The financial wealth of the Austrians shrank by 3.5 percent in 2022 to 900 billion dollars (about 825 billion euros). This was offset by $200 billion in liabilities. However, as tangible fixed assets have increased in value, total assets have increased at least somewhat. On the other hand, the fact that financial assets are very unevenly distributed in Austria remains unchanged.
According to this year’s edition of the Boston Consulting Group’s (BCG) Global Wealth Report, Austria’s 335 super-rich with more than $100 million in financial assets (“ultra high net worth individuals”) hold a third of financial stocks . . On average, the super-rich in Western Europe own only 17 percent of the financial wealth. Conversely, Austrians, who each have less than 250,000 euros at their disposal, own only a third of the financial assets – in Western Europe this is 43 percent. According to Michael Kahlich, a partner at BCG in Zurich and co-author of the study, no shift in the distribution of wealth in Austria is to be expected for at least the next five years.
Savings accounts and cash popular
More than 40 percent of the country’s financial assets are in savings accounts or held as cash — and the trend is rising. That’s more than ten percentage points more than the global average, according to the BCG report. This is followed by shares and funds (36 percent) and insurance and pension entitlements (17 percent).
But the decline in financial assets in 2022 is likely to remain a one-off blip, BCG expects. Global financial assets are likely to grow another five percent this year — to $267 trillion globally.
A few super rich with lots of wealth
Around the world, nearly 62,000 super-rich each have financial assets of more than $100 million, of which 22,000 are in the US. In China there are almost 7600. Germany is in third place with 2900 super rich. Globally, the super-rich own nearly 13 percent of financial assets (excluding real assets).
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
