Italians are richer than the Germans

Italian households might be poorer than the French, but they are richer than the Germans when it comes to average wealth, according to a report released on Wednesday by Credit Suisse.

Italians are richer than the Germans
Photo: JukienJorge/Flickr.

Despite the recession, average wealth per adult in Italy rose 5.6 percent to €178,615 between mid-.2012 and mid-2013, according to the Global Wealth Report 2013, placing the country 13th in the world.

Switzerland, which in 2011 became the first country where average wealth exceeded €370,000, topped the list.

Average wealth per adult in Italy and Belgium is 20 percent higher than the €154,000 average for Europe, while wealth per adult in Germany, The Netherlands, Ireland and Austria is in line with the average for Europe.

Meanwhile, average wealth per adult is 50 percent higher than the European average in France and Luxembourg, while in Spain and Cyprus it is 60 percent lower, followed by Greece (50 percent), Estonia and Slovenia, which both fall 20 percent below the average for Europe.

However, Italy comes behind the US, France, the UK and Germany for the number of millionaires. 

Italy has 'just' 2,075 'mega-rich' people among its population, according to report by UBS in September.

Total wealth grew by 7.7 percent in Europe, the report found. 

At the global level, wealth per household increased by 4.9 percent to €38,188 per adult between mid-2012 and mid-2013. It also forecasts average household wealth will climb 39 percent over the next five years, with most of the wealthiest households being in emerging markets.

''Our research shows that global wealth has doubled since 2000, quite compelling given some of the economic challenges of the last decade," said Michael O'Sullivan of Credit Suisse Research Institute.

"We expect this trend to continue in the foreseeable future, driven largely by Emerging Markets' strong economic growth and rising population levels."

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