New UBS report unveils wealthiest country in the world, Africa gains

New UBS report unveils wealthiest country in the world, Africa gains

Wealthiest countries

In 2023, the global population became wealthier overall. As a result, global wealth rebounded from the decline seen in 2022. Switzerland retained its top position in the UBS Global Wealth Report.

Switzerland once again took the top spot in a report published on Wednesday by the Swiss bank, UBS, as the wealthiest nation in the world.

Global wealth dipped in 2022 but rebounded in 2023 on the strength of stock market gains with Switzerland keeping her position as overall wealthiest nation.

The world got progressively richer in 2023, across all wealth segments, UBS wrote in the annual study. UBS experts anticipate that the rise of individuals into higher wealth brackets will become even more pronounced globally in the long term.

Overall, global wealth grew by 4.2% in US dollar terms in the favourable stock market year of 2023, amidst weakening inflation, following a decline of 3% in 2022. According to the study, the decline at that time was mainly attributed to currency effects and the strength of the dollar.

The world’s richest people saw their wealth expand last year as stock markets and real estate gained in value, according to Swiss bank Credit Suisse.

Regionally, wealth growth was led by Europe, the Middle East and Africa (EMEA) with an increase of 4.8%. Wealth also increased significantly in the Asia-Pacific region (+4.4%), while the Americas fell slightly behind with a growth rate of 3.6%.

Switzerland maintained its top position in the country rankings. The average wealth of an adult in Switzerland (excluding debts) amounted to $709,612 (CHF638,012). The second and third positions were held by Luxembourg ($607,524) and Hong Kong ($582,000), respectively.

According to the report, wealth measured in US dollars in Switzerland last year had recovered as well as it had worldwide. But appearances are deceptive, as the value measured in local currency has shrunk by almost 6%.

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