The latest edition of the Global Wealth Report, jointly published by UBS and Credit Suisse, has unveiled a comprehensive insight into the world’s wealth landscape, including a spotlight on Greece’s millionaire population. Now in its fourteenth edition, the report casts a wide net, analyzing wealth holdings of 5.4 billion adults globally.
Greece, a nation with a rich historical and cultural heritage, has also been making strides in the realm of wealth. The report reveals that Greece is currently home to 79,000 millionaires, denominated in USD. This figure outshines previously reported numbers from various sources, exemplifying an upward trend in wealth accumulation within the country.
Digging deeper into Greece’s economic tableau, the report discloses that the mean wealth per adult in the nation stands at USD 59,348, while the median wealth rests at USD 26,416 per adult. These figures depict a multifaceted portrait of wealth distribution in the country, reflecting both prosperous outliers and more moderate economic positions.
The rise in Greece’s millionaire count can be attributed to several factors. The country has increasingly become a haven for the affluent, drawing in individuals seeking favorable economic conditions. Moreover, Greece’s economic performance has witnessed positive momentum, which has likely contributed to the surge in millionaires.
On a broader global scale, the report’s findings have painted a nuanced picture of wealth dynamics. The year 2022 saw a significant shift in the global economic landscape, as total net private wealth contracted by USD 11.3 trillion, a decline of 2.4 percent, settling at USD 454.4 trillion.
This contraction reverberated through wealth per adult, which experienced a decline of USD 3,198, marking a decrease of 3.6 percent to reach USD 84,718 per adult. The robust appreciation of the US dollar against other currencies was a driving force behind this trend. Interestingly, financial assets played a pivotal role in this decline, while non-financial assets, particularly real estate, showcased resilience in the face of rising interest rates.
Wealth fluctuations were not uniformly distributed across regions. North America and Europe bore the brunt of losses, accounting for a staggering USD 10.9 trillion downturn. In contrast, Latin America stood out with a commendable total wealth increase of USD 2.4 trillion, buoyed by robust currency appreciation against the US dollar.
The report also unveiled a hierarchical pattern of wealth shifts among nations. Notable losses were observed in the United States, Japan, China, Canada, and Australia. On the other hand, Russia, Mexico, India, and Brazil enjoyed substantial wealth gains, reflecting the intricate dance of economic forces that shape the global wealth landscape.
