September 26, 2022
According to a recent estimate of global wealth, private financial assets have grown not only globally but also in Austria.
The Austrian economy, which was severely impacted by COVID-19, is anticipated to rebound to its pre-crisis level this year. The maintenance of the existing GDP growth rates is a requirement for this.
This is a positive finding from the Global Wealth Report for 2022, which is yearly released by the significant Swiss bank Credit Suisse. Strong growth rates are being observed internationally; assets increased significantly last year, not just in Austria.
By the end of 2021, according to Credit Suisse’s forecast, the value of all assets will have risen to USD 463.6 trillion, an increase of about 10% from 2020.
This corresponds to an adult median value of USD 87.489, a rise of 8.4%.
But it can’t be taken for granted that this quick upswing would continue indefinitely. The estimated growth rates for 2022 will presumably be lower after accounting for inflation.
Domestically, American families saw the greatest increase in wealth in 2021, followed by those in China, Canada, India, and Australia.
Losses of wealth were less frequent and virtually usually correlated with currency devaluation against the US dollar, hurting, for instance, Japan, Italy, and Turkey.
According to one projection, by 2024, the average adult’s wealth will be greater than USD 100,000, and during the next five years, there will be more than 87 million billionaires.
In the German-speaking world, Austrians not only have the lowest average wealth. In Austria, wealth accumulated less quickly as well. Austrian assets increased by 3.8 percent between 2000 and 2021, whereas German assets increased by 4.8 percent and Swiss assets increased by 5.4 percent, measured at the current dollar exchange rate.
Source: Vindobona
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