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The Best and Worst Performing Wealth Markets in the Last 10 Years

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global wealth markets 2019

The Best and Worst Performing Wealth Markets

A lot can change in a decade.

Ten years ago, the collapse of Lehman Brothers sent the world’s financial markets into a tailspin, a catalyst for years of economic uncertainty.

At the same time, China’s robust GDP growth was reaching a fever pitch. The country was turning into a wealth creation machine, creating millions of newly-minted millionaires who would end up having a huge impact on wealth markets around the world.

The Ups and Downs of Wealth Markets (2008-2018)

Today’s graphic, using data from the Global Wealth Migration Review, looks at national wealth markets, and how they’ve changed since 2008.

Each wealth market is calculated from the sum of individual assets within the jurisdiction, accounting for the value of cash, property, equity, and business interests owned by people in the country. Just like other kinds of markets, wealth can grow or shrink over time.

Here are a few countries and regions that stand out in the report:

Developing Asian Economies
In terms of sheer wealth growth, nothing comes close to countries like China and India. The size of these markets, combined with rapid economic growth, have resulted in triple-digit gains over the last 10 years.

For the world’s two most populous countries, it’s a trend that is expected to continue into the next decade, despite the fact that many millionaire residents are migrating to different jurisdictions.

Mediterranean Malaise
European nations saw very little growth over the past decade, but the Mediterranean region was particularly hard-hit. In fact, eight of the 20 worst performing wealth markets over the last decade are located along the Mediterranean coast:

Rank (Out of 90)Country% Growth (2008-2018)
89🇬🇷 Greece-37%
87🇨🇾 Cyprus-21%
86🇮🇹 Italy-14%
85🇪🇸 Spain-13%
84🇹🇷 Turkey-11%
82🇪🇬 Egypt-10%
80🇫🇷 France-7%
76🇭🇷 Croatia-6%

European Bright Spots
There were some bright spots in Europe during this same time period. Malta, Ireland, and Monaco all achieved positive wealth growth at rates higher than 30% over the last 10 years.

Australia
While it’s expected to see rapidly-growing economies as prolific producers of wealth, it is much more surprising when mature markets perform so strongly. Singapore and New Zealand fall under that category, as does Australia, which was already a large, mature wealth market.

Australia recently surpassed both Canada and France to become the seventh largest wealth market in the world, and last year alone, over 12,000 millionaires migrated there.

Venezuela
The long-term economic slide of Venezuela has been well documented, and it comes as no surprise that the country saw extreme contraction of wealth over the last decade. Since war-torn countries are not included in the report, Venezuela ranked 90th, which is dead-last on a global basis.

Short Term, Long Term

In 2018, global wealth actually slumped by 5%, dropping from $215 trillion to $204 trillion.

All 90 countries tracked by the report experienced negative growth in wealth, as global stock and property markets dipped. Here’s a look at the wealth markets that were the hardest hit over the past year:

Wealth MarketWealth growth (2017 -2018)
🇻🇪 Venezuela-25%
🇹🇷 Turkey-23%
🇦🇷 Argentina-20%
🇵🇰 Pakistan-15%
🇦🇴 Angola-15%
🇺🇦 Ukraine-13%
🇫🇷 France-12%
🇷🇺 Russia-12%
🇮🇷 Iran-12%
🇶🇦 Qatar-12%

The future outlook is rosier. Global wealth is expected to rise by 43% over the next decade, reaching $291 trillion by 2028. If current trends play out as expected, Vietnam could likely top this list a decade from now with a staggering 200% growth rate.

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Visualized: A Global Risk Assessment of 2021 And Beyond

Which risks are top of mind in 2021? We visualize the World Economic Forum’s risk assessment for top global risks by impact and livelihood.

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Visualized: A Global Risk Assessment of 2021 And Beyond

Risk is all around us. After the events of 2020, it’s not surprising that the level and variety of risks we face have become more pronounced than ever.

Every year, the World Economic Forum analyzes the top risks in the world in its Global Risks Report. Risks were identified based on 800+ responses of surveyed leaders across various levels of expertise, organizations, and regional distribution.

Which risks are top of mind in 2021?

The World’s Top Risks by Likelihood and Impact

According to WEF’s risk assessment methodology, all the global risks in 2021 fall into the following broad categories:

  • 🔵 Economic
  • 🟢 Environmental
  • 🟠 Geopolitical
  • 🔴 Societal
  • 🟣 Technological

It goes without saying that infectious diseases have now become one of the top societal risks on both metrics of likelihood and impact.

That said, environmental risks continue to dominate the leaderboard, accounting for five of the top 10 risks by impact, especially when it comes to climate action failure.

Several countries are off-track in meeting emissions goals set by the Paris Climate Agreement in 2015, while the pandemic has also delayed progress in the shift towards a carbon-neutral economy. Meanwhile, biodiversity loss is occurring at unprecedented rates.

