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Greece has 79,000 Millionaires, Wealth Report Reveals

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A report released by UBS has revealed the number of millionaires in Greece. Credit: Greek Reporter

The latest edition of the Global Wealth Report published by UBS and Credit Suisse includes a wide range of datasets, including information on the number of millionaires in various countries across the world.

In its fourteenth iteration, the Global Wealth Report encompasses assessments of wealth holdings spanning the wealth spectrum for 5.4 billion adults worldwide.

Notably, the report reveals several statistics collected on the Greek economy, including how many millionaires currently reside in Greece.

The number of millionaires in Greece

According to the report, 79,000 millionaires (measured in USD) currently live in Greece. Meanwhile, the mean wealth per adult was recorded at USD 59,348 and the median wealth was USD 26,416 per adult.

The number of millionaires in the country recorded in the UBS and Credit Suisse reported was higher than the number listed in recent reports by other firms and institutions. For example, the Knight Frank Wealth Report released in 2022 revealed that 63,637 millionaires were living in Greece in 2021.

The increase in wealthy individuals in Greece may in part be attributed to an increase in the rich relocating to the country. More broadly, indicators of economic performance in Greece have generally been quite positive in recent months which might also partially explain the rise in the number of millionaires.

Global wealth declined for the first time since 2008

According to some metrics, this year’s UBS Global Wealth Report was a little gloomy.
In the year 2022, the global economic landscape witnessed a notable shift as total net private wealth faced a decline of USD 11.3 trillion, marking a decrease of 2.4 percent and culminating at USD 454.4 trillion.

This contraction had a pronounced impact on wealth per adult, which experienced a dip of USD 3,198, translating to a decrease of 3.6 percent and settling at USD 84,718 per adult by year-end.

This downward trend was primarily influenced by the robust appreciation of the US dollar against numerous other currencies. Interestingly, while financial assets played a pivotal role in driving the decline in wealth throughout the year, non-financial assets, notably real estate, exhibited resilience despite the backdrop of swiftly rising interest rates. This intricate interplay between various elements within the global financial ecosystem underscores the complexity of wealth dynamics in an evolving economic landscape.

The brunt of the losses was borne by the more affluent regions of North America and Europe, where a staggering USD 10.9 trillion was shed. Meanwhile, the Asia Pacific region experienced substantial setbacks, recording losses totaling USD 2.1 trillion.

In a surprising turn of events, Latin America emerged as an outlier, boasting a commendable total wealth increase of USD 2.4 trillion. This growth was propelled by an impressive average currency appreciation of six percent against the steadfast US dollar.

As the year unfolded, a hierarchical pattern of wealth shifts became evident among nations. Leading the list of losses in terms of individual countries was the United States, followed closely by Japan, China, Canada, and Australia. On the flip side, notable increases in wealth were celebrated in countries such as Russia, Mexico, India, and Brazil.

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