Switzerland topped the list of countries with the largest per capita wealth last year, a study has found.
Thanks to numerous wealthy individuals, average worth in the Alpine country was $685,000 (CHF600,000), according to a study published on Tuesday by UBS and its subsidiary Credit Suisse.
Switzerland was followed in the rankings by the US and Hong Kong.
Its top ranking comes despite a decline, which was a trend worldwide. Global household wealth fell last year for the first time since the 2008 financial crisis, says the report. The total private wealth of adults around the world shrank by 2.4 % to $454.4 trillion in 2022.
Financial assets lost value while real estate proved resilient despite rapidly rising interest rates. Above average losses were recorded in the US, Hong Kong and Australia.
The authors expect a turnaround in the coming years, however. Total wealth by 2027 is expected to rise by 38% to $629 trillion, mainly thanks to growth in countries with medium wealth. The study estimates that the number of millionaires worldwide will reach 86 million in five years.