Why median wealth matters
The 2025 UBS Global Wealth Report tracks how financially better or worse people became over the past year by focusing on median net worth rather than averages. This approach offers a clearer view of the “typical” citizen, avoiding distortions caused by billionaires and extreme wealth concentration.
Between 2023 and 2024, outcomes varied sharply across countries. Some recorded double-digit gains, while others struggled with inflation, currency depreciation, sanctions, or slowing economic growth.
Which countries lost the most wealth?
Turkey (-20.9%) experienced the steepest decline in median household wealth. Runaway inflation and a collapsing currency erased real gains, leaving households significantly poorer despite rising nominal wages.
Russia (-8.2%) saw wealth shrink sharply due to sanctions, currency instability, and economic disruption linked to the war. Inflation surged while incomes weakened, severely damaging purchasing power.
China (-6.3%) recorded a notable fall as weak property prices and slowing growth weighed on household balance sheets. Cautious consumer behavior led to stagnation in real wealth.
Belgium (-5.6%) also lost ground in real terms. Inflation outpaced income growth, hurting median households even as asset owners fared somewhat better.
How did major economies perform?
United States (+2.8%) saw only modest gains. High interest rates, housing affordability challenges, and lingering inflation slowed wealth accumulation.
United Kingdom (+5.3%) experienced limited improvement as easing inflation was offset by persistent cost-of-living pressures.
Luxembourg (+5.3%) posted restrained growth despite high overall wealth levels, with rising living costs and a cooler housing market limiting gains.
Where did steady gains emerge?
Netherlands (+7.7%) benefited from wage growth, pensions, and home equity, even as inflation and population growth diluted overall gains.
Switzerland (+8.6%) and Japan (+8.6%) both saw moderate increases. High earnings and investment supported Switzerland, while Japan benefited from stock market gains and a strong savings culture.
Austria (+8.8%) and Greece (+8.9%) posted solid improvements, supported by real estate assets, pension reforms, and gradual economic recovery.
Which countries approached double-digit growth?
Poland (+9%) and Spain (+9%) saw rising wages, job growth, and investment drive household wealth higher.
Germany (+9.5%) benefited from savings accumulation and a cautious recovery in housing, while Canada (+9.6%) was supported by job creation, wage growth, and easing inflation.
France (+10.3%) crossed into double-digit territory as public-sector wage increases and moderate inflation helped preserve purchasing power.
Australia (+10.7%) saw strong gains driven by a rebounding housing market, slowing inflation, and rising service-sector wages.
Which countries recorded the strongest wealth growth?
South Korea (+13.9%) stood out outside Europe, supported by rising home equity and a recovering stock market.
Italy (+15%) and Latvia (+15%) both delivered impressive growth, helped by real estate recovery, wage increases, and reduced household debt.
Sweden (+15.3%) benefited from rebounding property prices, a stronger currency, and recovering financial markets.
Lithuania (+16.9%) saw robust gains thanks to wage growth, EU recovery funding, and expanding homeownership.
Hungary (+18%) topped the list, recording the fastest median wealth growth in 2024 as wages rose sharply, inflation eased, and housing conditions remained stable.
Overall takeaway
The data highlights a highly uneven global recovery. While many European countries rebounded strongly, others struggled under inflation and currency pressures. Median wealth trends show that everyday households experienced very different realities in 2024, depending on local economic conditions.
Sources: UBS Global Wealth Report 2025, Euronews