In America, many investment firms won’t speak to you unless you have $250,000 or more to invest. Global median wealth per person is $3,582 in 2017. The United States might as well be in another net-worth galaxy compared to the rest of our fellow earthlings. Credit Suisse came out with a fascinating research paper, Credit Suisse Research Global Wealth Report 2017. Read it!
Some of the facts are mind-blowing. It should make us think about some very important issues concerning the future of our planet. Here are some of the highlights (Net Worth= Financial + Real Assets – Debt):
- A net worth of $3,582 would put you in the wealthiest half of world citizens in 2017.
- $76,754 would put you in the top 10% of global wealth holders.
- $770,368 would put you in the top 1%.
- The bottom 50%, collectively, owns less than 1% of the total global wealth.
- The top 10% owns 88% of global assets.
- Frontier wealth ranging from $5,000-$25,000 covers the largest area of the globe. (India, Russia, Brazil, Indonesia, Philippines, and Turkey).
- North America and Europe combined account for 60% of all adults in the top 10%.
- Net worth per adult in the U.S. rose by 80% during 2000-2017; 66% of this gain occurred BEFORE the financial crisis.
- Median wealth in North America is currently four times the level in Europe, nine times the level in China, almost 50 times the level in India, and more than 100 times the level in Africa.
- Since 2000, the number of ultra-high-net-worth individuals (“UHNWI”) has increased five-fold, the fastest growing group of wealth holders.
- 3.5 billion adults with wealth below $10k account for 2.7% of global wealth.
- 36 million millionaires comprise less than 1% of the world’s population, but own 46% of global wealth.
- 70% of all adults in the world have below $10,000 in wealth in 2017.
- The U.S. accounts for 43% of the world’s millionaires with about 5% of the world’s population.
- The U.S. has the greatest number of UHNWI (above $50 million), which is four times greater than China, number two on the list.
- India has $5,980 wealth per adult.
- Switzerland accounts for 1.7% of the top 1% of global wealth with just 0.1% of the world’s population.
This report should make you look a little differently at those Lexus commercials with people receiving $60,000 cars as Christmas gifts. Warren Buffet was right. If you are reading this you won the genetic lottery.
We don’t need Elon Musk’s SpaceX to see what life is like on another planet. We can all visit a place much closer to see extraterrestrial money life forms – planet Earth.