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Italian households richer than German ones

Italy ranks 13th in global wealth study

09 October, 16:00
Italian households richer than German ones (ANSA) - Milan, October 9 - Italian households are poorer than French and English families, but richer than German ones, according to a Credit Suisse Research Institute study released on Wednesday.

Italy ranked 13th among countries for average household wealth in the Global Wealth Report 2013, but did not appear among the top 15 in terms of the number of millionaires living within its borders. That list is topped by the US, France, the UK and Germany.

Despite crippling economic recession, average wealth in Italy rose 5.6% to 241,383 USD per adult, Credit Suisse found. But Switzerland ranks highest in the world in terms of average wealth, reaching a new record high of USD 513,000 per adult.

The bank research institute revealed that from mid-2012 to mid-2013, aggregate global household wealth increased by 4.9% in current dollar terms to USD 241 trillion - or USD 51,600 per adult. The report also found that household wealth is set to rise nearly 40% over the next five years, with emerging markets reaching 23% of the total by 2018.

''Our research shows that global wealth has doubled since 2000, quite compelling given some of the economic challenges of the last decade. We expect this trend to continue in the foreseeable future, driven largely by Emerging Markets' strong economic growth and rising population levels, said Michael O'Sullivan of Credit Suisse Research Institute.

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