Continuing a long line of positive research supporting Spain´s recovering economy, financial services provider Credit Suisse show significant gains in Spain under its Global Wealth Report 2014, published this month.
In its analysis of 50 countries, the Zurich-based multinational bank made no bones about the changing distribution of wealth, taking into account “the full spectrum of asset ownership from the wealthiest individuals in the top echelons, down to less wealthy people in the middle and bottom segments of the wealth pyramid.”
In its striking conclusions, over 70% of adults worldwide have wealth below $10,000 (€7,838), while “a group of millionaires, numbering less than 1% of all adults, own 44% of global wealth.”
In the 40 years since Spain gained democracy in 1975, the country´s transformation has been remarkable: from an agricultural and fishing economy to exporter of fresh produce, niche services, infrastructure, technology and fashion innovations, to increasingly attractive inward investment destination, European hub and strategic gateway to the Americas.
With the US topping the global wealth league, Spain recorded a “rapid rise” in its share of the top ten percent of wealth created between 2007 and 2014 – in spite of the global economic crisis factored into every country Credit Suisse analysed.
The bank notes: “Changes in household wealth are sensitive to movements in asset prices and exchange rates. Last year, these factors were abnormally strong in many countries. Capital markets rose by 50% in Denmark, Italy and Spain, with house price movements another source of changes in household wealth. Euro appreciation and equity price increases explain why wealth rose by more than $500 billion (€392 billion) in Spain.”
The UK tops the table of household wealth 2013–2014, rising 19%, while wealth grew 15%–18% in Denmark, Greece, Spain and Korea.
Interestingly, Spain, the Netherlands, Belgium, Taiwan and Sweden each account for 1% of Dollar millionaires by country of residence, compared to 2% of such residents in Switzerland.
Spain moves up the global wealth pyramid with 89,000 new millionaires joining the club between 2013 and 2014.
Of the world´s Ultra High Net Worth Individuals – wealth exceeding $50 million (€40 million) – Europe is home to 31,400 (24.5%), of whom 2,400 are in Spain. These comprise some 1,200 HNWIs worth $50 million to $100 million (€40 million to €78 million) and 1,200 HNWIs worth $100 million to $500 million (€78 million to €392 million).