Global Wealth Report Raw Video Material for Media Outlets

Raw Video Material for Media Outlets

Downloadable video snippets with Michael O'Sullivan, Credit Suisse Chief Investment Officer, UK & EMEA, focusing on certain topics to be used by media outlets.

Wealth Creation in China Outpaces US 

One of the things really interesting in the series of Wealth Reports over the last couple of years is the speed of wealth creation in China. In 2000 they had the same level of wealth the US had in 1939, but if China continues to grow, in five years’ time it will have the same level of wealth as the US had in 1995. So it really is leapfrogging in terms of its stock of wealth.

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The Chinese Middle Class on the Rise

China is remarkable for the democratic pattern of its wealth and I compare China for example to India where there’s a lot of Indians towards the lower part of the wealth pyramid. But actually most of the wealth in China is concentrated in the middle cohorts. The Chinese wealthy middle class is really the story of this year’s Global Wealth Report, you’ve got about 109 million Chinese who have wealth between 22,000 and 200,000 dollars. Their impact on consumption spending is now actually well-known and China itself has total net household wealth of about 22 trillion dollars.

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US Owns a Fifth of the World’s Wealth

In terms of how we defined you now have 109 million Chinese who we would classify as middle class wealthy versus 105 million people in the US who we would classify as wealthy. The bands we have for defining those are slightly different, so it is lower in China but you will also see that the consumer dynamic rise of the wealthy middle class in China has been really impressive. If we look at the ultra-high wealthy, the really rich, the US tends to be dominant and the ultra-high net-worth people in the US have about 58 trillion dollars which is nearly a fifth of the world’s wealth. So in terms of the super-rich and the wealthy still dominates but rising middle class is the trend in China.

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US Still the Main Pole for Global Wealth

It has been a good and relatively stable year for the US in terms of wealth. Total wealth in the US has risen by 4.5 trillion dollars to about 92 trillion dollars, of course wealth globally is measured in dollars. So compared to other regions like Europe the US has increased its wealth on a relative basis. The US is really dominant in terms of the very wealthy, the ultra-high net-worth individuals of which there are about 144 thousand in the world but half of those are living in the US. So the US is still the main pole for wealth globally.

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The Situation in Europe

Many households and consumers in Europe will feel confident as you’re having a recovery in the European economy. In Euro terms Europe has added wealth but in Dollar terms it has actually fallen by about 10 trillion dollars in dollar relative terms. So it really is all about the currency and then selected European countries like Sweden, Ireland and Poland for example had been the leaders in the last couple of years in terms repairing household balance sheets and adding wealth.

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Switzerland Leads in Wealth per Adult

When you look across countries on a wealth per adult basis Switzerland still stands out. The average wealth per adult in Switzerland is well above half a million dollars and that puts it well ahead of most other countries.

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