RankTop Risks by LikelihoodTop Risks by Impact
#1🟢Extreme weather🔴Infectious diseases
#2🟢Climate action failure🟢Climate action failure
#3🟢Human environmental damage🟠Weapons of mass destruction
#4🔴Infectious diseases🟢Biodiversity loss
#5🟢Biodiversity loss🟢Natural resource crises
#6🟣Digital power concentration🟢Human environmental damage
#7🟣Digital inequality🔴Livelihood crises
#8🟠Interstate relations fracture🟢Extreme weather
#9🟣Cybersecurity failure🔵Debt crises
#10🔴Livelihood crises🟣IT Infrastructure breakdown

As for other risks, the prospect of weapons of mass destruction ranks in third place for potential impact. In the global arms race, a single misstep would trigger severe consequences on civil and political stability.

New Risks in 2021

While many of the risks included in the Global Risks Report 2021 are familiar to those who have read the editions of years past, there are a flurry of new entries to the list this year.

Here are some of the most interesting ones in the risk assessment, sorted by category:

Societal Risks

COVID-19 has resulted in a myriad of knock-on societal risks, from youth disillusionment and mental health deterioration to livelihood crises. The first two risks in particular go hand-in-hand, as “pandemials” (youth aged 15-24) are staring down a turbulent future. This generation is more likely to report high distress from disrupted educational and economic prospects.

At the same time, as countries prepare for widespread immunization against COVID-19, another related societal risk is the backlash against science. The WEF identifies vaccines and immunization as subjects susceptible to disinformation and denial of scientific evidence.

Economic Risks

As monetary stimulus was kicked into high gear to prop up markets and support many closed businesses and quarantined families, the economic outlook seems more fragile than ever. Debt-to-GDP ratios continue to rise across advanced economies—if GDP growth stagnates for too long, a potential debt crisis could see many businesses and major nations default on their debt.

With greater stress accumulating on a range of major industries such as travel and hospitality, the economy risks a build-up of “zombie” firms that drag down overall productivity. Despite this, market valuations and asset prices continue to rise, with equity markets rewarding investors betting on a swift recovery so far.

Technological Risks

Last but not least, COVID-19 has raised the alert on various technological risks. Despite the accelerated shift towards remote work and digitalization of entire industries, the reality is that digital inequality leaves those with lower digital literacy behind—worsening existing inequalities.

Big Tech is also bloating even further, growing its digital power concentration. The market share some companies hold in their respective sectors, such as Amazon in online retail, threatens to erode the agency of other players.

Assessing the Top 10 Risks On the Horizon

Back in mid-2020, the WEF attempted to quantify the biggest risks over an 18-month period, with a prolonged economic recession emerging on top.

In this report’s risk assessment, global risks are further classified by how soon their resulting threats are expected to occur. Weapons of mass destruction remain the top risk, though on a much longer scale of up to 10 years in the future.

RankRisk%Time Horizon
#1🟠Weapons of mass destruction62.7Long-term (5-10 years)
#2🔴Infectious diseases58Short-term risks (0-2 years)
#3🔴Livelihood crises55.1Short-term risks (0-2 years)
#4🔵Asset bubble burst53.3Medium-term risks (3-5 years)
#5🟣 IT infrastructure breakdown53.3Medium-term risks (3-5 years)
#6🔵Price instability52.9Medium-term risks (3-5 years)
#7🟢Extreme weather events52.7Short-term risks (0-2 years)
#8🔵Commodity shocks52.7Medium-term risks (3-5 years)
#9🔵Debt crises52.3Medium-term risks (3-5 years)
#10🟠State collapse51.8Long-term (5-10 years)

Through this perspective, COVID-19 (and its variants) remains high in the next two years as the world scrambles to return to normal.

It’s also clear that more economic risks are taking center stage, from an asset bubble burst to price instability that could have a profound effect over the next five years.

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Mapped: The 50 Richest Women in the World in 2021

Fewer than 12% of global billionaires are women, but they still hold massive amounts of wealth. Who are the 50 richest women in the world?

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Mapped: The 50 Richest Women in the World in 2021

View the high-resolution of the infographic by clicking here.

According to a recent census by Wealth-X, 11.9% of global billionaires are women. Even at such a minority share, this group still holds massive amounts of wealth.

Using a real-time list of billionaires from Forbes, we examine the net worth of the 50 richest women in the world and which country they’re from.

Where are the World’s Richest Women?

The richest woman in the world, Francoise Bettencourt Meyers and family own 33% of stock in L’Oréal S.A., a French personal care brand. She is also the granddaughter of its founder.

In April 2019, L’Oréal and the Bettencourt Meyers family pledged $226 million (€200 million) towards the repair of the Notre Dame cathedral after its devastating fire.

Following closely behind is Alice Walton of the Walmart empire—also the world’s richest family. Together with her brothers, they own over 50% of the company’s shares. That’s a pretty tidy sum, considering Walmart raked in $524 billion in revenues in their 2020 fiscal year.

Other family ties among the richest women in the world include Jacqueline Mars and her four granddaughters, heiresses to a slice of the Mars Inc. fortune in candy and pet food—and all of them make this list.

