Israel has 131,000 millionaires, and its wealth is growing quickly, report finds

Israel has 131,000 millionaires, and its wealth is growing quickly, report finds

Jewish state ranks 23rd worldwide in total number of wealthy people, and Israelis gained more assets in the past year than the citizens of almost any other country

Luke Tress is a video journalist and tech reporter for the Times of Israel

Illustrative photo of cash, October 20, 2014. (Nati Shohat/Flash90)
Illustrative photo of cash, October 20, 2014. (Nati Shohat/Flash90)

Israel has about 131,000 millionaires, and its population is getting wealthier quickly, according to a Monday report from the Swiss banking firm Credit Suisse.

Israel ranks 23rd worldwide in its total number of millionaires, and by 2024 is expected to have 173,000 millionaires, representing a growth rate of 32 percent, the annual Global Wealth Report found.

The report surveyed worldwide wealth from mid-2018 to mid-2019.

The total number of Israeli millionaires is relatively high, placing the Jewish state slightly below more populous countries including Brazil and Poland, although some states with fewer people, including Norway, Switzerland and Hong Kong, had more millionaires.

The 32% expected growth rate put Israel in the middle of the pack for wealthy countries.

Israelis gained wealth at a higher rate than almost any other country, ranking 7th with an average gain per adult of around $5,000. The report noted, however, that average wealth in Israel relative to its GDP had grown more slowly than expected.

Net worth, or wealth, is defined by the report as the value of financial assets plus real assets, mainly housing, owned by a household, minus its debts.

The world’s 46.8 million millionaires hold 44% of global wealth, the report said.

The US accounts for 40% of all millionaires worldwide, with a total of 18.6 million. China ranks second with 4.4 million.

Worldwide wealth grew in the last year, but growth was modest, with global wealth rising by $9.1 trillion to $360.6 trillion, representing a 2.6% growth rate.

There were 1.1 million new millionaires, with 675,000 of those in the US.

Wealth per adult was at a record-high of $70,850 and nearly 1% of all adults are millionaires, although over half of all adults have less than $10,000.

Inequality is still widespread, with the poorer half of the population holding less than 1% of total global wealth, while the richest 10% own 82%, and the top 1% holds 45%. Inequality had decreased slightly from a peak in 2016, though.

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