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Visualizing the Top Countries by Wealth per Person

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Visualizing the Top Countries by Wealth per Person

Visualizing the Top Countries by Wealth per Person

When looking at wealth per person on a country-by-country basis, is it more important to look at median wealth or average wealth?

Many experts believe that median wealth provides the most accurate picture of wealth since it identifies the middle point of a dataset, with half of the data points above this number, and half falling below it. In this way, it is less impacted by extreme values, and gives a good representation of the “middle of the pack”.

With that said, average wealth gives you a true average, even though it may get distorted by outliers, like the fortunes held by billionaires.

Either way, today’s graphic compares both average and median wealth across select countries, using data from the 2023 UBS Global Wealth Report.

Top Countries by Average Wealth per Person

In 2022, global average wealth per adult stood at $84,718.

By these measures, Switzerland ranks at the top at $685,226 per person. Over 15% of the population are millionaires, the third-highest rate in the world. However, when looking at median wealth per person, it stands at $167,353, a difference of over $517,000.

Like Switzerland, five of the top 10 countries by average wealth are in Western Europe, including Denmark, Norway, the Netherlands, and Belgium.

The table below shows average wealth per adult in 2022 across 39 countries analyzed by UBS:

RankCountryMean Wealth per Adult
1๐Ÿ‡จ๐Ÿ‡ญ Switzerland$685,226
2๐Ÿ‡บ๐Ÿ‡ธ U.S.$551,347
3๐Ÿ‡ฆ๐Ÿ‡บ Australia$496,819
4๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark$409,954
5๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand$388,761
6๐Ÿ‡ณ๐Ÿ‡ด Norway$385,338
7๐Ÿ‡ธ๐Ÿ‡ฌ Singapore$382,957
8๐Ÿ‡จ๐Ÿ‡ฆ Canada$369,577
9๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands$358,235
10๐Ÿ‡ง๐Ÿ‡ช Belgium$352,814
11๐Ÿ‡ซ๐Ÿ‡ท France$312,235
12๐Ÿ‡ฌ๐Ÿ‡ง UK$302,783
13๐Ÿ‡ธ๐Ÿ‡ช Sweden$296,800
14๐Ÿ‡น๐Ÿ‡ผ Taiwan$273,788
15๐Ÿ‡ฉ๐Ÿ‡ช Germany$256,179
16๐Ÿ‡ฎ๐Ÿ‡ช Ireland$247,080
17๐Ÿ‡ฆ๐Ÿ‡น Austria$245,225
18๐Ÿ‡ฎ๐Ÿ‡ฑ Israel$235,445
19๐Ÿ‡ฐ๐Ÿ‡ท South Korea$230,760
20๐Ÿ‡ช๐Ÿ‡ธ Spain$224,209
21๐Ÿ‡ฎ๐Ÿ‡น Italy$221,370
22๐Ÿ‡ฏ๐Ÿ‡ต Japan$216,078
23๐Ÿ‡ซ๐Ÿ‡ฎ Finland$179,986
24๐Ÿ‡ต๐Ÿ‡น Portugal$158,840
25๐Ÿ‡ฌ๐Ÿ‡ท Greece$105,724
26๐Ÿ‡จ๐Ÿ‡ฟ Czechia$90,393
27๐Ÿ‡จ๐Ÿ‡ณ China$75,731
28๐Ÿ‡ญ๐Ÿ‡บ Hungary$59,348
29๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico$55,274
30๐Ÿ‡จ๐Ÿ‡ฑ Chile$54,082
31๐Ÿ‡ต๐Ÿ‡ฑ Poland$52,741
32๐Ÿ‡ท๐Ÿ‡ด Romania$44,320
33๐Ÿ‡ท๐Ÿ‡บ Russia$39,514
34๐Ÿ‡น๐Ÿ‡ญ Thailand$25,956
35๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa$23,956
36๐Ÿ‡น๐Ÿ‡ท Tรผrkiye$17,578
37๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia$17,457
38๐Ÿ‡ฎ๐Ÿ‡ณ India$16,500
39๐Ÿ‡จ๐Ÿ‡ด Colombia$15,464
World$84,718

The U.S. falls second, with a mean wealth per adult of $551,347.

