Research Institute
Thought leadership from Credit Suisse Research
and the world’s foremost experts
October 2015
Global Wealth
Report 2015
Introduction
Now in its sixth edition, the Credit Suisse Global
Wealth Report offers a comprehensive portrait of
global wealth, covering all regions and countries,
and all parts of the wealth spectrum, from the
very base of the wealth pyramid to ultra-high net
worth individuals (UHNWIs). We believe that an
inclusive picture of wealth across regions and
incomes is essential to the understanding of
wealth creation and its implications on consump-
tion, retirement savings, and asset allocation. In
providing that full picture, the report has grown
to an indispensable source to scholars, policy-
makers, and corporate decision-makers alike.
Today, wealth is still predominantly concen-
trated in Europe and the United States. However,
the growth of wealth in emerging markets has
been most impressive, including a fvefold rise in
China since the beginning of the century. The fact
that fnancial assets accounted for most of the
wealth growth in China highlights the relevance
of fnancial markets in the creation of wealth, but
also points to short-term vulnerabilities of wealth
to fnancial shocks. Stock prices in China gained
over 150% between June 2014 and mid-June
2015, only to decline sharply thereafter. At the
end of June 2015, the date on which our wealth
estimates are based, the stock market had weak-
ened by over 20% from its peak. When this
report went into press at the end of September, it
was down an additional 25%.
At the very top of the pyramid, there are now
over 120,000 UHNWIs, each worth more than
USD 50 million. The fortunes created in China
led to the rapid emergence of a sizable UHNW
population, which now makes up 8% of global
UHNWIs. Further below the spectrum, the group
of millionaires still only accounts for 0.7% of
population, but owns 45.2% of global wealth.
While the distribution of wealth is skewed
towards the wealthy, the considerable economic
importance of the base and middle sections
should not be overlooked. Together, these sec-
tions account for USD 39 trillion in wealth,
driving a signifcant part of demand for a wide
range of consumer goods and fnancial services.
Every year, we try to contribute to the house-
hold wealth debate by extending our analysis to a
special topic of interest. We devote this year’s
report to middle-class wealth. Notably, we fnd
that middle-class wealth has grown at a slower
pace than wealth at the top end. This has
reversed the pre-crisis trend, which saw the
share of middle-class wealth remaining fairly
stable over time. These results reinforce our
fndings from last year’s edition of this report,
which argued that wealth inequality had widened
in most countries in the years after the 2008
crisis. Still, the middle class will continue to
expand in emerging economies overall, with a
lion’s share of that growth to occur in Asia. As a
result, we will see changing consumption pat-
terns as well as societal changes as, historically,
the middle class has acted as an agent of stabil-
ity and prosperity.
We trust that you will fnd our latest compen-
dium of global wealth insightful and look forward
to your reaction.
Tidjane Thiam
Chief Executive Offcer, Credit Suisse
Richard Kersley, Head Global Thematic
and ESG Research, Credit Suisse
Investment Banking,
richard.kersley@credit-suisse
Markus Stierli, Head of Fundamental
Micro Themes Research, Credit Suisse
Private Banking & Wealth Management,
markus.stierli@ credit-suisse
For more information, please contact
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2Global Wealth Report 2015
3Global Wealth Report 2015
02Introduction
04Global wealth 2015:
The year in review
14Global trends in
household wealth
23The global wealth
pyramid
28The global middle
class
40Global wealth in 2020
45Wealth of nations
46 United States – Land
of fortunes
47 China – Emerging doubts
48 Japan – Little change
49 India – Awaiting take-off
50 France – Uncertain
prospects
51 United Kingdom –
Advancing again
52 Switzerland – View from
the top
53 Russia – A lost decade
54 Singapore – Growth pause
55 Taiwan – Asian tiger
56 Indonesia – Growth with
depreciation
57 Australia – Waltzing on
58 South Africa – Signs of
growth
59 Chile – Sustained growth
60 Canada – Facing
headwinds
61 Brazil – Stuttering progress
62About the authors
63Imprint / Disclaimer14
28
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3Global Wealth Report 2015
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