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US takes 'richest nation on earth' crown from Switzerland

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US takes 'richest nation on earth' crown from Switzerland
A villa in the Swiss city of Lugano. File photo: Depositphotos"

People in the US are now the world’s wealthiest citizens, just ahead of the Swiss, a new global report shows.

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The average net financial assets of people living in the US total €184,411 (around 202,900 Swiss francs) per capita against €173,838 for Switzerland, according to the latest Global Wealth Report published by German insurer Allianz.

The rise of the US to the top of the rankings is thanks in no small part to the strength of the US dollar, the report states.

While the US took top spot in the report, Switzerland continues to boast the highest gross financial assets per head in the world at €266,318 (against €227,364 for the US). But debts in the Alpine country are far higher than in the US, with mortgages the main cause.

READ ALSO: Everything you need to know about the cost of living in Switzerland

The US and Switzerland have been rotating top place in the Allianz report in recent years. In 2018, it was Switzerland’s turn at the top while in 2017 the US took the crown.

However, both countries are miles ahead of third-place getter Singapore where those total net financial assets per head came to €100,370 in 2018.

The Allianz Global Wealth Report paints a gloomy picture of financial asset growth in 2018 noting these were down (by 0.1 percent) for the first time since the financial crisis on the back of the trade war between China and the US, Brexit and increased geopolitical tensions.

READ ALSO: This is how much people earn in Switzerland

 

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