US tops Switzerland in global wealth ranking

Switzerland: wealthy, but not the wealthiest of them all, at least according to Allianz. Keystone-SDA

The Swiss are rich, with average assets of CHF241,000 ($284,000) per person; but the US is richer, finds an annual Global Wealth Report by insurance firm Allianz.

The 2024 edition of the research – the 15th – is based on data from 2023. In that year, total assets of households in the 60 countries surveyed rose by 7.6%, thus largely recovering from the previous year’s decline (-3.5%), Allianz wrote on Tuesday.

Bank accounts, receivables from insurance companies and pension funds, securities (stocks, bonds and investment funds) as well as other receivables are included in the calculation to arrive at gross assets; debts are then deducted.

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The ranking is compiled in euros and sees the US in first place, with each American owning an average of €260,000 (CHF247,000). The figure, up 9.8% over the previous twelve months, allows the country to overtake Switzerland (€255,000) in first place.

Further down follow Denmark and Singapore (both €172,000), then Taiwan (€149,000). The top ten is rounded out by New Zealand, Sweden, Canada, the Netherlands, and Belgium. Italy is 14th, France 16th, and Germany 18th.

Meanwhile Swiss household assets rose by 2.2% in 2023, significantly less than the regional average of 5%, Allianz wrote. The main reason was the 1.3% contraction in bank deposits (down €3.5 billion), the first decline since the 2008 global financial crisis. Insurance and pensions also performed weakly: +1.4% represents the lowest growth in 20 years, with the exception of 2022. Stocks (+7.6%), on the other hand, recovered well after a 2022 slump (-12.5%).

In real terms, however, the picture is bleaker, Allianz experts warned. Adjusted for inflation, Swiss financial assets have remained virtually static at their 2020 level. “Swiss savers have three lost years behind them,” the insurance company wrote.

Adapted from Italian by DeepL/dos

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