20% of the wealthiest U.S. households owned 71% of the country's total wealth at the end of September 2024, according to Federal Reserve data. The average net worth among those households was $3.8 million. The bottom 50% of households, however, hold just over 2% of the nation's total wealth and have about $52,000 in total assets on average, the Fed reports. What's more, household wealth for Americans at the top of the income distribution spectrum generally grows much faster than that of lower-earning households. The highest-earning households saw their wealth grow by 147% between 1983 and 2016, Pew Research reported in 2020. Middle-earners' wealth grew by just 13% over the same period, while the lowest-earning households saw their wealth decrease by 8% during that time. A growing number of investors are also becoming millionaires through their 401(k)s. Around 544,000 Americans saw their 401(k)s hit a million-dollar value in the third quarter of 2024, according to data from Fidelity. That's nearly a 10% increase in 401(k) millionaires from the previous quarter, the firm reported. "These all-time highs are probably more attributable to market appreciation than anything else, but if contributions remain robust, that's a good thing," Douglas Boneparth, a certified financial planner and president and founder of Bone Fide Wealth, told CNBC in 2024. A 25-year-old who initially deposits $1,000 in their 401(k) and continues to contribute $400 each month would have over $1 million invested by the time they turn 65, assuming an average 7% annual return, according to CNBC Make It calculations. You can use this calculator to see what it would take for you to reach millionaire status by the time you're ready to retire.
Korea Herald
19-06-2025
- Business
- Korea Herald
S. Korea has 10th-most millionaires in world
South Korea had the world's 10th-highest number of millionaires globally last year, with 1.3 million individuals holding wealth exceeding $1 million, or 1.37 billion won, a report showed Thursday. According to the Global Wealth Report 2025, released by Swiss investment bank UBS, the figure marked a slight increase from 1.2 million recorded in 2023, placing the country 10th among 56 countries surveyed. There were about 60 million millionaires globally, holding a total of $226.47 trillion in wealth. The US topped the list with 23.8 million millionaires, accounting for 39.7 percent of all millionaires worldwide. The report noted that the millionaire population in the US rose by 379,000 throughout last year, meaning about 1,000 people joined the millionaire club each day. UBS projected that more than 5 million new millionaires will be created globally over the next five years, with the US playing a key role in that growth. China had the second-highest number of millionaires, with 6.3 million, followed by France (2.8 million), Japan (2.7 million), Germany (2.6 million), the United Kingdom (2.6 million), Canada (2 million), Australia (1.9 million) and Italy (1.3 million). A separate study revealed that the millionaire population in Seoul is declining amid economic and political uncertainties at home. The number of millionaires living in the city stood at 66,000 as of December last year, a decrease of 16,500 from 82,500 the previous year, according to the 2025 World's Wealthiest Cities Report 2 published in April by English citizenship investment advisory firm Henley & Partners and global wealth intelligence firm New World Wealth. The report cited the weakening of the Korean won as the main factor behind the decline. It did not provide a number for the country as a whole. The Korean currency fell sharply to 1,472.5 won against the US dollar in December last year, up 184.5 won, or 14 percent, from 1,288.0 a year earlier, industry data showed. The report also suggested that the country's turbulent political climate may have prompted a number of high-net-worth individuals to leave the country. Since Dec. 3, when former President Yoon Suk Yeol declared emergency martial law, Asia's fourth-largest economy has been in political turmoil, leading to his impeachment, removal from office, and an early presidential election. The country now has a new president, Lee Jae Myung.
