Global Wealth Report

Almost 50,000 Austrians are dollar millionaires

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10.07.2024 17:10

The wealth of Austrians increased further in 2023. In net terms, i.e. after deducting debts, it already amounts to 2,500 billion US dollars (around 2,300 billion euros). Compared to the previous year, this is an increase of nine billion euros, according to the new Global Wealth Report. Almost 50,000 people already have financial assets - i.e. cash, bank deposits, shares, etc. - of over one million US dollars.

The financial assets of Austrians increased again last year. They increased by an average of three percent to a total of around 1000 billion US dollars (approx. 923 billion euros). In view of the very good stock market performance last year, the increase was lower in an international comparison. In Western Europe, for example, it rose by a total of four percent and worldwide by as much as seven percent.

400 Austrians own around 350 billion US dollars
The unequal distribution of capital also persisted. In Austria, around 400 super-rich people own a total of around 350 billion US dollars - that is more than a third of all financial assets. In this group, the growth in value is also well above average at five percent. "One reason for this is that wealthy investors invest a higher proportion of their assets in the capital market and in high-yield asset classes," says co-author of the study Michael Kahlich.

7.2 million Austrians have up to 250,000 US dollars in financial assets
At the same time, around 7.2 million Austrians have less than 250,000 US dollars in cash, savings, shares, etc. (excluding real estate). This also corresponds to a third of financial assets. The increase in value here was below average at two percent. Kahlich: "Less wealthy people traditionally focus on lower-risk asset classes such as bank deposits, cash or insurance policies. This is at the expense of returns".

After all, almost 50,000 people in this country can call themselves dollar millionaires. They have between one and twenty million US dollars in financial assets (see chart).

(Bild: Krone KREATIV/Stock Adobe)

In addition to financial assets totaling around 1,000 billion US dollars, there are also around 1,500 billion US dollars in tangible assets (e.g. real estate, gold, cars, watches), which means that all Austrians together have a total net worth (debts such as loans are deducted here) of 2,500 billion US dollars.

73,000 people worldwide have more than 100 million US dollars
Almost 73,000 people worldwide have more than 100 million US dollars "on the edge". Most of them live in the USA (26,000), followed by China with almost 8,300 super-rich people. Our neighbor Germany is in third place with 3300 people.

This article has been automatically translated,
read the original article here.

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