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In 2023, wealth growth across the world was 4.2% compared to the 3% contraction in the previous year.

This was driven by wealth growth in Europe, the Middle East and Africa, EMEA, (4.8%), as well as Asia Pacific, APAC, at 4.4%.

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According to UBS and its Global Wealth Report, adults in EMEA were the wealthiest on average ($166,000), followed by APAC with ($156,000) and the Americas ($146,000). However, average wealth grew at the slowest pace since 2008 at 41% compared to 122% in APAC and 110% in the Americas in the same timeframe.

Overall wealth has grown fastest in APAC – by nearly 177% since 2008 – and has been accompanied by significant spike in debt, which has grown by over 192% in the same timeframe.

Furthermore, on an individual market level, Switzerland continues to top the list for average wealth per adult, followed by Luxembourg, Hong Kong SAR and the United States.

Iqbal Khan, Co-President UBS Global Wealth Management, said: “Wealth needs careful stewardship and managing it properly needs time, dedication and passion. As the world’s only truly global wealth manager, we understand the shifts and changes in global and local wealth and translate this into opportunities and outcomes for our clients.”

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Robert Karofsky, Co-President UBS Global Wealth Management, added: “Backed by 30 years of data, the Global Wealth Report crafts a clear picture of how wealth is created, how it’s distributed, how it transforms and how it’s transferred. It gives us deep insights and understanding that we can bring to fruit for our clients.”

Paul Donovan, Chief Economist at UBS Global Wealth Management, noted: “The world economy is embarking on a period of profound structural change. Such episodes often create significant changes in wealth patterns. At the same time, wealth is needed to finance the investment in both technology and people that will allow humanity and the planet to thrive in the brave new world. Knowing where and how wealth is held is essential to mobilising it effectively.”