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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.
Yahoo
12-07-2025
- Business
- Yahoo
Europe's iPhone price gap: Where you'll pay the most and least
If you're buying an iPhone in Europe, how much does the price differ from one country to another? VAT rates, import taxes and currency strengths vary across Europe, and so do the costs of these phones. But, if we leave Turkey aside, differences in Europe aren't as dramatic as in other parts of the world. However, if you consider hourly wages, affordability varies much more widely. So, in which European countries are iPhone prices the highest and lowest? How do iPhone prices in Europe compare to those in other parts of the world, including in the United States? And how many hours do Europeans need to work to afford one? A report from Deutsche Bank Research Institute, titled "Mapping the World's Prices", compares iPhone 16 Pro (128GB) prices across 41 countries/markets. More than half of the studied markets are in Europe. iPhone 16 Pro prices range from around €903 in South Korea to roughly €1,854 in Turkey, the highest globally. Within the EU, prices vary from €1,107 in Greece to €1,231 in Sweden. Brazil (€1,559) and Egypt (€1,296) follow Turkey at the top of the iPhone price list. The report warns: 'Don't drop or lose your iPhone in Turkey, Brazil, Egypt, India or the Nordic countries. It could cost 30-100% more than in the US to replace.' In the EU, other Nordic countries follow Sweden, where the iPhone 16 Pro is the most expensive at €1,231. It costs €1,188 in Denmark and €1,175 in Finland. Norway, which is not an EU member, falls in between, with a price of €1,182. According to the report, VAT in these countries is around 25%, compared to 20% in many other European nations. Most Western European countries cluster around €1,145–€1,170. They include Portugal (€1,166), Italy and Ireland (both €1,157), as well as France, Belgium, and the Netherlands (all €1,147). Among Europe's five largest economies, the UK offers the cheapest iPhone 16 Pro at €1,095, followed by Germany (€1,119) and Spain (€1,138). Meanwhile, Switzerland —though not in the EU — has the lowest iPhone 16 Pro price in Europe overall, at €1,045. In the list, South Korea is the only country where the iPhone 16 Pro is cheaper than in the US, priced at €903 compared to €917 ($1,079). Several Asian and Arab countries also offer lower prices than many Western nations. To illustrate, the iPhone 16 Pro costs €1,226 in Saudi Arabia and €1,170 in the United Arab Emirates. In Japan, China, and Thailand, prices are even lower than in those Gulf countries. The iPhone Price Index, which sets the iPhone 16 Pro price in the US as 100, shows how much more or less the device costs in other countries relative to the US. Turkey is the only country where the iPhone 16 Pro costs more than double the US price, with an index score of 202. In Sweden, iPhone prices are 34% more expensive than in the US, while in the UK, they are 19% higher. In most EU countries, the iPhone 16 Pro is priced at roughly 25% above the US level. Turkey imposes a Special Consumption Tax (ÖTV) of 50% on smartphones, in addition to VAT and several other fees. These combined taxes significantly drive up the retail price, making Turkey the most expensive country to buy an iPhone 16 Pro on the list. According to a social media post by tax expert Ozan Bingöl, several layered taxes and fees significantly inflate the price of an iPhone in Turkey. First, the Ministry of Culture charges a 1% fee on the base price, then there is a a 12% "banderole" charge to support the public broadcaster TRT. Then, a 50% Special Consumption Tax (ÖTV) is applied on top of those amounts. Finally, a 20% VAT is levied on the entire amount — including all previous taxes and fees, not just the phone. In Bingöl's example from March 2024, the base (pre-tax) price of an iPhone was 53,040 Turkish lira, but after all taxes and fees, the final retail price reached 107,999 lira — more than double the original price. This reflects a total effective tax rate of 103.4%. This aligns with the 202% iPhone Price Index relative to the US. Of course, the retail price of an iPhone, including taxes, does not reflect how affordable it is for consumers. Affordability depends on income levels, which vary significantly across Europe. For example, iPhone Index 2024 estimates how many days the average person needs to work to afford an iPhone 16 Pro. The results range from just 4 days in Switzerland to 72.9 days in Turkey. Within the EU, the range spans from 6.1 days in Luxembourg to 26.6 days in Greece. Hourly wages and salary levels further show these disparities. According to Eurostat, the average hourly wage in the EU in 2024 was €25.20, ranging from €9.20 in Bulgaria to €48.40 in Luxembourg, with Denmark close behind at €43.60. 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
