Luxembourg has the highest level of wealth of its residents

According to the UBS Global Wealth Report 2024, Luxembourg leads the world in median wealth per adult, reflecting the country's high wealth mobility and reinforcing its position among the richest nations. On Monday, July 22, 2024, UBS noted that global wealth rebounded in 2023 after falling 3% the previous year. Europe grew by 4.2%, the Middle East and Africa (EMEA) by 4.8%, and Asia Pacific (APAC) by 4.4%. Slowing inflation caused real growth to outpace nominal growth, resulting in an inflation-adjusted increase in global wealth of 8.4%.

Although global wealth has grown steadily since 2008, the rate of growth has slowed in almost all countries. By 2023, average wealth per adult will be $166,000 in EMEA, $156,000 in APAC, and $146,000 in the Americas. However, wealth growth in these regions has been the slowest since 2008. At the same time, wealth in APAC has grown 177% since 2008, accompanied by a significant 192% increase in debt.

In the US, wealth growth increased from 4% between 2000 and 2010 to 6% between 2010 and 2023. Turkey, Qatar, and Russia will see the largest increases in wealth in 2023, with Turkey leading the way with a 157% increase.

Luxembourg and Switzerland are among the countries with the highest average wealth per adult. By 2028, the number of adults with more than $1 million in wealth will increase in 52 of the 56 countries analyzed, with a projected increase of 50% in Taiwan.

The study also shows that most countries are more likely to move up the wealth scale than down. About one in three people will move into a higher wealth category within a decade, and the chances of moving out of the lowest category rise to more than 60% over thirty years.

Some $83 trillion is expected to be inherited over the next two decades, roughly the value of all the world's economic activity in one year. Much of this wealth will pass first between spouses and then to the next generation, resulting in a significant transfer of wealth to women.