BUSINESS

Greece below Venezuela at top of wealth loss list

TAGS: Economy

Greece comes second only to Venezuela on a recent list of countries that have seen their fortunes change dramatically in the decade from 2007 to 2017.

The annual report for 2017 by South Africa-based research company New World Wealth found that Venezuela saw its wealth in US dollars shrink 48 percent in the 10-year period from 2007 due to “escalating economic turmoil driven by the collapse of oil process and runaway inflation.”

Greece comes second with a loss of 37 percent, with its fellow crisis-hit southern European nations Italy, Spain and Portugal at third, fourth and sixth place respectively, with 19, 19 and 13 percent.

The world has accumulated $215 trillion in private wealth, the report shows, with this number including wealth held by the general population, as well as the 15.2 million millionaires (with $1M+ in assets), 584,000 multi-millionaires ($10M+ in assets) and 2,252 billionaires ($1B+ in assets) in the world.

Vietnam had the best performance on the chart, coming in first place of wealth accumulation with an increase of 210 percent in the 2007-2017 period, followed by China (198 percent), Mauritius (195 percent) and Ethiopia (190 percent).

Fluctuations in countries’ concentration of wealth are attributed to a number of factors, including the preponderance of conditions that either attract or deter high net worth individuals (HNWIs).

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