The latest Credit Suisse wealth report shows that over the last 10 years the average wealth in Portugal has risen by 35%. On the down-side, the country appears to have 'lost' 25,000 wealthy nationals in just one year.
The conclusion that Portugal has fewer wealthy people, but generally people are better off, is contained in the ‘Global Wealth Report’ from Credit Suisse, which looks at trends across the world.
The study shows that a year ago Portugal had 76,000 millionaires and that the total now is just 51,000.
Average assets rose from €42,000 in 2000, to €65,000 this year, a figure that includes property.
Portugal, Brazil and Norway are among the countries that have lost more than 25% of their rich residents. Greece is the winner with a loss of 55%.
The study shows that European countries filled most of the top ten worst performers showing that the Eurozone did not do well for 'the rich getting richer' - despite this being a popular assumption.
The world's wealth has shrunk by about €11.4 billion, €1.6 billion of this was lost in Europe.
China remains at the top of ‘rich bastards’ list with a 15 year 'wealth growth rate' comfortably above 5%.
To read the full report, click on this link to a .pdf
https://publications.credit-suisse.com/tasks/render/file/?fileID=F2425415-DCA7-80B8-EAD989AF9341D47E
Comments
A lot of people were investing in the property bubble back then, and were looking pretty good on paper.
Foreigners will all have had a devil of a job getting their money out of Portugal. But will have finally done so after a totally surreal last chat with the manager in Portuglish;him begging them to keep their money here in Portugal. Please !
"Go by all means - here is a list of train times and flights; but please leave us your money! "
If a ship is sinking as fast as Portugal is and there is the certainty of bailing in bank depositors into any bank rescue from January 2016 it makes sense for any remaining foreigners with wealth to leave down the anchor ropes alongside the Portuguese rats.
That's why I wrote:
"...appears to have 'lost' 25,000 wealthy nationals" as many indeed will have relocated themselves, their money, or both, to far away places
That's seems to be a favorite sport for Portugese "bastards"