Overall, it is home to 38% of global millionaires, outpacing the second-highest country, China, by more than three times. With a significant wealth gap, income inequality in the U.S. is among the highest across developed nations.

Ranking seventh is Singapore, with the highest average wealth per adult across Asia. Income inequality in Singapore falls at a similar level to America based on its Gini ratio.

Top Countries by Median Wealth per Person

Here’s how wealth shifts when looking from a median wealth per adult basis:

RankCountryMedian Wealth per Adult
1๐Ÿ‡ง๐Ÿ‡ช Belgium$249,937
2๐Ÿ‡ฆ๐Ÿ‡บ Australia$247,453
3๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand$193,065
4๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark$186,041
5๐Ÿ‡จ๐Ÿ‡ญ Switzerland$167,353
6๐Ÿ‡ฌ๐Ÿ‡ง UK$151,825
7๐Ÿ‡ณ๐Ÿ‡ด Norway$143,887
8๐Ÿ‡จ๐Ÿ‡ฆ Canada$137,633
9๐Ÿ‡ซ๐Ÿ‡ท France$133,137
10๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands$112,450
11๐Ÿ‡น๐Ÿ‡ผ Taiwan$108,247
12๐Ÿ‡บ๐Ÿ‡ธ U.S.$107,739
13๐Ÿ‡ช๐Ÿ‡ธ Spain$107,507
14๐Ÿ‡ฎ๐Ÿ‡น Italy$107,315
15๐Ÿ‡ฏ๐Ÿ‡ต Japan$103,681
16๐Ÿ‡ธ๐Ÿ‡ฌ Singapore$99,488
17๐Ÿ‡ฐ๐Ÿ‡ท South Korea$92,719
18๐Ÿ‡ฎ๐Ÿ‡ช Ireland$90,741
19๐Ÿ‡ซ๐Ÿ‡ฎ Finland$84,093
20๐Ÿ‡ฎ๐Ÿ‡ฑ Israel$77,604
21๐Ÿ‡ธ๐Ÿ‡ช Sweden$77,515
22๐Ÿ‡ต๐Ÿ‡น Portugal$70,409
23๐Ÿ‡ฆ๐Ÿ‡น Austria$68,492
24๐Ÿ‡ฉ๐Ÿ‡ช Germany$66,735
25๐Ÿ‡ฌ๐Ÿ‡ท Greece$53,501
26๐Ÿ‡จ๐Ÿ‡ณ China$27,273
27๐Ÿ‡ญ๐Ÿ‡บ Hungary$26,416
28๐Ÿ‡จ๐Ÿ‡ฟ Czechia$23,502
29๐Ÿ‡ท๐Ÿ‡ด Romania$21,545
30๐Ÿ‡ต๐Ÿ‡ฑ Poland$20,263
31๐Ÿ‡จ๐Ÿ‡ฑ Chile$19,544
32๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico$18,920
33๐Ÿ‡น๐Ÿ‡ญ Thailand$9,602
34๐Ÿ‡ท๐Ÿ‡บ Russia$8,595
35๐Ÿ‡น๐Ÿ‡ท Tรผrkiye$5,488
36๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa$5,141
37๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia$4,819
38๐Ÿ‡จ๐Ÿ‡ด Colombia$4,450
39๐Ÿ‡ฎ๐Ÿ‡ณ India$3,755
World$8,654

Belgium ranks the highest, climbing past Australia for the first time. High home ownership levels and elevated home prices have led household wealth to rise above other European countries.

Median wealth in the U.S. stood at $107,739, falling in 12th place.

Overall, median wealth has grown the fastest in China, increasing eightfold since 2000 to reach $27,273. The countryโ€™s rapid economic growth has lifted many into the middle class, yet wealth inequality has also increased.

Biggest Gaps in Average and Median Wealth

Which countries have the starkest difference between average and median wealth per adult?

Across the dataset, the U.S. saw the steepest gap. Median wealth per adult was $107,739โ€”80.5% lower than average wealth levels. This means that wealth ownership skews disproportionately to the countryโ€™s richest.

Following the U.S. were South Africa, Russia, and India for illustrating the widest disparities between average and median wealth.

On the other end of the spectrum was Belgium, where median wealth per adult was the closest to average wealth levels. In this way, median wealth per person was $249,937 while average wealth was $352,814, reflecting less disparity.

