More importantly, it was socially inclusive: all levels of society shared in the rewards. Nannette Hechler-Fayd'herbe, Global Head of Investment Strategy and Research, Credit Suisse, on Women and Wealth. Find Out. Copyright © 1997 - 2020 CREDIT SUISSE GROUP AG and/or its affiliates. She will share with us more about ESG investing in China and her views of where the country is heading in the upcoming years. All rights reserved. How COVID affected our wealth. Our latest findings show that the world was wealthier in the past than our previous analysis indicated. 7. He has more than 21 years of experience in the banking and financial services industry, specializing in strategic branding, marketing communications and consumer insight. His expertise is in designing financial products and in planning investment projects with a variety of financial tools, as well as offering comprehensive financial plans and investment advice to both enterprises and individuals. How did you decide which data to include? A platform created to gather a high-level audience of international and local leaders in business, government, technology, philanthropy and academia to showcase and recognise the positive impacts that they have been creating on society. What did you include when calculating natural capital? How did you calculate human capital in your research? Dr. Harley Seyedin is currently the president of Allelon Energy Partners. Going forward, we would like to include renewable energy sources (hydro, wind, solar), water, fisheries, and critical ecosystem services. Colombia has shown leadership on natural capital accounting and is one of the first countries in the world to have a dedicated unit in its statistics department to calculate the value of forests, water and minerals. Policymakers need this information to design strategies to ensure that their GDP growth is sustained in the long run and make corrections when needed. Prior to this, he was senior economist of UBS, China economist of Morgan Stanley (Asia), and assistant economist at International Monetary Fund (IMF). Opening Keynote Per capita wealth declined or was stagnant in more than two dozen countries in various income brackets. In August 2018, he was appointed as the Special Advisor to Chairman at President George H. W. Bush China-U.S. Relations Foundation. All Rights Reserved. A distinguished educator in the financial services industry with focus on ethics. The estimate follows an approach developed by Jorgenson and Fraumeni. Wealth and its composition tells us if the portfolio of assets or `stocks’—produced, natural, human capital and net foreign assets—are balanced to support GDP growth in the long-term. 14. Even in the downturn, China remains one of the world’s few growth markets, with GDP expected to expand by 6 to 8 percent in 2009, according to official and private estimates. ESG investing in China Switzerland (USD 530,240), Australia (USD 411,060) and the United States (USD 403,970) again head the league table according to wealth per adult. The value of natural capital assets doubled between 1995 and 2014. He has advised and served many of the leading financial services organisations across Asia and close to half of the top 100 banks worldwide. China’s dirty little secret: its growing wealth gap Income inequality worsened for the first time in five years, with the top 1 per cent owning a third of the country’s total wealth Sidney Leng Prof. Chiu has completed exceptional research in impact and sustainable investing, as well as microfinance and corporate social responsibility. 6. He is also a regular speaker on the international conference circuit, and a Guest Lecturer at several universities. The report found that global wealth grew 66 percent (from $690 trillion to $1,143 trillion in constant 2014 U.S. dollars at market prices). Disaggregation by employment (employed versus self-employed) is based on data from the Penn World Table, except for China where the average for the income group was used. The global mean wealth of USD 63,100 per adult masks considerable variation across countries and regions, as shown below. Another prominent feature of the world wealth outlook this year is the seemingly relentless rise in household wealth in the United States. Zambia, for example, is in the process of doing accounts for forests and water which will help the government as it makes policy decisions on how best to use natural resources for now and generations to come. The strengthening of Chinese economy has meant a rising in the accumulation of private wealth, and a notable diversification of this money, with the wave of high net worth individuals spreading across major cities and coastal areas.China, along with the US, Japan and Germany, is one of the four largest markets for millionaires, … In Latin America and Sub-Saharan Africa, about 7-9 percent of forest area gave way to agricultural land. The strengthening of Chinese economy has meant a rising in the accumulation of private wealth, and a notable diversification of this money, with the wave of high net worth individuals spreading across major cities and coastal areas.China, along with the US, Japan and Germany, is one of the four largest markets for millionaires, accounting for 61% of the 18.1 million HNWIs around the world. From 2010 to 2018 Harley served as Vice Chairman for U.S.