Swiss private wealth fell last year. But measured in terms of per capita wealth, Switzerland still leads the field, as the Global Wealth Report from Credit Suisse and UBS shows.

For the first time since the financial crisis, global household wealth has shrunk, falling by $11.3 trillion, or 2.4 percent, to $454.4 trillion last year, according to the Global Wealth Report published by UBS and Credit Suisse. The fourteenth edition of the traditional study from Credit Suisse was published jointly by the two banks for the first time on Tuesday.

Fewer Millionaires

Financial assets such as equities were the main contributors to the decline in wealth in 2022, while non-financial assets, particularly real estate, proved more resilient despite the rapid rise in interest rates. At the regional level, the decline in total wealth was concentrated in affluent regions such as North America and Europe.

Among individual countries, the United States topped the list of market losses, followed by Japan, China, and Canada. Meanwhile, the number of millionaires worldwide declined by 3.5 million to 59.4 million.

Wealth per adult also fell by $3,198, or 3.6 percent, to $84,718 per adult. Anthony Shorrocks, economist and author of the report, and Nannette Hechler-Fayd'herbe, head of research, as well as head of investment for the Europe, Africa, and Middle East (Emea) region, explained much of the decline is due to the appreciation of the dollar against many other currencies.

Switzerland Maintains Top Spot

Switzerland also suffered a setback last year,  but in terms of per capita wealth, it still tops the list, followed by the USA and Hong Kong. On average, Mr. and Mrs. Swiss have assets of $685,230 which is $13,450 less than in the same period last year. The median value shows a different picture: at $167,350, Switzerland is in sixth place, whereas Belgium leads ahead of Australia and Hong Kong.

The outlook is more encouraging. The authors expect significant growth, with total global wealth expected to grow by 38 percent to $629 trillion by 2027, driven primarily by increases in countries with medium wealth.