10-07-2025
- Business
- Yahoo
Europe's iPhone price gap: Where you'll pay the most and least
If you're buying an iPhone in Europe, how much does the price differ from one country to another? VAT rates, import taxes and currency strengths vary across Europe, and so do the costs of these phones. But, if we leave Turkey aside, differences in Europe aren't as dramatic as in other parts of the world. However, if you consider hourly wages, affordability varies much more widely. So, in which European countries are iPhone prices the highest and lowest? How do iPhone prices in Europe compare to those in other parts of the world, including in the United States? And how many hours do Europeans need to work to afford one? A report from Deutsche Bank Research Institute, titled "Mapping the World's Prices", compares iPhone 16 Pro (128GB) prices across 41 countries/markets. More than half of the studied markets are in Europe. iPhone 16 Pro prices range from around €903 in South Korea to roughly €1,854 in Turkey, the highest globally. Within the EU, prices vary from €1,107 in Greece to €1,231 in Sweden. Brazil (€1,559) and Egypt (€1,296) follow Turkey at the top of the iPhone price list. The report warns: 'Don't drop or lose your iPhone in Turkey, Brazil, Egypt, India or the Nordic countries. It could cost 30-100% more than in the US to replace.' In the EU, other Nordic countries follow Sweden, where the iPhone 16 Pro is the most expensive at €1,231. It costs €1,188 in Denmark and €1,175 in Finland. Norway, which is not an EU member, falls in between, with a price of €1,182. According to the report, VAT in these countries is around 25%, compared to 20% in many other European nations. Most Western European countries cluster around €1,145–€1,170. They include Portugal (€1,166), Italy and Ireland (both €1,157), as well as France, Belgium, and the Netherlands (all €1,147). Among Europe's five largest economies, the UK offers the cheapest iPhone 16 Pro at €1,095, followed by Germany (€1,119) and Spain (€1,138). Meanwhile, Switzerland —though not in the EU — has the lowest iPhone 16 Pro price in Europe overall, at €1,045. In the list, South Korea is the only country where the iPhone 16 Pro is cheaper than in the US, priced at €903 compared to €917 ($1,079). Several Asian and Arab countries also offer lower prices than many Western nations. To illustrate, the iPhone 16 Pro costs €1,226 in Saudi Arabia and €1,170 in the United Arab Emirates. In Japan, China, and Thailand, prices are even lower than in those Gulf countries. The iPhone Price Index, which sets the iPhone 16 Pro price in the US as 100, shows how much more or less the device costs in other countries relative to the US. Turkey is the only country where the iPhone 16 Pro costs more than double the US price, with an index score of 202. In Sweden, iPhone prices are 34% more expensive than in the US, while in the UK, they are 19% higher. In most EU countries, the iPhone 16 Pro is priced at roughly 25% above the US level. Turkey imposes a Special Consumption Tax (ÖTV) of 50% on smartphones, in addition to VAT and several other fees. These combined taxes significantly drive up the retail price, making Turkey the most expensive country to buy an iPhone 16 Pro on the list. According to a social media post by tax expert Ozan Bingöl, several layered taxes and fees significantly inflate the price of an iPhone in Turkey. First, the Ministry of Culture charges a 1% fee on the base price, then there is a a 12% "banderole" charge to support the public broadcaster TRT. Then, a 50% Special Consumption Tax (ÖTV) is applied on top of those amounts. Finally, a 20% VAT is levied on the entire amount — including all previous taxes and fees, not just the phone. In Bingöl's example from March 2024, the base (pre-tax) price of an iPhone was 53,040 Turkish lira, but after all taxes and fees, the final retail price reached 107,999 lira — more than double the original price. This reflects a total effective tax rate of 103.4%. This aligns with the 202% iPhone Price Index relative to the US. Of course, the retail price of an iPhone, including taxes, does not reflect how affordable it is for consumers. Affordability depends on income levels, which vary significantly across Europe. For example, iPhone Index 2024 estimates how many days the average person needs to work to afford an iPhone 16 Pro. The results range from just 4 days in Switzerland to 72.9 days in Turkey. Within the EU, the range spans from 6.1 days in Luxembourg to 26.6 days in Greece. Hourly wages and salary levels further show these disparities. According to Eurostat, the average hourly wage in the EU in 2024 was €25.20, ranging from €9.20 in Bulgaria to €48.40 in Luxembourg, with Denmark close behind at €43.60. 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
