瑞信全球医疗健康行业全球健康报告201820181060页

GlobalWealthReport2018October2018ThoughtleadershipfromCreditSuisseResearchandtheworld’sforemostexpertsResearchInstitute2IntroductionTheCreditSuisseGlobalWealthReportisthemostextensiveandcurrentsourceofinforma-tiononglobalhouseholdwealth.Nowinitsninthedition,thereportnotonlyprovidesinsightsintothewealthdevelopmentofregionsandsegments,butforthefirsttimeitalsofocusesonthemostrecentevidenceonfemalewealthholdings,inparticularongenderdiffer-enceswithmales.Duringthe12monthssinceourlastreporttomid-2018,aggregateglobalwealthrosebyUSD14trilliontoUSD317trillion,whichrepresentsagrowthrateofapproximately4.6%.Thisgrowthratewaslowerthanlastyear,buthigherthantheaveragegrowthrateinthepost-2008era.Thiswassufficienttooutpacepopulationgrowth,sothatwealthperadultgrewbyapproximately3.2%,arecordhigh.Lookingatthenumberofmillionaires,weseethatthereare42.2millionmillionairesworldwide,whichisup2.3millionovertheprevious12months.OurresearchindicatesthattheUnitedStatesadded878,000newmillionaires–representingaround40%oftheglobalincrease–toitsalreadysizablestock,whereasthenumberofnewcomersinFrance,Germany,theUnitedKingdomandItalywasaround200,000each.InChina,thenumberofmillionairesrosebyamodest186,000andinJapan94,000.Themainexplanationfortheseincreasesinmillionairenumberswithincountriesliesintherealwealthgrowth,ratherthaninexchange-ratemovements.Millionairenumbersfellinveryfewcountries(suchasTurkeyandBrazil),andbyrelativelysmallamounts,themaindriverbeingcurrencydepreciation.Thekeyfindingofthisyear’snewwealthvaluationisformanyobserversnotsurprising–Chinaisnowclearlyestablishedsecondplaceintheworldwealthhierarchy.ThecountryovertookJapanwithrespecttothenumberofultra-highnetworth(UHNW)individualsin2009,totalwealthin2011andthenumberofmillionairesin2014.Neverthe-less,thedatashowsthatmeanwealthperadultinChina(USD47,810inmid-2018)remainsfarbelowthelevelinJapan(USD227,240).Turningourinteresttothelowerlevelofthewealthdistribution,weseethat3.2billionadultsorabout64%oftheadultpopulationliveswithawealthbelowUSD10,000,whichcorrespondstoonly1.9%oftheglobalwealth.Thosewithlowwealtharedisproportionatelyfoundamongtheyoungeragegroups,thosewholiveinregionswhereprospectsforwealthcreationareverylimited(mostnotablyAfrica)andwhereopportunitiesaresometimesconstrained.Thewealthofwomenhasbeenreceivingincreasingattentionandweestimatethatwomenaccountforabout40%ofglobalwealthoverall.Duringthe20thcentury,theirshareofwealthroseconsiderablyand,sincetheyear2000,thelevelofwomen’swealthhasrisenalongwithallhouseholdwealth,especiallyinAsiaalongsidetheriseofChina’swealth.Thetendencyshowsthatmoreself-madewomenaresucceedinginbusinessandareenteringthehighestwealthranks.Despitethistrend,eveninthosecountrieswhereprogressisthestrongest,somecatego-riesofwomen–suchassinglemothersanddivorcees–remaindisadvantaged.Whilemoreisrequiredtobedonetoensurethatwomenhaveanequalopportunitytobuildup,inheritandshareinwealth,therearesignsthatprogresshasbeenhappeninginmanypartsoftheworld.Givensomeofthisyear’sintriguingfindings,wehopeyoufindthe2018editionoftheGlobalWealthReportavaluablesourceofinsightandwishyouinterestingreading.UrsRohnerChairmanoftheBoardofDirectorsCreditSuisseGroupAGGlobalWealthReport2018302Introduction04Globalwealth2018:Theyearinreview13GlobaltrendsinhouseholdwealthFormoreinformation,contact:RichardKersley,HeadGlobalThematicResearch,CreditSuisseInvestmentBanking,[e-mail],orMichaelO’Sullivan,ChiefInvestmentOfficer,InternationalWealthManagement,CreditSuisse,michael.o’[e-mail]57Abouttheauthors20Theglobalwealthpyramid25Womenandwealth33Wealthoutlook40UnitedStates–Theboomgoeson39Wealthofnations58Generaldisclaimer/Importantinformation41China–Growthchampion42India–Growthstory43Russia–Changingfortunes44Germany–PowerhouseofEurope45UnitedKingdom–Brexitgetsclose46Switzerland–Viewfromthetop47Singapore–Renewedgrowth48Japan–Hangingon49SouthKorea–Growthstar50Indonesia–Littlerecentgrowth51SouthAfrica–Wealthuptick52Brazil–Sliding53Chile–LatAmwealthchampion54Canada–Slowergrowth55Australia–Stillresilient4Globalwealth2018:TheyearinreviewWealthlandmarksinmid-2018Theworldwaswealthierinthepastthanwebelievedayearago.Newofficialstatisticaldataandotherreliablesourceshaveledustoreviseourestimateoftotalglobalwealthinmid-2017upwardbynearlyUSD23trillion,or8%.Chinaisthemainbeneficiaryofthisnewlyrecordedwealth,althoughSpanishwealthhasalsobeensubjectedtoamajorupgrade.Therevisionmostlyrelatestonon-financialassetsownedbythemiddleclass.Thisreducesourestimateoftheshareoffinancialassetsintotalglobalwealthby1%andthesharesofthetop1%andtop10%ofwealthholdersbyaboutthreepercentagepoints.Themainoutcomeofthenewwealthvalua-tionsisconfirmationofwhatmanyobserversalreadysuspected–thatChinaisnowclearlyestablishedinsecondplaceintheworldwealthhierarchy.OurrevisedfiguressuggestthatChinaovertookJapanwithrespecttothenumberofultra-highnetworth(UHNW)individualsin2009,totalwealthin2011,andthenumberofmillionairesin2014.However,meanwealthperadultinChina(USD47,810inmid-2018)remainsfarbelowthelevelinJap