Wealth research group New World Wealth has released its latest data on the world’s richest countries, and the countries which have the highest average individual wealth.
Accoring to NWW, the USA, China and Japan are the three richest countries in the world, with the USA leading all countries by a large margin.
With wealth totalling $49.9 trillion, the USA has more than double the estimated wealth than its closest rival, China, at $17.4 trillion.
In NWW’s definitions, “wealth” refers to the net assets of a person, including all their assets (property, cash, equities, business interests) minus any liabilities.
It excludes government funds.
The 10 richest countries in the world
|1||United States||48 900|
|4||United Kingdom||9 200|
According to NWW, Australia’s ranking is impressive considering it only has 22 million people living there.
“China was the fastest growing W10 country over the past 15 years (in terms of US$ wealth growth). Australia and India also grew strongly. India, Australia and Canada have just overtaken Italy over the past 12 months,” the group said.
Looking at average wealth per capita, small tax havens such as Monaco and Liechtenstein top the list, though the UK is “surprisingly high” on the list, mainly due to the high value of real estate in the country.
The 10 richest countries in the world by individual wealth
|1||Monaco||1 556 000|
|8||United States||151 000|
|9||United Kingdom||147 000|
Monaco has the highest wealth per capita in the world, by some margin. This is due to its tax haven status – people living in Monaco pay no income tax.
“This attracts wealthy people to move there and also promotes business formation in the country,” NWW said.
Other factors adding to Monaco’s wealth status is its role as an offshore center; its location on prime part of the French Riviera; its high proportion of multi-millionaires (approximately 2,200 of Monaco’s 40,000 residents are worth over US$10 million); and its high real estate prices.
The country also has what NWW calls the “snob factor” – where it is synonymous with wealth, luxury and fame.