A new Credit Suisse report entitled the “Global Wealth Report” discovered that global wealth skyrocketed 8.3 percent from mid-2013 to mid-2014 to an outstanding $263 trillion. This figure is 20 percent higher than the number during the economic collapse and 39 percent more just before the financial crash.
The study looked at the wealth of 4.7 billion adults in more than 200 countries. It found that the aggregate household wealth has doubled since the beginning of the 21st century when it was $117 trillion. Most of the increase in wealth can be attribute to North America (34.7 percent of global wealth) and Europe (32.4 percent).
At the time of publication, the average amount of wealth for each adult globally is around $56,000, which is an all-time high for the average net worth. This means the poorest of countries are experiencing better lives (SEE: Poll: Vietnam, China like capitalism more than U.S.)
It is projected that within the next five years, global wealth is expected to soar 40 percent to $369 trillion. Credit Suisse also believes the number of international millionaires will reach 53 million in 2019.
“At the time of publication, the average amount of wealth for each adult globally is around $56,000, which is an all-time high for the average net worth. This means the poorest of countries are experiencing better lives”
The average tells us nothing about the distribution of wealth, so it does not follow that the poorest countries (or people within a country) lead better lives.
Additionally, household wealth is not the only measure of prosperity. That also depends on services provided by the state or by employers.
And there are many factors making life better or worse, not only economic ones.