Jewish state ranks 23rd worldwide in total number of wealthy people, and Israelis gained more assets in the past year than the citizens of almost any other country
Israel has about 131,000 millionaires, and its population is getting wealthier quickly, according to a Monday report from the Swiss banking firm Credit Suisse.
Israel ranks 23rd worldwide in its total number of millionaires, and by 2024 is expected to have 173,000 millionaires, representing a growth rate of 32 percent, the annual Global Wealth Report found.
The total number of Israeli millionaires is relatively high, placing the Jewish state slightly below more populous countries including Brazil and Poland, although some states with fewer people, including Norway, Switzerland and Hong Kong, had more millionaires.
The 32% expected growth rate put Israel in the middle of the pack for wealthy countries.
Israelis gained wealth at a higher rate than almost any other country, ranking 7th with an average gain per adult of around $5,000. The report noted, however, that average wealth in Israel relative to its GDP had grown more slowly than expected.
Net worth, or wealth, is defined by the report as the value of financial assets plus real assets, mainly housing, owned by a household, minus its debts.
The world’s 46.8 million millionaires hold 44% of global wealth, the report said.
The US accounts for 40% of all millionaires worldwide, with a total of 18.6 million. China ranks second with 4.4 million.
Worldwide wealth grew in the last year, but growth was modest, with global wealth rising by $9.1 trillion to $360.6 trillion, representing a 2.6% growth rate.
There were 1.1 million new millionaires, with 675,000 of those in the US.
Wealth per adult was at a record-high of $70,850 and nearly 1% of all adults are millionaires, although over half of all adults have less than $10,000.
Inequality is still widespread, with the poorer half of the population holding less than 1% of total global wealth, while the richest 10% own 82%, and the top 1% holds 45%. Inequality had decreased slightly from a peak in 2016, though.
@ Sebastien Zorn:
Clearly cooperation and collaboration between allies is desired and has mutual benefit.
The Europeans who are not always so friendly to Israel, Israel has provided a valuable service. It has provided intelligence that has stopped many terrorist attacks. Europe also has bought some of Israeli security equipment which has assisted them.
Israel has also purchased equipment from Europeans that makes Israel safer. No one makes the best of everything in the modern world. Even though the Chinese believe they have the right to steal the technology if they do not make it.
@ Bear Klein: Yes, openly collaborative ventures on specific items or purchase or barter in services of others would be preferable from Israel’s point of view.
Just how collaborative it is is shown by Israel fixing the bugs in the F35 and then selling the fix back to the U.S.
Even aside from the fact the aid is about 1 percent of Israel’s GDP and GNP, with sales like this, why would Israel even need aid?
“Israeli sales of F-35 parts to US to top $2 billion
US purchases of Lockheed Martin F-35 stealth fighter components from Israel hits $1.75 billion, expected to top $2 billion by year’s end.”
http://www.israelnationalnews.com/News/News.aspx/268611
The $3 billion in aid Israel receives from the USA is virtually all required to spent within the USA.
Israeli governments unfortunately get used to these funds because that way they do not have to budget for other things. It hurts the Israeli Defense Industries.
Under Trump Israel has NOT been blackmailed with the removal of funds.
If Warren or another Democrat were POTUS then they would try and leverage the money into stopping settlement building. This has been done in the past to Israel under both Regan and Bush One.
Obama stopped shipping missile’s to Israel during the last Gaza War. Israel actually had a better missile themselves. Israel only bought the US missile because of the aid. After Obama stopped shipping the missile. Israel started marketing the missile very successfully worldwide for less money money and greater capability. Israel now uses its own missile which has proven a military success. Thanks Obama!
I for one would like Israel to wean itself off of the US aid to be as independent as possible.
@ Michael S:
The funding mainly benefits the U.S. as it all has to be spent here. It mainly benefits Israel in that it ensures Congressional support as they would catch hell from their constitutents if they lost jobs. What Israel needs from the U.S. is diplomatic shielding. Hi-tech weapons are a collaborative affair in practice and low tech weapons purchased from the U.S. undercut Israeli industries.
@ Dean Blake:
“@ Bear Klein:
Bear,
“I think this means USA can stop funding Israel an& don’t need to donate to charities in Israel as the millionaires can be adequately taxed to carry their own burdens. Right?”
Wrong. The US is wise, to fund those countries who advance America’s interest; and for a country like the US, whose national motto is “In God We Trust”, it makes great sense to support the continuance and safety of God’s chosen people.
I think this means USA can stop funding Israel an& don’t need to donate to charities in Israel as the millionaires can be adequately taxed to carry their own burdens. Right?