The latest Global Wealth Report by insurance and financial services company Allianz has revealed that despite losing significant amounts of wealth in 2022, people in Switzerland remain the richest in the world. Amid continued turbulence on the financial markets and the rising cost of living, the country’s average gross wealth per capita remains 35.000 euros higher than second place.

Global Wealth Report by Allianz

To create the Global Wealth Report for 2023, the German international company analysed average wealth - defined by the firm as “cash and bank deposits, receivables from insurance companies and pension institutions, securities (shares, bonds and investment funds) and other receivables (like salaries)” - in 57 countries around the world. Together, these nations account for 91 percent of global Gross Domestic Product and makeup 72 percent of the world’s population.

In the study, Allianz looked specifically at gross and net wealth in each nation, and whether a country's wealth was growing or declining. Where possible this was done using official data from governments and public services, but some other sources such as household surveys and statistics from banks were used when required.

2022 was a terrible year for savers, says Allianz

In the report, Allianz wrote that 2022 was an “annus horribilis” (terrible year) for savers, as the world faced an “everything slump.” Worldwide private wealth fell by 2,7 percent on average last year, the biggest drop since the 2008 financial crisis. Pensions and security assets saw the biggest declines at -4,6 and -7,3 percent respectively.

Despite this, the firm noted that global household assets remain an average of 6,6 percent larger than before the pandemic when adjusted for inflation. Finally, in what will be a relief to savers, they predicted that global wealth should begin growing again in 2023.

Swiss remain the wealthiest people in the world

With a gross average wealth of 356.000 euros per capita (345.000 francs) Switzerland was ranked as the wealthiest country on Earth in the 2023 study. The alpine nation remains leagues ahead of other nations, with Denmark (221.000) and the United States (308.000) rounding out the podium places.

However, the study also noted that net assets in Switzerland - wealth minus costs / debt - fell by 4,4 percent in 2022. While this is not the fastest decline globally - the Netherlands saw its net wealth per capita drop by 18,1 percent last year - people across Swiss cities and cantons still experienced the biggest financial losses since 2008. 

People in Switzerland are also the most indebted

The alpine nation was also ranked as having the highest debt per capita of any nation on Earth at 117.500 euros per person, leagues ahead of Norway in second with 80.300. This is likely due to the high amount of debt held through Swiss mortgages.

As a result, while it remains the wealthiest nation in terms of gross assets, once debt is accounted for, Switzerland falls to second place behind the United States. American net wealth totalled 253.450 euros per capita last year, compared to 238.780 in the alpine nation.

10 wealthiest nations on Earth

In all, here are the wealthiest nations on Earth according to gross financial assets (in euros):

1. Switzerland (356.310)
2. United States (307.940)
3. Denmark (220.730)
4. Singapore (193.660)
5. Canada (170.400)
6. Taiwan (168.350)
7. Australia (163.520)
8. Sweden (162.820)
9. The Netherlands (156.920)
10. New Zealand (150.740)

For more information and to see how other nations faired on the list, check out the Allianz study.