2016年-数据局_瑞士信贷：2015年全球财富报告GlobalWealthReport2015英文版_64页_5mb

Credit Suisse Global Wealth Report Summary (2015)

Core Content

The Credit Suisse Global Wealth Report provides an in-depth analysis of the distribution and growth of global household wealth, highlighting the disparities between regions and the impact of financial markets and exchange rates on wealth changes. The report focuses on the growing influence of financial assets and the role of the middle class in wealth dynamics.

Main Points

• Global Wealth Overview:
  The report is in its sixth edition and offers a comprehensive view of global wealth across all regions, from the base of the wealth pyramid to ultra-high net worth individuals (UHNWs).

  • Total global household wealth in 2015 was USD 250.1 trillion, slightly above the USD 250 trillion threshold first crossed in 2013.
  • Wealth per adult fell by 6.2% to USD 52,400.
  • The top 1% of wealth holders now own 50% of all household wealth, marking a significant increase in wealth inequality.

• Wealth Growth and Decline:

  • United States led in wealth growth with an increase of USD 4.6 trillion.
  • China also saw substantial growth of USD 1.5 trillion, driven largely by financial assets.
  • Emerging markets have experienced impressive wealth growth, particularly in Asia, but the global wealth decline of USD 12.4 trillion was largely due to dollar appreciation against other currencies.
  • Russia, Ukraine, Greece, Brazil, Norway, Turkey, and Japan were among the countries that experienced significant wealth losses, with Russia and Ukraine losing around 40% of their net worth.

• Wealth Distribution by Region:

  • North America and Europe together account for 67% of global household wealth, despite containing only 18% of the adult population.
  • China holds 9% of global wealth, despite comprising 21% of the adult population, showing a significant wealth gap.
  • Latin America and Africa have a much greater population share than wealth share, with the latter exceeding the former by more than tenfold.

• Middle Class Wealth:

  • The middle class has grown in emerging economies, particularly in Asia, but its wealth growth has been slower than that of the top wealth groups.
  • The middle class is seen as a driver of consumption and stability, and its expansion is expected to reshape consumption patterns and societal development.

• Wealth Inequality Trends:

  • The top 10% of wealth holders own 87.7% of global assets, and the top 1% own 50% of all household wealth.
  • The share of the top 1% has increased since the 2008 financial crisis, reaching a level not seen since 2000 and possibly not in over a century.
  • The rise in equity prices and the expansion of financial assets in the U.S. and other wealthy nations have contributed significantly to this trend.

• Wealth Categories by Country:

  • Top Wealth: Countries with wealth per adult over USD 100,000 (e.g., Switzerland, Australia, New Zealand).
  • Intermediate Wealth: Countries with wealth per adult between USD 25,000 and USD 100,000 (e.g., Norway, Japan, Singapore).
  • Frontier Wealth: Countries with wealth per adult between USD 5,000 and USD 25,000 (e.g., China, Russia, Brazil, India).
  • Low Wealth: Countries with wealth per adult below USD 5,000 (e.g., most of central Africa and south Asia).

Key Information

• UHNWs: There are now over 120,000 UHNWs globally, with China contributing significantly to this group.
• Financial Assets: Financial assets accounted for most of the wealth growth in China, but also for a larger share of the decline due to currency depreciation.
• Exchange Rates: The appreciation of the USD had a major impact on global wealth, reducing it by USD 25 trillion.
• Wealth Pyramid: The top 1% owns half of all wealth, while the base and middle sections account for USD 39 trillion, representing a large portion of global demand for consumer goods and financial services.

Global Wealth Pyramid and Distribution

• China's Position: China has moved rightward in the wealth pyramid due to strong growth, rising asset values, and currency appreciation. It now has more UHNWs than any other country except the U.S. and Japan.
• India's Position: India is heavily concentrated in the lower wealth strata, accounting for over a quarter of the bottom half of the wealth distribution.
• Europe's Decline: Europe's wealth fell by 12.4%, and its share of global wealth dropped to 30%, compared to 37% for North America.
• Wealth Inequality: The top percentile now owns 50% of global wealth, and the top 10% owns 87.7%, indicating a high level of inequality.

Conclusion

The report emphasizes that while wealth inequality has increased in most countries since the 2008 crisis, emerging economies, especially in Asia, are set to expand their middle class and reshape global wealth dynamics. The middle class is expected to play a key role in driving consumption and economic stability. The impact of exchange rates and financial market volatility remains a major factor in wealth distribution and should not be overlooked in interpreting short-term changes.