Israel among ‘handful’ of countries reporting wealth increase in 2019
Despite the global economic crisis caused by the novel coronavirus pandemic, the number of Israeli millionaires decreased by only 154 people and now stands at 157,286, Credit Suisse reports.
By HAGAY HACOHENCredit Suisse Israel CEO Hila Goldenberg(photo credit: Courtesy)
Israel and the US are among the “handful” of countries able to report an increase of wealth per household in 2019, Credit Suisse Israel CEO Hila Goldenberg said Sunday. The US has had an “unbroken spell of increases in total wealth” since 2008, with 2019 witnessing an increase of $42,090 per adult, she said in a press release.In Israel, the Credit Suisse study pointed to a slight drop between 2019 and June. Last year, the Israeli figure was $222,613 per adult; in June it was projected to be $220,996. The number of Israeli millionaires decreased by 154 people and now stands at 157,286. Their assets remained largely intact with the average Israeli millionaire having $3.33 million in assets.No drop was discovered in the number of billionaires, of which the Jewish state currently has 10.Israel is the 30th country in the world in the number of its millionaires and the 20th when average adult wealth is measured. It rates 18th in the world for billionaires. The US is first with 358 billionaires, followed by China with 148. The report found that worldwide average adult wealth dropped during the COVID-19 crisis from $78,376 in June to $76,984 today. The report warned of a “double whammy” effect among millennials who are still reeling from the 2007-2008 economic crisis.“Economic activity is reduced, globalization goes into reverse and travel is discouraged,” the report said.
