Top Wealthiest Nations by total Private Wealth
According to an inaugural Henley Global Citizens Report, unique data coming from global wealth intelligence firm New World Wealth has released the Top 10 globally wealthiest nations of 2022 in terms of the parameter of their total private wealth 2022. Private wealth is the total wealth held by the individuals living in these nations. It comprises their property, cash, equities, and business interests.
Here are the Top 10 wealthiest nations as per their private wealth:
More than the gross domestic product, it is the wealth that is regarded as a much better parameter of the financial health of an economy. There is more than one reason for this:
- A significant portion of the GDP of many developing nations goes to the government and has little effect on creating private wealth.
- The gross domestic product takes account of items many times; for example, if someone has paid USD 100 for any other product or service, USD 200 is added to the nation’s gross domestic product. However, only USD 100 was produced at the beginning.
The gross domestic product does not consider the local banking sector and the stock market’s efficiency in securing the nation’s wealth. It mainly evades the impact of the real estate and stock market moves, which is a substantial contributor to the wealth of a country.
Gross domestic product is a reasonably static measure that moves slowly year on year and is not a great indicator of economic performance. On the other hand, wealth figures do not have such shortcomings, which is why it is by far a better parameter to gauge the financial health of a nation’s economy.
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