Canada is richer than the US, according to a new wealth ranking

Economy 12:06 09.11.2018

The US is the third richest country in the world according to Credit Suisse's 2018 Global Wealth Report.

But when you take into account how much wealth the average American household has on hand, the US doesn't even make the top 10.

The report showcases how bad wealth disparity in the US has become.

The United States is home to more millionaires than any other country in the world. But whether the country is truly the wealthiest in the world depends on how you measure.

A report released by Credit Suisse in October says the US is "in the lead" when it comes to global wealth. But a closer look at the numbers in that report reveals a different story.

While it's true that wealth in the US is growing faster than anywhere else in the world, it's not the richest when you compare the average amount of wealth per adult.

That prize goes to Switzerland, as you can see in the map below.

Wait a minute, you may be thinking: it looks like the US is richer than Canada. So what's with the headline?

The ranking above divides a country's overall wealth by the total population. That means it doesn't reflect the fact that the top 0.1% of US households hold as much wealth as the bottom 90%.

"The United States has the most members of the top 1% global wealth group, and currently accounts for 41% of the world's millionaires," the report notes. "Our research indicates that the United States added 878,000 new millionaires [since 2017] — representing around 40% of the global increase."

A different, perhaps fairer, way to rank the richest countries in the world is to take a look at the countries where the greatest number of people are rich.

Credit Suisse ran those numbers, too, in order to compare how much wealth the median, middle-of-the-pack person has in every country.

In that ranking, Australians are the richest. And the US doesn't even make the top 10.

The US has a median wealth of $61,667 per adult, which puts the country at number 18, well behind others, including Ireland ($72,473), Taiwan ($78,177), and Korea ($65,463). Canada, on the other hand, comes in at number six, with an average wealth of $106,342 per adult.

Economists often point out the simple truth that having wealth makes it easier to get more wealth, which means those who have a lot of money pass on an advantage from one generation to the next.

To adjust for that, economist Darrick Hamilton, a professor at The New School, recently proposed a kind of baby trust fund system. His idea is to give all kids in the US a chunk of cash when they're born, ranging between $500 and $60,000 based on their family's wealth. That would help give all American kids a fair shot at a prosperous future, he said.

 

Azerbaijan takes measures to turn Khankandi into safe city - VİDEO

News line

US scientists name infection more dangerous for brain than coronavirus
US scientists name infection more dangerous for brain than coronavirus
11:00 29.03.2024
Parviz Shahbazov: Foundations of 4 new renewable energy plants will be laid this year
Parviz Shahbazov: Foundations of 4 new renewable energy plants will be laid this year
10:50 29.03.2024
Japan eyes self-driving expressway lane network
10:40 29.03.2024
Oil prices end 1Q24 with strong growth
10:30 29.03.2024
SECRETS of the European Union's visit to the South Caucasus - Fikret Sadigov EXPLAINS
10:25 29.03.2024
Israeli strikes on Syria kill dozens, security sources say
10:20 29.03.2024
Ammunition found in Khankandi
Ammunition found in Khankandi
10:10 29.03.2024
Iran’s top diplomat: Military presence of third countries in Caspian Sea goes against interests of region
Iran’s top diplomat: Military presence of third countries in Caspian Sea goes against interests of region
10:00 29.03.2024
Armenia officially announces freezing its participation in CSTO
09:50 29.03.2024
US hopes to return to purchase of 72 fighter jets per year amid budget cuts
09:38 29.03.2024
Another 138 IDPs leave for Fuzuli
09:28 29.03.2024
Netanyahu: "We have strategic assets of Hamas"
09:17 29.03.2024
Date of next meeting of Armenian and Azerbaijani Parliament Speakers announced
09:00 29.03.2024
Russia prepares for new offensive in May-June l – says Zelensky
23:52 28.03.2024
Russian investigators have evidence of Ukraine link to Crocus terrorists
22:24 28.03.2024
Committee members of the EU Council will visit the South Caucasus region
19:48 28.03.2024
Bayern to pay Thomas Tuchel 12M euro compensation
Bayern to pay Thomas Tuchel 12M euro compensation
19:00 28.03.2024
Crocus City Hall terrorists took drugs before attack - law enforcement agencies
Crocus City Hall terrorists took drugs before attack - law enforcement agencies
18:33 28.03.2024
Azerbaijan, UN Development Program mull future co-op
18:00 28.03.2024
An Independent Trade Union Established within International Eurasia Press Fund - First in NGO sector - PHOTOS
17:39 28.03.2024
Italian PM condemns Macron for idea of sending troops to Ukraine
Italian PM condemns Macron for idea of sending troops to Ukraine
17:23 28.03.2024
Azerbaijan lends clarity to color requirement for taxis
17:02 28.03.2024
Isaac Herzog: Israel has no greater friend than US, and US has no greater friend than Israel
Isaac Herzog: Israel has no greater friend than US, and US has no greater friend than Israel
16:45 28.03.2024
Nigerian army eliminates over 200 militants in 2 weeks
16:30 28.03.2024
Armored Vehicle Coalition for Ukraine launched in Poland
Armored Vehicle Coalition for Ukraine launched in Poland
16:15 28.03.2024
Russia strengthens transport security measures after terror attack at Crocus City Hall
Russia strengthens transport security measures after terror attack at Crocus City Hall
15:55 28.03.2024
Türkiye plays an important role between Russia and Ukraine - says political scientist Ismail Cingoz
15:45 28.03.2024
2 schoolchildren detained in France on suspicion of sending bomb threats
15:35 28.03.2024
Ski resort in Georgia hit by avalanche
Ski resort in Georgia hit by avalanche
15:26 28.03.2024
Another protest against French colonialism held in New Caledonia, Azerbaijani flag raised
Another protest against French colonialism held in New Caledonia, Azerbaijani flag raised
15:15 28.03.2024
Media: US did not transfer all information about terrorist attack in Crocus City Hall to Russia
15:00 28.03.2024
Movement ‘Together’ calls on Armenia’s parliamentary forces to express vote of no confidence in Pashinyan
14:41 28.03.2024
Azerbaijan to participate in international trade fair in Istanbul
Azerbaijan to participate in international trade fair in Istanbul
14:32 28.03.2024
Le Pen accuses French government of fraud
14:22 28.03.2024
Armenian Government Grapples with Internal Division on Village Return Issue - Ishkhan Verdiyan talks on Ednews
14:12 28.03.2024
Ammunition found along route of Crocus City Hall terrorists
Ammunition found along route of Crocus City Hall terrorists
13:41 28.03.2024
Expert Ilyas Huseynov Predicts Peaceful Return of these territories to Azerbaijan
13:20 28.03.2024
Azerbaijan weather forecast for March 29
Azerbaijan weather forecast for March 29
12:55 28.03.2024
Russian MFA concerned about upcoming Armenia-US-EU meeting
12:23 28.03.2024
Secret Points of Pashinyan's Meeting with French Representative: Is Peace Agreement Signing Imminent?
12:00 28.03.2024
Hamısı