The Global Wealth Report, comprised by the Swiss banking firm Credit Suisse, found that Israel’s population is getting wealthier with Israel’s number of millionaires growing to 131,000 in 2019.
The report estimates that the number of millionaires in Israel will grow to 173,000 by 2024. If the bank’s predictions are correct, Israel will be ranked 23rd in its total number of millionaires, constituting a 32% increase over the next five years.
The countries that are expected to grow their millionaire population the fastest in the next five years are Poland and Japan, with growth rates of 74% and 71%, respectively.
Leading the number of millionaires in a single country by a wide margin is the United States, with a total of 18.5 million millionaires. China and Japan come in next with 4.4 million and 3 million millionaires, respectively.
The report ranked the number of millionaires in terms of USD, regardless of the population size in each country. Israel, despite its small population of approximately nine million, has outranked much more populous countries such as Mexico and Russia. However, smaller countries, such as Austria and Norway, have ranked higher than Israel.
In 2018 and 2019, Israelis grew their wealth by about $5,000 per person, which constitutes a larger increase than that of Canada and Spain.
The report found that Israel’s GDP grew at a faster rate than Israeli wealth, which is unusual due to the strong correlation found between the two markers. A possible explanation for the anomaly may be found in the relatively high cost of living in Israel, meaning the higher income is spent on living expenses rather than accumulating wealth.
As for global trends in the passing year, the report found that global capital rose by 2.6% in 2019 to a total of $360 trillion, while the average capital per adult reached a record of $70,850, up 1.2% from last year.