- The Global Wealth Report 2019 has been released by the Credit Suisse Research Institute. This is the 10th edition of Global wealth Report. This edition of report highlights the deep dive into wealth in the 21st century. The report is used to determine the factors for the evolution of wealth levels and wealth distribution along with wealth inequality. The Global World Report analyses the household wealth of around 5.1 billion people across the globe.
Global Findings-
- According to the Global Wealth Report 2019, the global wealth grew in the last year but at a modest rate.
- Total global wealth of households grew by 2.6% last year to reach USD 360, 603 bn in 2019. It was USD 351, 516 bn in the year 2018.
- Wealth per adult also reached to new height from last year. Wealth per adult in the year 2019 is USD 70,849 while it was in 63,100 2018.
- More than half of all adults across the world have a net worth less than USD 10,000.
- Around 1% of adults are millionaires and they collectively own 44% of global wealth.
- The number of millionaires has increased indicating that economies are in good shape. The number of millionaires in 2019 is 46.8 mn. It was 45.6 mn in 2018.
- Total wealth rose in all regions and North America added USD 4.1 trillion to its stock of household wealth, of which USD 3.9 trillion came from the United States.
- When total wealth gains and losses are compared, the United States (USD 3.8 trillion) again leads the list. United States is followed by China (USD 1.9 trillion) at second and Japan (USD 930 billion) at third place.
- In terms of wealth per adult, Switzerland is the top winner (USD 17,790) followed by the United States (USD 11,980) and Japan (USD 9,180).
- Level of wealth inequality is high both within countries and for the world as a whole. However, Wealth inequality is lower within individual countries.
- Women’s wealth has increased as compared to men in most countries.
India Specific Findings-
- In total wealth gains and losses comparison, India ranks fourth with change in total wealth of USD 625 billion.
- In percentage terms, India (5.2%) and Latin America (4.9%) grew at the fastest rate.
- India has 2% of global millionaires.
- India has 4,460 Ultra-high net worth individuals.
Wealth Outlook-
- According to the report, Global wealth is estimated to rise by 27% over the next five years, reaching USD 459 trillion by 2024.
- The number of millionaires will also increase rapidly in the next five years to reach almost 63 million.
- Growth of middle-income countries will be the primary driver of global trends.
- The annual wealth growth rate is estimated to be 7.4% for low-income countries and 5.9% for middle-income countries and 4.4% for high-income nations.
Quick Facts-
- Credit Suisse is a Swiss multinational investment bank and financial services company.
- It is headquartered in Switzerland.
- The Credit Suisse Research Institute is the think tank of the company and is headed by Urs Rohner, chairman of the Board of Directors.
Question:
Q: 1. Who released the Global Wealth Report 2019?1. World Bank
2. UNIDO
3. Credit Suisse Research Institute
4. Asian Development Bank
5. BRICS Bank
Answer- (3)
Explanation- The Global Wealth Report 2019 has been released by the Credit Suisse Research Institute.
