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The
annual Global Wealth Report, which estimates the wealth holdings
of 5.4 billion adults across 200 markets, says global wealth
will reach $629 trillion over the next five years.
The upbeat outlook comes despite 2022 recording the first fall
in net global household wealth since the 2008 global financial
crisis.
In nominal terms, net private wealth dipped 2.4% last year, with
the loss concentrated in more prosperous regions such as North
America and Europe, the report showed. A stronger U.S. dollar
was a big factor.
The largest wealth increases last year were recorded for Russia,
Mexico, India and Brazil. The report forecast wealth in emerging
economies, including the BRICS countries - Brazil, Russia,
India, China and South Africa - will rise 30% by 2027.
It expects the further increases in emerging markets to
contribute to a reduction in global wealth inequality in the
coming years.
The largest declines last year came from financial assets, as
opposed to non-financial assets such as real estate, which
remained resilient.
Broken down on an individual basis, this meant adults were
$3,198 worse off by the end of last year.
However, "global median wealth, arguably a more meaningful
indicator of how the typical person is faring, did in fact
increase by 3% in 2022 in contrast to the 3.6% fall in wealth
per adult," the report said.
Median wealth has seen a five-fold increase this century,
largely due to rapid wealth growth in China.
(Reporting by Noele Illien; Editing by Jan Harvey)
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