Report notes Kuwait per capita wealth tops $100,000

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KUWAIT CITY, Aug 16: Credit Suisse’s annual global wealth report has revealed that the average per capita wealth in Kuwait has surpassed $100,000, reports Al-Rai daily. The report highlighted that worldwide family wealth experienced its first decline since the 2008 financial crisis in 2022 due to inflation and the strengthening of the dollar. These factors contributed to a reduction of around $11.3 trillion in assets. The report indicated that the overall per capita wealth across the globe decreased by 2.4 percent to $454.4 trillion. The most significant portion of this decrease occurred in North America and Europe, where the loss totaled $10.9 trillion. However, not all regions saw a decrease in their wealth.

Despite the impact of sanctions, Russia witnessed a noteworthy surge in wealth during 2022, resulting in the addition of 56 millionaires, according to the “Credit Suisse” report. The study encompassed the finances of 5.4 billion adults globally and across various wealth brackets. Additionally, Latin America experienced a growth in wealth amounting to $2.4 trillion, supported by an average 6 percent appreciation of their currencies against the dollar. Dr. Nannette Hechler-Fayd’herbe, the global head of economics and research at Credit Suisse, noted, “Wealth development proved resilient during the Corona era and grew at a record pace during 2021, but inflation factors, high interest rates, and currency depreciation caused the trajectory to reverse in 2022.”

The count of millionaires decreased by 3.5 million individuals, reaching a total of 59.4 million people, and the wealthiest 1 percent globally reduced their share of wealth to 44.5 percent. However, the experts behind the study anticipate that 2022 may be an outlier in the broader context of wealth growth. On a global scale, it is projected that wealth will expand by $629 trillion, equivalent to 38 percent growth, by 2027. Furthermore, the number of millionaires is anticipated to reach 86 million by 2027, up from about 60 million in 2022.

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