-China Economic and Trade Policy of the Asia Pacific Council of American Chambers of Commerce. Dr. Gordian Gaeta, Chairman, Wealth and Society Programme & Pan Xilong, Associate Professor, Chinese Finance Research Institute of Southwestern University of Finance and Economics, Welcome Note The revision mostly relates to non-financial assets owned by the middle class. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The ranking by median wealth per adult favors countries with lower levels of wealth inequality and produces a slightly different table. The growth of a new era in China as a force for good. After working for Chase Manhattan Bank in Tokyo as vice president, he broadened his expertise to financial and security laws at Harvard Law School. At the beginning of the century, 80% of global adults belonged to this stratum: today the fraction is 64%. Steven Zhang, Chief Economist and Head of Research, Morgan Stanley Huaxin Securities, Chaired by: © Copyright 2018, Wealth and Society. Did you leave anything out? The crisis has affected all of the country’s income levels, however, and data on reactions to it remain inconclusive because the situation is changing so rapidly. Impact investing and philanthropy in China, Panellists: Technology and digital capabilities in the world we live today have undoubtedly unlocked opportunities in the realm of philanthropy and impact investing. Finally, for most Gulf countries, due to lack of publicly available household surveys, human capital is imputed based on GDP per capita and educational attainment. 1. Frequently-asked questions about the report and its findings can be found here. How is wealth calculated in the report and how is it helpful for countries? Her main expertise and focus are impact investing, sustainable investment, finance ethics, business ethics, and corporate social responsibility for the financial sector. With a creative technology career spanning over 20 years, Tucker’s passion is creating solutions that further global sustainability. Human capital is computed as the present value of future earnings for the labor force. 11. This new book improves estimates for natural capital and for the first time provides estimates of human capital. Allelon Energy Partners is involved in the development, construction and operation of new energy and power projects internationally. However, it is a mixed picture when you look at the breakdown of assets. Countries with the least per capita wealth are: The Gambia, Burundi, Mozambique, Comoros, Guinea, Madagascar, Liberia, Malawi, Niger, and DRC. Are you missing some “intangible” capital that is not captured by the current calculations of wealth? The Changing Wealth of Nations 2018 tracks the wealth of 141 countries between 1995 and 2014. This year, Australia (USD 191,450) edged ahead of Switzerland (USD 183,340) into first place. While natural capital accounts for 9 percent of wealth globally, it makes up nearly half (47 percent) of the wealth in low income countries. Are country trends for GDP and wealth similar or do they vary? It is useful to think of GDP as a `return on wealth’. 12. Wealth accounts are compiled by using publicly available data, drawn from globally-recognized data sources, with a methodology that is consistent across all countries. Dr. Harley Seyedin, President, Allelon Energy Partners, Winner of 2017 Oslo Business for Peace Award. Opening Keynote What are the key changes the Chinese wealth management industry is undergoing? 6 4. They see an opportunity to tackle some of the societal challenges facing us today. She has made a deep research on the effect of comprehensive wealth management tools, such as law, taxation, life insurance, private trust, immigration, financial investments, risk management and inheritance of private wealth. New official statistical data and other reliable sources have led us to revise our estimate. Pan Xilong is an associate professor at the Chinese Finance Research Institute of Southwestern University of Finance and Economics and a corporate governance coach at the International Finance Corporation. Download the report by Credit Suisse Research Institute. We are conducting more detailed analysis of human capital by gender and type of employment and will refine those estimates for future publication. The top 20 countries with the fastest growing wealth per capita were dominated by developing countries—including two of the biggest—China and India, which were both classified by the World Bank as low income countries in 1995 and are now ranked as middle-income.

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