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Credit Suisse, issuers of the wealth report. (Photo: AFP)
Israel in 2015: 17 billionaires, over 88,000 millionaires
Annual report reveals middle class equals 42% of Israeli population and holds 40.2% of wealth.
There are 88,231 millionaires currently living in Israel, most of whom have a net worth of between $1-5 million, according to the 2015 Global Wealth Report, published by Swiss investment bank Credit Suisse on Tuesday. Seventeen of these are billionaires.

 

 

According to the report, about 124,000 members of the world's top percentile come from Israel.

 

Meanwhile, the Israeli middle class comprises 42 percent of the general adult population in the country, and holds 40.2 percent of the wealth.

 

Overall, wealth declined in Israel by 7.6 percent in the past year, with the decline mostly being due to the fluctuating exchange rate between the dollar and the Israeli shekel, with the former gaining value.

 

House in Herzliya Pituah that sold for NIS 24.5 million in 2011
House in Herzliya Pituah that sold for NIS 24.5 million in 2011

 

Global wealth has declined by about $12.4 trillion in the past year. The United States increased its wealth by $4.6 trillion, continuing a seven-year positive streak since the end of the 2008 financial crisis. China also appears to be growing steadily by an annual rate of $1.5 trillion.

 

Shari Arison. One of 17 Israeli billionaires.
Shari Arison. One of 17 Israeli billionaires.

 

In other places around the world, added wealth in local currency terms were undercut by these currencies' weakness compared to the dollar, and thus overall global wealth went down.

 

The percentage of wealth comprised of financial assets, which are usually held by wealthier individuals, rose in the past year. This might help explain the rise in inequality.

 

According to the report, the world's richest countries include North American, Western European, and some Asian-Pacific and Middle Eastern countries. Switzerland is still the richest country in the world per capita, with an average net worth of $567,000 per citizen. It's followed by New Zealand, Australia, the United Stated, and Norway.

 

The top percentile's share of the world's wealth had been gradually declining up until 2009, but since then it has been rising, hitting a record high this year – with estimates saying this top 1% holds about half of the world's wealth.

 

The middle class, which is an important part of the world economy, held 32 percent of the world's wealth in the past year, about $80.7 trillion, twice as much as in the year 2000.

 

 A full PDF of the report can be found here at Credit Suisse's site.

 

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