BUSINESS

Romania has 10,600 dollars millionaires and one billionaire, report



Australia (USD 220,000) tops the list again this year.
According to the Credit Suisse 2013 Global Wealth Report, approximately 10,600 Romanian inhabitants have fortunes exceeding USD 1 million, twice as few as in the Czech Republic, and one Romanian is a billionaire, Mediafax notes. 9,449 Romanians have fortunes ranging from USD 1 million to USD 5 million; 721 Romanians have fortunes of between USD 5 million and USD 10 million; 406 Romanians belong to the USD 10 million – USD 50 million category; 31 Romanians to the USD 50 million – USD 100 million category; 17 Romanians have fortunes of between USD 100 million and USD 500 million. One Romanian qualifies to the USD 500 million – USD 1 billion category, and, likewise, one Romanian has a fortune exceeding the USD 1 billion threshold. The Credit Suisse report is based on a leu/dollar exchange rate that has gone up by 6.5 percent between July 2012 and June 2013, while the average price for houses in Romania has dropped by 0.8 percent, according to the report. Houses are the largest part of the non-financial assets component.
On the other hand, an E&Y report shows that Romanians have gone from a “fortune” of USD 13,667 per capita in 2012 to USD 11,191 in 2013, which signals a significant decrease of 18 percent compared to last year. “If we take a look at the same index mentioned in Credit Suisse’s analysis for adults, the fortunes owned by Romanians seem to be decreasing again: from USD 17,164 in 2012 to USD 14,044 in 2013. This means, once again, a decrease of 18 percent,” the document reveals. According to these figures, Romania is still in the lower middle income range, meaning the under USD 25,000 per adult range. If we turn to the “wealth” map, all Western countries are part of the over USD 100,000 per adult category, with several exceptions such as Portugal and Poland, which qualify for the USD 25,000 – USD 100,000 category. “If we are referring to how much the fortunes owned by Romanians represent from the world fortune, Romania would be on a downward trend, going from 0.13 percent in 2012 to 0.1 percent in 2013, thus reporting a 0.03 percent decrease,” the report shows.
Also, Credit Suisse 2013 Global Wealth Report shows that the richest nations, with wealth per adult over USD 100,000, are found in North America, Western Europe, and among the rich Asia-Pacific and Middle Eastern countries. They are headed by Switzerland, which in 2011 became the first country in which average wealth exceeded USD 500,000. It dropped below this mark in 2012, but this year equity price rises resulted in a new peak value of USD 513,000 per adult. Australia (USD 403,000), Norway (USD 380,000) and Luxembourg (USD 315,000) all experienced an increase in wealth per adult and retain their respective second, third and fourth places from 2012. The United States, Sweden, France, Singapore, Belgium and Denmark are close behind, with average wealth per adult in the USD 250,000 to USD 300,000 range. A year ago, Japan moved up to fourth place in the table, but it has now been demoted and no longer ranks among the top ten countries.
Interestingly, the ranking by median wealth per adult is slightly different, favoring countries with lower levels of wealth inequality. Australia (USD 220,000) tops the list again this year, with only Luxembourg (USD 183,000) in close contention. Median wealth in Belgium, France, Italy, the UK, and Japan lies in the USD 110,000 to 150,000 range. Switzerland, Finland and Norway have slightly lower values of around USD 95,000, but the United States is much further back with median wealth of just USD 45,000.

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