Greece’s Millionaire Landscape Revealed in UBS and Credit Suisse Global Wealth Report

The recently released Global Wealth Report, a collaborative effort between UBS and Credit Suisse, presents a comprehensive collection of datasets encompassing various aspects of global wealth, including the enumeration of millionaires in diverse countries worldwide.

In its fourteenth iteration, the Global Wealth Report offers a thorough evaluation of wealth distribution that spans the economic spectrum for a staggering 5.4 billion adults across the globe.

Of particular interest, the report sheds light on several pertinent statistics concerning the Greek economy, prominently featuring the count of millionaires residing within Greece.

Current Millionaire Count in Greece According to the report’s findings, 79,000 millionaires (measured in USD) currently call Greece their home. Concurrently, the report indicates that the mean wealth per adult in Greece stands at USD 59,348, while the median wealth per adult registers at USD 26,416.

Notably, the millionaire count for Greece, as reported by UBS and Credit Suisse, exceeds the figures stated in recent reports released by other institutions. For instance, the 2022 Knight Frank Wealth Report disclosed that the number of millionaires residing in Greece in 2021 amounted to 63,637.

Influx of Prosperity in Greece This notable increase in affluent individuals within Greece may partly be attributed to a rise in wealthy individuals relocating to the country. Furthermore, broader economic performance indicators in Greece have showcased positive trends in recent months, potentially contributing to the surge in millionaires.

Global Wealth Registers First Contraction Since 2008 While this year’s UBS Global Wealth Report provides invaluable insights, it also reflects a touch of gloom in the global economic panorama of 2022.

Within 2022, a substantial shift occurred in the global economic landscape, with total net private wealth experiencing a decline of USD 11.3 trillion, representing a contraction of 2.4 per cent and culminating at USD 454.4 trillion.

This contraction notably impacted the wealth per adult metric, which faced a dip of USD 3,198, translating to a decline of 3.6 per cent and culminating at USD 84,718 per adult by year-end.

This downturn was predominantly driven by the robust appreciation of the US dollar against many other currencies. Intriguingly, despite rapidly rising interest rates, non-financial assets, especially real estate, demonstrated resilience, contrasting with financial assets’ substantial role in driving the wealth decline throughout the year. This intricate interplay underscores the multifaceted nature of wealth dynamics in a rapidly evolving economic landscape.

Notable losses were borne primarily by North America’s and Europe’s affluent regions, where a staggering USD 10.9 trillion was eroded. Concurrently, the Asia Pacific region faced considerable setbacks, encountering losses totalling USD 2.1 trillion.

In a surprising twist, Latin America emerged as an outlier, boasting a commendable total wealth increase of USD 2.4 trillion. This growth was bolstered by a remarkable average currency appreciation of six per cent against the steadfast US dollar.

As the year unfolded, a discernible hierarchical pattern emerged among nations, delineating shifts in wealth distribution. The United States led the list of countries experiencing losses, followed closely by Japan, China, Canada, and Australia. On a positive note, countries such as Russia, Mexico, India, and Brazil celebrated noteworthy increases in wealth.