Capitalism, the pursuit of happiness, and wealth are all intricately related. The American dream, as was defined decades back, was a simple idea — each citizen of the United States will have an equal opportunity for success through hard work and initiative. These days, however, living the American dream has become harder. Acquiring property has become difficult, with a large number of millennials either living with their parents or in shared living spaces. Over these recent years, owning a home has become more difficult, with houses in short supply. According to a poll from Bank of America, the changes have affected home buying patterns, with individuals aged between 55 and 74 years accounting for 44% of all home purchases in 2022.
Bank of America's statistics are also replicated by a study from the National Realtors Association (NAR). The association's data shows that the median age of people buying a primary residence was 55 years in January 2022, an all-time high since 1983. At the same time, the ages at which millennials first move out of their parents' homes and buy their homes are also increasing. The proportion of homebuyers reflected by those that were buying their first home had also dropped. These trends are partly influenced by rising mortgage rates, with the total costs of owning a house through mortgage nearly doubling in just sixteen months between July 2021 and November 2022.
Why are we citing these stats? Well, owning a house is a major part of wealth building, since large dollar amounts are often tied up in the property. And the sooner you own a house, the sooner you see your wealth increase. Wealth, after all, is different from income. You might have a high income that gives you considerable purchasing power, but if you don't have assets or a large bank balance, you can't count yourself as wealthy. The integrality of real estate to wealth estimations is described better nowhere else than in a study from McKinsey. This study estimates that as of November 2021, the global 'balance sheet,' which comprises of the real assets in the economy as well as financial assets, had $510 trillion in financial assets held by corporations, $510 trillion in assets held by households, governments, and others, and $520 trillion in assets for the real economy. This breakdown lists assets such as equipment and machinery in the real economy, with the balance sheet of households reflecting assets such as pension funds and bank balances.
This cumulative value of the balance sheet, which sits at $1,540 trillion, has more than tripled from $440 trillion it was worth in 2000. Yet, at the same time, significant disparities also existed, with the lowest net worth per capita sitting at $46,000 in Mexico and jumping to $351,000 in Australia. In terms of growth, China led the pack, as it accounted for 50% of the net worth growth, with the U.S. coming in at second place as it accounted for 22% of the growth. However, both economic giants were inequitable when it came to wealth distribution, as while the top 10% of the Chinese saw their share of the total wealth grow from 48% in 2000 to 67% in 2015, the bottom fifty percent saw their share drop from 14% to just 6% during the same time period. For the U.S., this inequality was even more striking, as while the top 10%'s share grew from 67% in 2000 to 71% in 2019, the bottom fifty percent's share of the pie was almost negligible, as it dropped from an already meager 1.8% in 2000 to an even lower 1.5% in 2019.
Finally, Oxfam International, which studies global inequality, had some startling statistics to share in a recent report in which it analyzed the coronavirus pandemic and its impact on billionaires by outlining that:
While the world’s billionaires keep getting richer, people living in poverty will become even poorer as a result of the coronavirus. Recent estimates show that the number of people living on less than $5.50 a day could have increased by between more than 200 million to half a billion126 in 2020. According to Development Initiatives, the poorest people in almost every country have seen their income fall due to the pandemic.
With these details in mind, let's take a look at the wealthiest countries in the world.
Wealthiest Countries in the World by Assets
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Our Methodology
We used data from Credit Suisse's Global Wealth Databook 2022 to picked the wealthiest countries in the world. This database calculates wealth by taking a look at the value of financial and non financial assets and subtracting the value of debt from it.
Wealthiest Countries in the World by Assets
25. Denmark
Total Wealth in 2021: $1.9 trillion
Denmark is a European Nordic country with a $411 billion GDP and a GDP per capita of $65,713. Its wealth per adult stood at $426,494 in 2021.
24. Kingdom of Saudi Arabia
Total Wealth in 2021: $2 trillion
The Kingdom of Saudi Arabia is the largest oil exporting country in the world and is famous for its wealthy royals. However, it still ranks low in our list of the world's wealthiest countries.
23. Islamic Republic of Iran
Total Wealth in 2021: $2.2 trillion
The Islamic Republic of Iran is an Asian country with vast natural resources. It had $39,093 in wealth per adult in 2021, more than twice of India, one of the largest economies in the world.
22. Kingdom of Sweden
Total Wealth in 2021: $2.9 trillion
The Kingdom of Sweden is a prosperous European country with a $684 billion GDP and 56,361 GDP per capita in nominal terms. However, its wealth per adult sits at $381,968.
21. Federative Republic of Brazil
Total Wealth in 2021: $3.3 trillion
The Federative Republic of Brazil is a fast growing economy that is also the largest in its region. It has a relatively low $21,429 wealth per adult in 2021.
20. Republic of Indonesia
Total Wealth in 2021: $3.4 trillion
The Republic of Indonesia is a Southeast Asian country that is made up of thousands of islands. It has a $4.3 trillion GDP.
19. Kingdom of Belgium
Total Wealth in 2021: $3.44 trillion
The Kingdom of Belgium is another prosperous European country. It has a $723 billion GDP along with a high $381,114 wealth per adult.
18. Hong Kong SAR
Total Wealth in 2021: $3.49 trillion
Hong Kong SAR, while not a country, is still an economically self governing region. One of the most prosperous regions in the world, it has $552,930 in wealth per adult.
17. Russian Federation
Total Wealth in 2021: $3.7 trillion
The Russian Federation is the largest country in the world in terms of landmass, with a low $34,005 wealth per adult.
16. United Mexican States
Total Wealth in 2021: $4.1 trillion
The United Mexican States, or Mexico, is a North American country with a large land border with the U.S. Its wealth per adult sits at $48,138.
15. Swiss Confederation
Total Wealth in 2021: $4.8 trillion
The Swiss Confederation is one of the more prosperous countries in the world, with a $739 billion GDP. It has one of the highest wealth per adult $696,604.
14. Netherlands
Total Wealth in 2021: $5.4 trillion
The Netherlands is a European country and one of the most prosperous countries in the world. It has a $400,828 wealth per adult.
13. Taiwan
Total Wealth in 2021: $5.8 trillion
Taiwan is a disputed yet self governed territory. It has a $1.6 trillion GDP in purchasing power parity.
12. Kingdom of Spain
Total Wealth in 2021: $8.4 trillion
The Kingdom of Spain is another prosperous European country and one with a colonial past. It has $222,888 in wealth per adult.
11. Republic of Korea (ROK)
Total Wealth in 2021: $10.1 trillion
The Republic of Korea (ROK) is one of the most technologically advanced nations in the world. It has a $2.7 trillion GDP with a GDP per capita of $53,051.
10. Australia
Total Wealth in 2021: $10.6 trillion
Australia is an Oceanic country and a developed and prosperous nation. It has $10.6 trillion in total wealth and $550,110 in wealth per adult.
9. Italian Republic
Total Wealth in 2021: $11.5 trillion
The Italian Republic is a European country known for its cheese, wine, fashion, and cosmetics. It has a $3 trillion GDP.
8. Canada
Total Wealth in 2021: $12.3 trillion
Canada is a developed North American country that trades primarily with the U.S. Its wealth per adult sits at $409,297.
7. Republic of India
Total Wealth in 2021: $14.2 trillion
While its wealth per person is less than Iran's, the Republic of India still ranks high on our list when it comes to total wealth. However, the per person wealth is $15,535.
6. French Republic
Total Wealth in 2021: $15.9 trillion
The French Republic is a developed European country with a per person wealth of $322,074.
