The growth of global wealth in 2023 managed to offset a contraction in 2022, according to a UBS report, with Europe, Middle East and Africa leading the pack.
The riches of households worldwide grew 4.2 percent in 2023, according to the «UBS Global Wealth Report 2024», offsetting a 3 percent contraction in 2022 which was largely attributable to the currency effects of a strong US dollar.
Europe, Middle East and Africa (EMEA) was the leader at 4.8 percent growth, followed by Asia Pacific (4.4 percent) and the Americas (3.6 percent). Adults in EMEA were also the wealthiest on average at $166,000. APAC was second at $156,000 and the Americas was in third place at $146,000.
Long-Term Picture
However, EMEA’s wealth increased at the slowest pace in the longer term. Since 2008, the region’s average wealth grew at around 41 percent compared to 122 percent in APAC and 110 percent in the Americas in the same period.
By markets, Switzerland’s adults were the wealthiest on average at $709,612. This was followed by Luxembourg ($607,524), Hong Kong (582,000), United States ($564,862), Australia (546,184), Denmark ($448,802), New Zealand ($408,231), Singapore ($397,708), Norway ($382, 575) and Canada ($375,800).
This was the 15th edition of UBS’ annual Global Wealth Report. It was based on data and analysis from 56 markets, estimated to account for over 92 percent of global wealth.
