UBS report finds "surprising expansion" in South Africa wealth growth
TLDR
- Turkey leads global wealth ranking with over 157% growth in wealth per adult, outperforming all other nations.
- Following Turkey, Russia and Qatar show nearly 20% growth in average wealth per adult, while South Africa surpasses 16%.
- US experiences around 2.5% growth in average wealth per adult, trailing behind other countries significantly.
Turkey has emerged far ahead of other countries in an annual global wealth ranking, a surprising result given the nation's high inflation rates.
“Türkiye stands out with a staggering growth of over 157% in wealth per adult between 2022 and 2023, leaving all other nations far behind,” Swiss bank UBS noted in its Global Wealth Report 2024, using the local spelling for the country’s name.
Following Turkey, the next highest countries in terms of average wealth growth per adult were Russia and Qatar, with nearly 20%, and South Africa, with just over 16%. In the US, average wealth per adult increased by nearly 2.5%.
Key Takeaways
The UBS report defines net worth or “wealth” as “the value of financial assets plus real assets (principally housing) owned by households, minus their debts.” The report also highlighted the “currency effect,” which significantly influences wealth growth. Local currency growth figures for wealth often differ substantially from those calculated in dollar terms, impacting the overall perception of wealth growth.
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