World wealth to grow 50% in 5 years: Credit Suisse

Posted on 19 October 2011 - 04:52pm

Last updated on 20 October 2011 - 07:58am

ZURICH (Oct 19, 2011): Global wealth could rise 50% to US$345 trillion over the next five years, spurred by a near doubling of total household wealth in China and strong growth in Asia Pacific, Latin America and Africa, a Credit Suisse report released on Wednesday said.

The Global Wealth Report 2011 from Credit Suisse research said total global wealth jumped 14% between January 2010 and June 2011, ending the period at US$231 trillion, with Asia Pacific countries responsible for 54% of the rise.

"These are times of unprecedented economic change, and a radical reconfiguration of the world's economic order is taking shape," said Osama Abbasi, chief executive Officer for Asia Pacific at Credit Suisse.

"Emerging markets are important drivers of the global recovery and remain the key growth engines of global wealth."

With an expected US$81 trillion, the United States is seen remaining in the top spot in 2016 in terms of total household wealth, while China is set to leapfrog Japan into second place by almost doubling its household wealth to US$39 trillion.

Adults in Switzerland, Australia and Norway are the richest in the world, with Swiss adults holding average wealth of US$540,010, the only country where the average adult has more than US$500,000.

The net worth of the average Swiss person when measured in US dollars, was bumped up by the strength of the Swiss franc, which rose about 10% in value against the greenback from the start of the year to the end of June. – Reuters