瑞银：2014年全球财富报告

ResearchInstituteThoughtleadershipfromCreditSuisseResearchandtheworld’sforemostexpertsOctober2014GlobalWealthReport2014coveRphoto:istockphoto.com/pacopinillos,photo:istockphoto.com/silasyeungFormoreinformation,pleasecontact:Richardkersley,headofglobalsecuritiesproductsandthemes,creditsuisseinvestmentBanking,[e-mail],headofFundamentalmicrothemesResearch,creditsuisseprivateBanking&Wealthmanagement,[e-mail]03Introduction04Globalwealth2014:Theyearinreview14Globaltrendsinhouseholdwealth23Theglobalwealthpyramid28Wealthinequality38Householdwealthin201945Wealthofnations46unitedstates:landoffortunes47Japan:shocktherapy48china:staroftheeast49india:emergingwealth50France:uncertainprospects51unitedkingdom:advancingagain52switzerland:viewfromthetop53Russia:littlesignofgrowth54singapore:Robustandstablegrowth55taiwan:asiantiger56indonesia:impressivegrowth57australia:noworries58southafrica:signsofgrowth59chile:sustainedgrowth60canada:Risingwealth61Brazil:slumberinggiant62Authors63Imprint/DisclaimerContentsgloBalWealthRepoRt2014_2IntroductionthecreditsuisseglobalWealthReportprovidesthemostcomprehensiveandup-to-datesourceofinformationonglobalhouseholdwealth.since2010,wehavecollaboratedwithprofessorsanthonyshorrocksandJimDavies,recognizedauthoritiesonthistopic,andtheprincipalauthorsof“personalWealthfromaglobalperspective,”oxforduniversitypress,2008.unlikeotherstudies,thisreportmeasuresandanalyzestrendsinwealthacrossnationsfromtheverybaseofthe“wealthpyramid”totheultra-highnetworthindividuals.themethodologyisrobust,establishedovermanyyearsofanalysis,andcompletelytransparentwithregardtotheunderlyingsourcesandtheirquality.althoughtheglobaleconomicenvironmenthasremainedchallenging,totalglobalwealthhasgrowntoanewrecord,risingbyusD20.1trillionbetweenmid-2013andmid-2014,anincreaseof8.3%,toreachusD263trillion–morethantwicetheusD117trillionrecordedfortheyear2000.Withan11.4%year-on-yearincrease,wealthcreationwasparticularlystronginnorthamerica,whereitnowstandsatusD91trillion,or34.7%oftotalwealth.europemadethesecondlargestcontribution,withwealthincreasing10.6%tousD85.2trillion.inbothregions,capitalmarketswereakeysourceofwealthgrowth:equitymarketcapitalizationgrewby22.6%intheunitedstates,whilecanada,Franceandgermanyallrecordedgainscloseto30%.aswenotedlastyear,asiaandparticularlychinawillaccountforthelargestportionofnewlycreatedwealthamongtheemergingmarkets.however,wefindthatemerging-marketwealthgrowthhasnotbeenabletomaintainitsmomentumfromthepre-crisisperiodbetween2000and2008.thisshouldnotdistractfromthefactthatpersonalwealthinindiaandchinahasrisenbyafactorof3.1and4.6since2000.Whilewehaveseenanuptrendintheshareofwealthinemergingmarkets,thattrendhascometoahaltinrecentyears,mainlyduetoade-accelerationingrowthandunderperformingequitymarkets.however,weexpecttoseeabigimprovementinthepositionofemergingeconomiesoverthenextfiveyears.Wedevotethisyear’sspecialtopictowealthinequality.thechangingdistributionofwealthisnowoneofthemostwidelydiscussedandcontroversialoftopics,notleastowingtothomaspiketty’srecentaccountoflong-termtrendsaroundinequality.Weareconfidentthatthedepthofourdatawillmakeavaluablecontributiontotheinequalitydebate.overthelastfouryears,thecreditsuisseWealthReporthasbecomeakeyreferenceononeofthemostcrucialissuesincontemporaryeconomics.itsfindingsarenowhighlyanticipated.itisapremierexampleofthecreditsuisseResearchinstitute’sthoughtleadershipandproprietaryresearch,andwearedeterminedtomaintainthattradition.Hans-UlrichMeister,headprivateBanking&WealthmanagementandchiefexecutiveofficerRegionswitzerlandRobertS.Shafir,headprivateBanking&WealthmanagementandchiefexecutiveofficerRegionamericasgloBalWealthRepoRt2014_3Recordincreasesinglobalhouseholdwealththeoverallglobaleconomymayremainsluggish,butthishasnotpreventedpersonalwealthfromsurgingaheadduringthepastyear.Drivenbyhealthyhousingmarketsandrobustequityprices,totalwealthgrewby8.3%worldwidetoreachusD263trillion,thefirsttimehouseholdwealthhaspassedtheusD250trillionthreshold(seetable1).theannualriseofusD20.1trillionisthelarg-estrecordedsince2007andcontinuesatrendwhichhasseenglobalwealthincreaseeveryyearsince2008,sothatitnowstandsat20%abovethepre-crisispeakand39%abovetherecentlowin2008.Whencalculatedusingconstantexchangerates,therecentgainsareevenmoreimpressive.Forthecalendaryear2013,weestimatethatglobalwealthrosebyusD21.9trillion.thisismorethantheamountgainedinanyother12-monthperiodsince2000,anditexceedsthetotallossresultingfromthefinancialcrisisin2007–2008(usD21.5trillion).onthatbasis,itseemslikelythatpersonalwealthhasrecentlybeenrisingatthefastestrateeverrecorded.givenpopulationgrowth,averagewealthhasgrownataslowerpace,buttheoverallpictureissimilar.WealthperadultpassedtheusD50,000benchmarkin2012andachievedanewrecordhighofusD56,000inmid-2014.theriseofusD3,450peradultsincemid-2013exceedstheincreaseinanypreviousyearsincethefinancialcri-sis,whiletheriseofusD3,900calculatedforcal-endaryear2013withfixedexchangeratesbeatsallyearssince2000,