The wealth of Austrians continued to rise in 2023. In total, the net, i.e. minus debts, is already 2,500 billion 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. – worth more than one million dollars.
Austrians’ financial assets increased again last year. They rose by an average of three percent to a total of around 1,000 billion dollars (around 923 billion euros). Given the very good stock market development last year, the increase was smaller internationally. Overall, it rose by four percent in Western Europe and even by seven percent worldwide.
400 Austrians own about 350 billion dollars
The unequal distribution of wealth also persisted. In this country, some 400 super-rich people own a total of about $350 billion – more than a third of all financial assets. The appreciation of this group, too, is well above average, at five percent. “One reason for this is that wealthy investors are investing more of their wealth in the capital markets and in high-yield asset classes,” says co-author Michael Kahlich.
7.2 million Austrians have financial assets of up to $250,000
At the same time, around 7.2 million Austrians have less than $250,000 in cash, savings, stocks, etc. (excluding real estate). This also corresponds to a third of financial assets. The increase in value was two percent below average here. Kahlich: “Less wealthy people traditionally rely on lower-risk investment categories such as bank deposits, cash or insurance. 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 dollars in financial assets (see graph).
In addition to the total financial assets of about 1,000 billion dollars, there are also about 1,500 billion dollars in tangible assets (e.g. real estate, gold, cars, watches), which brings all Austrians together to a total wealth (debts as here loans are deducted).
Worldwide, 73,000 people have more than $100 million
Nearly 73,000 people worldwide have more than $100 million in savings. Most of them live in the US (26,000), followed by China with almost 8,300 super-rich people. Our neighboring country Germany comes in third place with 3,300 inhabitants.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
