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The World Wealth Report by CapGemini has mapped the world’s high net worth individuals, or people with combined savings of at least a million U.S. dollars in securities, real estate, or cash (HNWIs).
(These savings should exclude the value of the person’s primary apartment and collectibles.)
In both Norway and Sweden, the number of HNWIs grew by 13% last year. The European average is 7.7%.
Sweden was the only country to climb to positions in this year’s report, which sees it ranked among the top 25 for the first time. The country now has 113,000 HNWIs.
A strong real estate market and a generally strong economy has made many Swedes richer, according to Johan Bergström, a finance expert at CapGemini.
“The strong price development in real estate prices and a GDP growth of 3.3% combined with a strong stock market growth of 5.5% are the main causes of a new record in dollar-millionaires [in Sweden],” Bergström said.
Bergström sees a contrast between how Swedish and Asian high net worth individuals build their wealth.
venteco/Flickr“What makes us different is that we [Swedes] become rich on real estate and a generally strong economy. Asia’s fortunes are mostly dependent on a higher share of entrepreneurs and companies that are being built,” he said.
The global growth of HNWIs was 8.2%, compared to 4% in 2015. In Europe, only Russia (19.7%) and Netherlands (13.7%) showed stronger high net worth individual population growth than Norway and Sweden.
CapGemini predicts that the sum total wealth of the world’s high net worth individuals will surpass $ 100 trillion by 2025. The top 4 countries – U.S., Japan, Germany and China – have more than 60% of the world’s HNWIs.
The Global Wealth Databook by Credit Suisse, which has mapped the amount of dollar-millionaires all assets considered, recently placed Sweden and Denmark in the Top 20. Check it out here.
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