10-07-2025
- Business
- Yahoo
Europe's iPhone price gap: Where you'll pay the most and least
If you're buying an iPhone in Europe, how much does the price differ from one country to another? VAT rates, import taxes and currency strengths vary across Europe, and so do the costs of these phones. But, if we leave Turkey aside, differences in Europe aren't as dramatic as in other parts of the world. However, if you consider hourly wages, affordability varies much more widely. So, in which European countries are iPhone prices the highest and lowest? How do iPhone prices in Europe compare to those in other parts of the world, including in the United States? And how many hours do Europeans need to work to afford one? A report from Deutsche Bank Research Institute, titled "Mapping the World's Prices", compares iPhone 16 Pro (128GB) prices across 41 countries/markets. More than half of the studied markets are in Europe. iPhone 16 Pro prices range from around €903 in South Korea to roughly €1,854 in Turkey, the highest globally. Within the EU, prices vary from €1,107 in Greece to €1,231 in Sweden. Brazil (€1,559) and Egypt (€1,296) follow Turkey at the top of the iPhone price list. The report warns: 'Don't drop or lose your iPhone in Turkey, Brazil, Egypt, India or the Nordic countries. It could cost 30-100% more than in the US to replace.' In the EU, other Nordic countries follow Sweden, where the iPhone 16 Pro is the most expensive at €1,231. It costs €1,188 in Denmark and €1,175 in Finland. Norway, which is not an EU member, falls in between, with a price of €1,182. According to the report, VAT in these countries is around 25%, compared to 20% in many other European nations. Most Western European countries cluster around €1,145–€1,170. They include Portugal (€1,166), Italy and Ireland (both €1,157), as well as France, Belgium, and the Netherlands (all €1,147). Among Europe's five largest economies, the UK offers the cheapest iPhone 16 Pro at €1,095, followed by Germany (€1,119) and Spain (€1,138). Meanwhile, Switzerland —though not in the EU — has the lowest iPhone 16 Pro price in Europe overall, at €1,045. In the list, South Korea is the only country where the iPhone 16 Pro is cheaper than in the US, priced at €903 compared to €917 ($1,079). Several Asian and Arab countries also offer lower prices than many Western nations. To illustrate, the iPhone 16 Pro costs €1,226 in Saudi Arabia and €1,170 in the United Arab Emirates. In Japan, China, and Thailand, prices are even lower than in those Gulf countries. The iPhone Price Index, which sets the iPhone 16 Pro price in the US as 100, shows how much more or less the device costs in other countries relative to the US. Turkey is the only country where the iPhone 16 Pro costs more than double the US price, with an index score of 202. In Sweden, iPhone prices are 34% more expensive than in the US, while in the UK, they are 19% higher. In most EU countries, the iPhone 16 Pro is priced at roughly 25% above the US level. Turkey imposes a Special Consumption Tax (ÖTV) of 50% on smartphones, in addition to VAT and several other fees. These combined taxes significantly drive up the retail price, making Turkey the most expensive country to buy an iPhone 16 Pro on the list. According to a social media post by tax expert Ozan Bingöl, several layered taxes and fees significantly inflate the price of an iPhone in Turkey. First, the Ministry of Culture charges a 1% fee on the base price, then there is a a 12% "banderole" charge to support the public broadcaster TRT. Then, a 50% Special Consumption Tax (ÖTV) is applied on top of those amounts. Finally, a 20% VAT is levied on the entire amount — including all previous taxes and fees, not just the phone. In Bingöl's example from March 2024, the base (pre-tax) price of an iPhone was 53,040 Turkish lira, but after all taxes and fees, the final retail price reached 107,999 lira — more than double the original price. This reflects a total effective tax rate of 103.4%. This aligns with the 202% iPhone Price Index relative to the US. Of course, the retail price of an iPhone, including taxes, does not reflect how affordable it is for consumers. Affordability depends on income levels, which vary significantly across Europe. For example, iPhone Index 2024 estimates how many days the average person needs to work to afford an iPhone 16 Pro. The results range from just 4 days in Switzerland to 72.9 days in Turkey. Within the EU, the range spans from 6.1 days in Luxembourg to 26.6 days in Greece. Hourly wages and salary levels further show these disparities. According to Eurostat, the average hourly wage in the EU in 2024 was €25.20, ranging from €9.20 in Bulgaria to €48.40 in Luxembourg, with Denmark close behind at €43.60. 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