RankNameNet Worth ($B)Country
#1Francoise Bettencourt Meyers & family$71.4🇫🇷 France
#2Alice Walton$68.0🇺🇸 United States
#3MacKenzie Scott$54.9🇺🇸 United States
#4Julia Koch & family$44.9🇺🇸 United States
#5Yang Huiyan & family$31.4🇨🇳 China
#6Jacqueline Mars$28.9🇺🇸 United States
#7Susanne Klatten$25.8🇩🇪 Germany
#8Zhong Huijuan$23.5🇨🇳 China
#9Laurene Powell Jobs & family$22.1🇺🇸 United States
#10Iris Fontbona & family$21.0🇨🇱 Chile
#11Zhou Qunfei & family$18.6🇭🇰 Hong Kong
#12Fan Hongwei & family$17.9🇨🇳 China
#13Gina Rinehart$17.4🇦🇺 Australia
#14Charlene de Carvalho-Heineken & family$17.1🇳🇱 Netherlands
#15Wu Yajun$16.3🇨🇳 China
#16Abigail Johnson$15.0🇺🇸 United States
#17Kirsten Rausing$13.5🇸🇪 Sweden
#18Kwong Siu-hing$13.0🇭🇰 Hong Kong
#19Lu Zhongfang$12.7🇨🇳 China
#20Wang Laichun$12.7🇨🇳 China
#21Cheng Xue$10.8🇨🇳 China
#22Massimiliana Landini Aleotti & family$10.6🇮🇹 Italy
#23Denise Coates$9.9🇬🇧 United Kingdom
#24Lam Wai Ying$9.1🇭🇰 Hong Kong
#25Ann Walton Kroenke$9.1🇺🇸 United States
#26Savitri Jindal & family$8.7🇮🇳 India
#27Nancy Walton Laurie$8.2🇺🇸 United States
#28Blair Parry-Okeden$8.2🇺🇸 United States
#29Diane Hendricks$8.0🇺🇸 United States
#30Christy Walton$7.8🇺🇸 United States
#31Zhao Yan$7.8🇨🇳 China
#32Zeng Fangqin$7.6🇨🇳 China
#33Magdalena Martullo-Blocher$7.5🇨🇭 Switzerland
#34Rahel Blocher$7.4🇨🇭 Switzerland
#35Marie-Hélène Habert$7.2🇫🇷 France
#36Pamela Mars$7.2🇺🇸 United States
#37Victoria Mars$7.2🇺🇸 United States
#38Valerie Mars$7.2🇺🇸 United States
#39Marijke Mars$7.2🇺🇸 United States
#40Sandra Ortega Mera$7.1🇪🇸 Spain
#41Antonia Ax:son Johnson & family$7.0🇸🇪 Sweden
#42Sofie Kirk Kristiansen$6.9🇩🇰 Denmark
#43Agnete Kirk Thinggaard$6.9🇩🇰 Denmark
#44Li Haiyan$6.7🇨🇳 China
#45Ronda Stryker$6.6🇺🇸 United States
#46Marie Besnier Beauvalot$6.3🇫🇷 France
#47Zheng Shuliang & family$6.2🇨🇳 China
#48Meg Whitman$5.8🇺🇸 United States
#49Chan Laiwa & family$5.8🇨🇳 China
#50Maria Asuncion Aramburuzabala & family$5.8🇲🇽 Mexico

All data as of January 15, 2021 (9AM PST)

MacKenzie Scott, ranked #3 on the list, was heavily involved in the early days of turning Amazon into an e-commerce behemoth. She was involved in areas from bookkeeping and accounts to negotiating the company’s first freight contract. Her high-profile divorce from Jeff Bezos captured the headlines, notably because she gained control over 4% of Amazon’s outstanding shares.

The total value of these shares? An eye-watering $38.3 billion—propelling her to the status of one of America’s richest people.

However, MacKenzie Scott has more altruistic ventures in mind for this wealth. In 2020, she gave away $5.8 billion towards causes such as climate change and racial equality in just four months, and is a signatory on the Giving Pledge.

[Scott’s near $6 billion donation has] to be one of the biggest annual distributions by a living individual.

—Melissa Berman, CEO of Rockefeller Philanthropy Advisors

Looking towards the East, Yang Huiyan became the richest woman in Asia after inheriting 70% of shares in the property development company Country Garden Holdings. The company went public in 2007, raising $1.6 billion in its IPO—an amount comparable to Google’s IPO in 2004.

To aid frontline health workers during the pandemic, Country Garden Holdings set up robotic, automated buffet stations to safely serve medical staff in Wuhan, China.

Giving Generously

While the 50 richest women in the world have certainly made progress, the overall tier of billionaires is still very much a boys’ club. One thing that also factors into this could be the way this wealth is spent.

As many female billionaires inherited their wealth, a large share are more inclined to contribute to charitable causes where they can use their money to make an impact. What percentage of billionaires by gender have contributed at least $1 million in donations over the past five years?

Made $1mm in donations over last 5 years (%)

Source of wealth👩 Female philanthropists👨 Male philanthropists
Inherited68%5%
Inherited/Self-made20%28%
Self-made12%67%

Source: Wealth-X

Meanwhile, male billionaires are more likely to donate to charity if they built the wealth themselves—and many companies that fall into this category certainly stepped up during the early days of the COVID-19 crisis.

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