Believe it or not but according to research undertaken by Credit Suisse, a major global private banking, investment banking and asset management company, the top 10 countries with the highest average wealth per adult in 2011 DO NOT include the U.S. or Canada but DO include Belgium, whose credit rating has just been downgraded by Standard & Poors, and Italy, which is on the verge of going bankrupt. Below is a list of the 10 countries whose citizens are the richest. Words: 1095
So says Annabel Candy (www.getinthehotspot.com) in edited excerpts from her original article*.
Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and www.munKNEE.com (Your Key to Making Money!) has further edited ([ ]), abridged (…) and reformatted (some sub-titles and bold/italics emphases) the article below for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.
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Candy goes on to say, in part:
Anomalies aside, this list is a strong indication of how wealthy the people who live in a country are, as compared to a list based on Gross Domestic Product which is the value each person creates. The currency is US dollars. [Please refer to another article on the Credit Suisse report entitled How the Wealth of Canadians, Americans, Brits and Aussies Compare for a different focus on the report.]
1. Switzerland $540,010
Famed for its Swiss Alps, neutral polices and secure banking, Switzerland’s wealth grew after World War 2 when people from other European countries deposited their money in the banks of Switzerland which were considered to be the safest option. Apart from the financial and banking industry, Switzerland’s economy is also bolstered by Swiss companies like Nestle, Logitech, Rolex and Credit Suisse…
2. Australia $396,745
Australia is rich in natural resources which are being mined and sold for a healthy profit often at the expense of our natural environment. It all started with the gold rush in the 1820s and has been snowballing since then. The Australian dollar is high and tourism remains another mainstay of our economy. As an indicator of our resources, both underground and our pristine natural environment, Australian companies range from mining giants Rio Tinto to surf brands Billabong and Rip Curl.
3. Norway $355,925
The Kingdom of Norway is one [of only] a few highly developed countries in Europe that are not part of the European Union. Naturally rich in oil and natural gas, Norway is well known for its high cost of living but the standard of living is high [as well] with public health care free (above a certain level) and 46 weeks paid parental leave for new parents. Norway is also the second least densely populated country in Europe.
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4. France $293,685
France has been a power house with strong cultural, economic, military and political influence in Europe, and around the world, for the last 500 years. Financial services, banking and the insurance sector are an important part of France’s economy; the French insurance company AXA is the world’s largest insurance company. France is also famed for it’s fine wine, food, fashion and design. Top French companies include Michelin, Louis Vuitton and L’Oreal. Mais oui.
5. Singapore $284,692
The tiny island nation of Singapore has the busiest port in the world and is the fourth largest foreign exchange trading center in the world. Singapore is a world leader in several economic areas including finance, casinos, oil refining and foreign trading. Singapore attracts business because its economy is known as one of the freest, most innovative, most competitive, most business friendly and least corrupt in the world.
6. Sweden $284,146
Sweden is an export-oriented mixed economy with a modern distribution system, excellent internal and external communications, and a skilled labor force. Resources include timber and hydropower while the economy is heavily oriented toward foreign trade. Famous Swedish exports include Björn Borg, Abba and Ikea…
7. Belgium $275,524
The Kingdom of Belgium has more going for it than just chocolate. Belgium has a strongly globalized economy and a transportation infrastructure integrated with the rest of Europe. Being smack in the middle of a highly industrialized region has helped make Belgium one of the world’s largest trading nations although it is often viewed as one of the least interesting. The economy is characterized by a highly productive work force and high exports. Belgium’s most famous import is raw diamonds and it’s most famous export (apart from chocolate) is finished diamonds. Well known Belgian companies include Guylian, Godiva and Stella Artois.
8. Italy $259,826
Italy didn’t get rich from exporting pizza. Italy’s wealth comes from its influential and innovative business economic sector, an industrious and competitive agricultural sector which is the world’s largest wine producer, and its creative and high-quality automobile, industrial, appliance and fashion design. Famous Italian companies include Fiat, Pirelli, Versace, Benneton and the coffee companies Illy and Lavazza.
9. United Kingdom $257,881
Like many countries in this list the UK’s wealth was kick started by colonizing other countries and plundering their natural and often human resources. I’m British so I’m allowed to say that kind of thing. With our colonial hey day long over, the economy in the UK remained strong because we kick-started the scientific and industrial revolutions. Today the economy in the UK is based around the automotive, aerospace and pharmaceutical industries. Even in the midst of a recession and with the British Pound plummeting in value…you can’t beat UK companies like Rolls Royce, Virgin and Cadburys for global recognition.
10. Japan $248,770
Japan’s labor force consists of about 65.9 million workers and the country has a huge industrial capacity. Japan has some of the biggest producers of motor vehicles, electronics and processed foods. Agriculture and fishing are important industries too. People all over the world love Japanese brands like Nintendo, Toyota [and] Sony [to name a few].
Interesting stuff but we all know wealth isn’t really about how much money you have in the bank or how much you earn. It’s about how rich your life is, how strong your family bonds and friendships and how much you enjoy your life on a daily basis. [Be that as it may,]grinding poverty makes the quest for happiness hard and our responsibilities must lie in narrowing that great divide between rich and poor.
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Canadians may wish to consider the underlying trends in inflation and unemployment before making major financial decisions. Recent unemployment data in Canada shows unemployment at 7.3% [vs. 9.0% in the U.S.] and inflation rising to an uncomfortable 3.2% [vs. 3.6% in the U.S. for a Misery Index of 10.5 vs. 13.6 in the U.S.]
Of all the many banners being waved around the world by disgruntled protesters from Chile to Australia the one that reads, “We Are the 99%” is the catchiest. It is purposefully vague, but it is also underpinned by some solid economics. A report from the Congressional Budget Office (CBO)… confirms the contentions of the 99% that a system that works well for the very richest has delivered returns on labour that are disappointing for everyone else and that the people at the top have made out like bandits over the past few decades, and that now everyone else must pick up the bill. [Take a look at the graph which shows just how unequal income distribution is in the USA.] Words: 776
Countries differ greatly in the levels and pattern of wealth holdings…In this article…we highlight those of Canada, the United States, the United Kingdom and Australia. [Take a look at the results of our extensive research.] Words: 1314
Most Americans don’t understand what is happening because neither the mainstream media nor our politicians are telling them the truth. We are being told that we just need to accept our lower standard of living and most Americans seem willing to accept that reality because they keep sending most of the exact same bozos back to Washington D.C….Why are the majority of Americans not screaming to their political “representatives” that they are as mad as hell and not willing to take it any more? Words: 1270
Richest 1% of Americans Own 33.8% of Country’s Private Wealth and 23.5% of Its Income!
The Rich are NOT Paying Their Fair Share of Income Tax
Over the last half century, the richest Americans have shifted the burden of the federal individual income tax off themselves and onto everybody else – dramatically! At a time of national economic crisis, especially, they can and should contribute far more in taxes. [Let me show you the extent of this massive redistribution of wealth so you decide for yourself if this is, indeed, the case.] Words: 1140
Canada’s size, political structure, and culture will enable it to – properly governed – be more resilient to world economic problems than any other developed country. [For one thing] we don’t have the extent of political polarization that… [is currently the case] in Washington…and now exacerbated to new levels in these difficult economic times – and that will, in my view, cause the U.S. to continue down an increasingly rocky economic road. [Below I put forth Canada’s economic advantages and disadvantages.] Words:1026