Israel ranked 18th in the UBS Global Wealth Report with an average wealth of $260,000 per adult in 2023, up 14% from 2022 and outpacing the global average growth of 4.2%. According to the Swiss bank, median wealth growth in Israel was much weaker, indicating that wealth is growing much more slowly in lower socioeconomic groups and that economic inequality is growing.
But in the longer term, there has been an opposite trend in Israel. Since the financial crisis of 2008, wealth inequality in Israel has declined by 12%, suggesting that growth over the past 15 years has been inclusive, benefiting the weaker classes as well as the stronger classes. Overall, this has been a very good period for wealth in Israel: the average wealth in shekels has increased by 142%, and the median by no less than 220%, thus more than tripling during that period.
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There are currently 180,000 millionaires in Israel in US dollars – that is, those with assets minus debts worth more than $1 million. In addition, more than 2.5 million Israelis have fortunes between $100,000 and $1 million.
According to the UBS report, the country with the most wealth in the world is Switzerland, with an average of $709,000 per adult. In second place is Luxembourg, followed by Hong Kong and the United States. Israel ranked 18th with an average of $260,000 per adult (up from 19th in 2022), just behind Germany and just above Austria. Israel has the most wealth in the Middle East, ahead of Qatar in 20th place with an average of $199,000 per adult.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 10, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.