Swiss still richest, according to Credit Suisse

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The Credit Suisse 2017 Global Wealth Report, shows total global wealth rose 6.4% to USD 280 trillion in 2016, taking it to the its highest level since 2007, before the financial meltdown in 2008.

Globally, average wealth per adult was USD 56,540. In Switzerland, the same figure was USD 537,600 (CHF 533,000), close to ten times the global average, placing Switzerland in the lead, if Iceland – with unreliable data – is ignored.

Median Swiss wealth is somewhat lower: USD 229,000 (CHF 227,000). So if your worth more than this you’re in the wealthier half.

Over two thirds of Swiss adults are among the top 8.6% of the world’s wealthiest, where the entry ticket is net wealth of USD 100,000. And, 8.8% of Swiss residents are US dollar millionaires.

Much of Switzerland’s rise to the top is down to a strong currency. In Swiss franc terms wealth has risen 35% since 2000. In USD terms it is up 130%.

The report also looks at the bad hand dealt to Millennials. It says this group had an unlucky start to adult life, hit early on by the repercussions of the global financial crisis, mounting student debt, tighter credit and rising income inequality.

Wealth varies by age. While the report doesn’t give figures for Switzerland, the US shows big differences. Those aged 20-29 have a mean net worth of USD 97,544, those 30-39, USD 124,544, those 40-49, USD 259,734, those 50-59, USD 385,283, those 60-69, USD 564,927, and those 70+, USD 481,332. Much of the difference is driven by wealth accumulation over time as well as birth timing.