Other countries with narrower gaps between median and average wealth per person included Greece, the UK, and Australia.

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GDP

Visualizing U.S. GDP by Industry in 2023

Services-producing industries account for the majority of U.S. GDP in 2023, followed by other private industries and the government.

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u.s. gdp by industry

Visualizing U.S. GDP by Industry

The U.S. economy is like a giant machine driven by many different industries, each one akin to an essential cog that moves the whole.

Understanding the breakdown of national gross domestic product (GDP) by industry shows where commercial activity is bustling and how diverse the economy truly is.

The above infographic uses data from the Bureau of Economic Analysis to visualize a breakdown of U.S. GDP by industry in 2023. To show this, we use value added by industry, which reflects the difference between gross output and the cost of intermediate inputs.

The Top 10 U.S. Industries by GDP

As of Q1 2023, the annualized GDP of the U.S. sits at $26.5 trillion.

Of this, 88% or $23.5 trillion comes from private industries. The remaining $3 trillion is government spending at the federal, state, and local levels.

Hereโ€™s a look at the largest private industries by economic contribution in the United States:

IndustryAnnualized Nominal GDP
(as of Q1 2023)
% of U.S. GDP
Professional and business services$3.5T13%
Real estate, rental, and leasing$3.3T12%
Manufacturing$2.9T11%
Educational services, health care, and social assistance$2.3T9%
Finance and insurance$2.0T8%
Wholesale trade$1.7T6%
Retail trade$1.5T6%
Information$1.5T6%
Arts, entertainment, recreation, accommodation, and food services$1.2T4%
Construction$1.1T4%
Other private industries$2.6T10%
Total$23.5T88%

Like most other developed nations, the U.S. economy is largely based on services.

Service-based industries, including professional and business services, real estate, finance, and health care, make up the bulk (70%) of U.S. GDP. In comparison, goods-producing industries like agriculture, manufacturing, mining, and construction play a smaller role.

Professional and business services is the largest industry with $3.5 trillion in value added. It comprises establishments providing legal, consulting, design, administration, and other services. This is followed by real estate at $3.3 trillion, which has consistently been an integral part of the economy.

Due to outsourcing and other factors, the manufacturing industryโ€™s share of GDP has been declining for decades, but it still remains a significant part of the economy. Manufacturing of durable goods (metals, machines, computers) accounts for $1.6 trillion in value added, alongside nondurable goods (food, petroleum, chemicals) at $1.3 trillion.

The Governmentโ€™s Contribution to GDP

Just like private industries, the governmentโ€™s value added to GDP consists of compensation of employees, taxes collected (less subsidies), and gross operating surplus.

GovernmentAnnualized Nominal GDP
(as of Q1 2023)
% of U.S. GDP
State and Local$2.1T8%
Federal$0.9T4%
Total$3.1T12%

Figures may not add up to the total due to rounding.

State and local government spending, largely focused on the education and public welfare sectors, accounts for the bulk of value added. The Federal contribution to GDP amounts to roughly $948 billion, with 52% of it attributed to national defense.

The Fastest Growing Industries (2022โ€“2032P)

In the next 10 years, services-producing industries are projected to see the fastest growth in output.

The table below shows the five fastest-growing industries in the U.S. from 2022โ€“2032 in terms of total output, based on data from the Bureau of Labor Statistics:

IndustrySectorCompound Annual Rate of Output Growth (2022โ€“2032P)
Software publishersInformation5.2%
Computing infrastructure providers, data processing, and related servicesInformation3.9%
Wireless telecommunications carriers (except satellite)Information3.6%
Home health care servicesHealth care and social assistance3.6%
Oil and gas extractionMining3.5%

Three of the fastest-growing industries are in the information sector, underscoring the growing role of technology and digital infrastructure. Meanwhile, the projected growth of the oil and gas extraction industry highlights the enduring demand for traditional energy sources, despite the energy transition.

Overall, the development of these industries suggests that the U.S. will continue its shift toward a services-oriented economy. But today, itโ€™s also worth noticing how services- and goods-producing industries are increasingly tied together. For example, itโ€™s now common for tech companies to produce devices, and for manufacturers to use software in their operations.

Therefore, the oncoming tide of growth in service-based industries could potentially lift other interconnected sectors of the diverse U.S. economy.

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