Global Wealth Bounces Back Strongly in 2023, APAC Shows Highest Growth: UBS Report

Shahba Mayyeri -

In 2023, global wealth staged a robust recovery, bouncing back from a previous year's contraction, buoyed by a 4.2% growth.

This resurgence, exceeding both nominal and inflation-adjusted expectations, marked a pivotal moment in global wealth dynamics. The Global Wealth Report, now in its fifteenth year, unveils compelling insights into regional disparities and demographic trends:

  • Regional Wealth Dynamics: The Europe, Middle East, and Africa (EMEA) region led with average wealth per adult reaching USD 166,000, albeit at a slower growth pace compared to Asia-Pacific (APAC) and the Americas. APAC exhibited the highest growth rates since 2008, with wealth per adult soaring by 177%.
  • National Trends: Switzerland maintained its top spot for average wealth per adult, followed closely by Luxembourg and Hong Kong SAR. Turkey emerged as a standout performer, registering a remarkable 157% growth in 2023.
  • Wealth Mobility: The report underscores upward mobility across wealth brackets globally, with a significant portion of wealth set to transfer horizontally, notably benefiting spouses and subsequently women, given their longer life expectancy.
  • Future Outlook: Forecasts predict a substantial increase in the number of millionaires globally by 2028, driven by markets like Mainland China and the UK. Moreover, wealth inequality trends have shown mixed patterns, decreasing in developed economies while rising in fast-growing markets.

Commenting on these findings, Iqbal Khan, Co-President of UBS Global Wealth Management, emphasized the need for strategic wealth management amidst evolving global economic landscapes.

Robert Karofsky, his counterpart, highlighted the report's role in providing actionable insights derived from three decades of comprehensive data.

Paul Donovan, Chief Economist at UBS Global Wealth Management, stressed the report's significance in guiding investments amidst structural economic shifts, crucial for global prosperity and sustainability.

As global economies adapt to these transformative shifts, understanding wealth distribution and dynamics becomes increasingly vital in shaping future economic policies and investments worldwide.