More wealth for the wealthy

By | October 22, 2014

Amancio Ortega is the richest man in Spain.

Amancio Ortega, the head of Grupo Inditex, is the richest man in Spain

The number of millionaires in Spain has grown by 24 per cent in a year

The number of millionaires in Spain reached 465,000 in the middle of this year, which was an increase of 24 per cent compared with the same period of 2013, according to the latest World Wealth Report 2014 from Credit Suisse.

The Credit Suisse figures show that this year the number of millionaires grew twice as much as a year ago, when there was an increase of 13 per cent, and they also reveal that 1,766 individuals now feature in the sector of the greatest wealth, the so-called ‘Ultra High Net Worth Individuals’ (those who have more than 50 million dollars, or about 39 million euros).

According to the report, the number of millionaires in Spain (those who have more than one million dollars, or 740,000 euros), has risen by 89,000.

With regard to the net wealth of households, the data to the middle of this year shows that this has increased by 15 per cent and this is above the European average, which showed a rise of 10.6 per cent. The survey shows that this is a result of a revaluation of stock markets and the appreciation of the euro. Meanwhile, the average wealth per adult in Spain is now 135,000 dollars, or 106,000 euros; the European average is 145,977 dollars or 114,935 euros, while the world average is 56,000 dollars or 44,000 euros.

Degree of inequality

With regard to the degree of inequality, Credit Suisse says that in Spain this is average, as the richest 10 per cent possess 55.6 per cent of the wealth, a percentage similar to that of Australia, Canada, Finland, France, Greece, Italy, Portugal and the UK. However, it recognises that between 2000 and 2014 the percentage of wealth owned by the richest 10 per cent increased slightly and this trend was accentuated between 2007 and 2014.

Credit Suisse forecasts indicate that household wealth will rise by about 40 per cent in the next five years, from 263 billion dollars (207 billion euros) in 2014 to 369 billion dollars, or 290 billion euros, in 2019. Among the factors which will enable this increase are the emerging countries, whose contribution to world wealth will be 21 per cent in 2019; at that time, China will represent 10 per cent of world wealth, compared with the eight per cent it represents at present. Despite the strength of China, the USA will remain in the lead with an aggregate wealth that will reach 114 billion dollars in 2019.

Switzerland will remain in first position for average wealth with a new high of 581,000 dollars, about 457,000 euros, per adult. In the next five years, Credit Suisse calculates that the number of millionaires in the world will increase by 53 per cent to a total of 53.2 million in 2019.

Courtesy: Sur in English

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