America might be the biggest economy on the planet, yet when you consider median wealth per adult – an average calculated by finding the midpoint of citizens’ wealth – it ranks in 22nd place globally. Using data from the Credit Suisse Global wealth report 2019, we’ve ranked countries by median wealth, as well as including figures for GDP per capita (the country’s economic output divided by population). Click or scroll through to find out the countries where citizens are richer than Americans.
Putting it in 22nd place globally, the median wealth in the US is $65,904, while its GDP per capita is higher at $85,319. However, America has the highest number of millionaires of any country on the planet, with 18.6 million people having wealth that reaches six figures. Its surprisingly low place in the ranking is due to the unequal spread of wealth in America, where the richest three people – Bill Gates, Jeff Bezos and Warren Buffett – own the same amount of wealth as the poorest 50%.
Qatar may be tiny, but it is wealthy, with the sixth highest GDP per capita in the world at $70,740, according to the International Monetary Fund. The country owes much of its wealth to the fact that it’s home to the world’s third-largest oil and natural gas reserves, which have brought in a large migrant workforce in recent years. But its comparatively lower rate of median wealth per adult, at $69,671, reflects the fact that there are large wealth gaps in the population, especially between men and women and domestic and migrant workers. Despite this, on average its people are richer than Americans.
Taiwan beats most other Asia-Pacific nations, except Japan, South Korea and Singapore, when it comes to median wealth, at $70,191. However, its GDP per capita is considerably lower at $30,855. Thanks to rapid economic development in the latter half of the 20th century, which has been dubbed “The Taiwan Miracle”, the country's industrial infrastructure rapidly improved and the country is one of the main business hubs of the region.
Like many other Scandinavian nations, Norway not only has a high GDP per capita ($105,126) and median wealth ($70,627) but it’s also world-leading in terms of equality, with the most recent Gini index estimates from the World Bank ranking it as the third most equal country. It has an abundant supply of natural resources, along with a large private sector, to thank for the majority of its wealth.
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The median wealth per adult in South Korea is $72,198, putting it in 18th position globally, while its GDP per capita is higher at $39,259. However, wealth is very unequally distributed. The issue of wealth in South Korea has recently been explored in the film Parasite, which looks at the lives of the country’s haves and have-nots, winning a prestigious Palme D’Or award at the Cannes Film Festival. The widening wealth gap has made president Moon Jae-in unpopular, whose approval ratings have plummeted from over 80% in 2017 to 39% at the end of 2019.
Malta's GDP per capita is $42,514, but the country has a median wealth of $76,016. The country has a free market economy and the country fared well after the 2008 financial crisis in comparison to its fellow EU members, something which has been attributed to a low debt-to-GDP ratio and a strong banking sector. However, the country lags behind the rest of the EU when it comes to gender equality: women earn on average around 15% less than men.
Italy is the third largest economy in the Eurozone, although there’s a big geographical divide in terms of wealth distribution. Its industrial north is more economically developed than its agricultural south, and there’s a sizeable pay gap: workers in the north earn on average 15.1% more than those in the south and islands according to a report by HR portal Jobpricing Observatory. Nonetheless, with a median wealth of $91,889 its citizens fare pretty well in the global stakes. Its GDP per capita is $42,237.
Austria scores well for both median wealth per person ($94,070) and GDP per capita ($64,664), and it’s commonly thought of as one of the most stable and prosperous countries in the EU. It has a strong service sector, with key industries being food and luxury commodities, mechanical engineering and steel construction, chemicals, and vehicle manufacturing. Wealth is shared fairly equally, too: Austria scores 11th in terms of income equality out of OECD member countries.
Spain ranks in 14th place overall with a median wealth per adult of $95,360, while its GDP per capita is much lower at $38,118. The country’s wealth isn’t evenly spread, however, with the average gross monthly salary in the northern Basque Country region being €625 ($700) higher than in the south-western region of Extremadura. Economic growth has stagnated lately due to a slowdown in population growth.
Singapore is a wealthy country by any standard – in fact, half of its population is among the world’s richest 10% according to the Credit Suisse report. It has a median wealth of $76,967 and a GDP per capita of $79,123. The report also stated that Singapore’s inequality was “not extreme compared with other countries”, meanwhile average monthly income per household member grew by 3.4% between 2017 and 2018 according to data from the Singapore Department of Statistics.
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The UK sits in 12th position for median wealth per adult, which is currently at $97,452, while GDP per capita is $55,243. Yet there’s a north-south divide at play which, according to think tank IPPR North, means that “the UK is more regionally divided than any comparable advanced economy”. In the poorest parts of the country – Blackburn with Darwen, Nottingham and Leicester – disposable income per person is £48,000 ($62,635) lower than in wealthy London boroughs of Kensington and Chelsea, and Hammersmith and Fulham.
Ireland is the 10th highest in the ranking with a median wealth per person of $104,842, while GDP per capita is high at $108,016. The country has lured in businesses due to its low corporate tax rate of just 12.5%. It scores particularly highly in the OECD Better life Index for work-life balance, safety, health and community, however it also has issues with inequality: the top 20% of people earn almost five times as much as the bottom 20%.
With 1.3 million millionaires in Canada, median wealth of $107,004 and GDP per capita at $59,212, it’s undoubtedly a wealthy country. Interestingly, a 2017 report by the Chartered Professional Accountants of Canada showed that income inequality was “almost exclusive” to major cities, with rates four times higher in Calgary, three times higher in Toronto and 2.5 times higher in Vancouver.
The wealth of New Zealand’s richest citizens has risen dramatically over the past decade: the number of millionaires in the country went from 16,000 in 2010 to 185,000 in 2019, according to the Credit Suisse report. Median wealth is $116,437 while GDP per capita is $58,701. Broadly speaking, rising house prices have accounted for an increase in real household assets, which have grown quicker than financial assets. Wealth is unequally shared, however, with the top 20% of New Zealanders owning 70% of the wealth.
For a country with a small population of just 11 million, Belgium’s overall wealth is high: median wealth is at $117,093 per adult while GDP per capita is $59,741. Belgium also has low levels of vertical inequality (between individuals and households), in terms of income, wealth and earnings, according to the OECD. It’s in an ideal position for trade, with excellent infrastructure of ports, roads and railways, which have helped the economy to prosper.
Coming in at second place, Australia has a median wealth of $181,361 and a GDP per capita of $75,992. However, it’s mainly the rich that are reaping the benefits, with the average net worth of the top 20% jumping from A$1.9 million (US$1.3m) in 2003-4 to A$3.2 million (US$2.2m) in 2017, according to a report by the Australian Bureau of Statistics. Meanwhile, the average worth of low-income households has stayed fairly stagnant.
The unequivocal winner is Switzerland, where both median wealth per adult ($227,891) and GDP per capita ($102,782) are sky high. The main industries are banking, precious metals, pharmaceuticals and machinery, while factors such as its neutral stance in conflict and political stability have allowed the economy to remain strong.
Believe it or not Switzerland wasn't always so rich, read about its past and other countries that used to be poor but are now rich