Household Wealth Surpasses Pre-crisis Highs


    Global household wealth is 20 per cent above its pre-crisis highs after rising 8.3 per cent to US$263 trillion, says a report by Credit Suisse Research Institute. The report says that household wealth is now 39 per cent above its 2008 low. Moreover, it predicts that wealth will rise by almost 40 per cent over the next five years, to reach US$369 trillion by 2019. And, it says that the number of millionaires worldwide is to increase by about 53 per cent in the next five years to 53.2 million in 2019. North America and Europe led the gains with increases of about 11 per cent, the firm says. Conversely, aggregate wealth in Latin America was largely unchanged and the Asia-Pacific region (including China and India) recorded a small rise of around three per cent. The report says that aggregate household wealth has more than doubled since the start of the millennium from US$117 trillion in 2000 to US$263 trillion in mid-2014. Over the same period, it notes that global net worth per adult has increased by 77 per cent, an average growth rate of 4.3 per cent per annum. Despite recording a 15 per cent decline during the financial crisis, wealth per adult has increased each year since 2008 and is now seven per cent above its pre-crisis peak.