Credit Suisse: Number of Romanian millionaires in dollars increases

The number of Romanian millionaires in dollars reached 38,000 last year, an increase of over 1,000 individuals compared to the previous year, according to a report by the Swiss bank Credit Suisse analyzed by Profit.ro.

The number of Romanians with an estimated wealth of over USD 1 mln rose from 36,690 individuals in 2021 to 38,000 individuals at the end of last year, according to the Global Wealth 2023 report by Credit Suisse.

In terms of the number of millionaires in dollars, Romania surpasses Hungary (24,000 millionaires) and is on par with Colombia, while it is exceeded by all the approximately 40 highlighted economies in the report. The next countries with the fewest millionaires in dollars on the list are Turkey (61,000), Chile (62,000), the Czech Republic (77,000), and Greece (79,000).

The net wealth of households in Romania increased by 9.5% last year, from USD 609 bln in 2021 to USD 667 bln, according to the report. The data regarding net wealth for 2021 were significantly revised downward, with previous estimates indicating a total net wealth of USD 640 bln for Romanian households.

On average, net wealth per adult increased by 10.1% last year, reaching USD 44,320, up from USD 40,262 (revised data) in 2021. The majority of Romanians' wealth (69.2%) is represented by non-financial assets.

In terms of the distribution of private wealth, approximately 5.1 million (33.7%) of adult Romanians have a wealth of less than USD 10,000, down from 5.3 million people in 2021, according to Credit Suisse data. The number of individuals with estimated wealth between USD 10,000 and USD 100,000 increased from 8.69 million in 2021 to 8.76 million, while the number of Romanians with wealth between USD 100,000 and USD 1 million rose from 1.1 million to over 1.18 million.

Globally, household net wealth decreased by 2.4% last year, to USD 454.4 trillion, marking the first annual decline since the 2008 financial crisis. Much of the decline stems from the appreciation of the US dollar against a range of rival currencies, according to Credit Suisse.

The Swiss bank, which is in the process of being acquired by UBS, notes that financial assets contributed the most to the wealth decrease in 2022, while non-financial assets, particularly real estate, have proven resilient despite the rapid increase in interest rates.

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