Average
wealth of an Indian surged by 400 per cent in 10 years to 2015 while
that of an European citizen declined by 5 per cent during the period,
says a report by New World Wealth. The report said that in
emerging markets such as India, China and Vietnam, average wealth has
gone up by over 400 per cent during the 10-year period (2005-15). The
average European citizen is currently worth around USD 86,000. During
the past 10 years (2005 – 2015) this figure has declined by 5 per
cent. This compares poorly to other developed markets as the average
wealth of a person in Australia has increased by over 100 per cent
and in Canada by over 50 per cent in the same period. One of the
major issues that has deterred wealth creation in Europe is migration
of wealthy people out of Europe (mainly to countries such as USA,
Canada, New Zealand, the Caribbean and Australia). The global
financial crisis in 2008 and the related housing crisis, had also
heavily impacted on the wealth of most European citizens. Other
reasons being, rising income tax rates, which deterred new business
formation and loss of jobs to Asia, particularly in the manufacturing
sector and inability of certain countries to handle large pension
obligations (like Greece). Going forward, Europe is expected to
continue to lose primary sector jobs to Asia, particularly to
emerging countries such as: China, India, Sri Lanka, the Philippines
and Vietnam. The also expect that the exodus of wealthy people out of
Europe will continue and even accelerate in many cases. In terms of
wealth growth, certain Eastern European countries such as Poland is
likely to perform well, the report said and added that "we do
not expect much growth to come from Western and Southern Europe - in
particular, large European economies such as Germany, the UK, France,
Italy and Spain will struggle." The report refers 'Wealth' as
net assets of a person. It includes all their assets (property, cash,
equity, business interests) less any liabilities.
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