Tuesday, November 22

Nigeria is the 3rd poorest country in the world

Nigeria is the 3rd poorest country in the world

Credit Suisse group is a Swiss multinational financial services holding company, with headquarters in Zürich, Switzerland which operates the Credit Suisse Bank and other financial services investments.

The company is organized as a stock corporation with four divisions: Investment Banking, Private Banking, Asset Management, and a Shared Services Group that provides marketing and support to the other three divisions.

They recently ran an annual global wealth report in which they said that the bullish early years of the millennium, when global wealth was rising at double-digit rates, came to an abrupt halt with the financial crisis.

Hopes were high that wealth growth would take off again after 2008, but despite some promising dawns, sustained high growth has proved elusive. And while new challenges emerge, few of the older challenges are resolved.

The report also revealed that in mid-2016, the slowdown of the global economy and the likelihood of interest rate rises were dampening the future prospects for household wealth worldwide.

Credit Suisse was founded by Alfred Escher in 1856 under the name Schweizerische Kreditanstalt (SKA, English: Swiss Credit Institution) in order to fund the development of Switzerland’s rail system ranked Nigeria as the third nation with the poorest people in the world.

Nigeria came third among the poorest countries in the world with 35 million Nigerians classified among the poorest people in the world while India tops the list with 246 million people.

Also the report states that in recent years, there has been a growing sense that the economic recovery is shallow, and has not reached all layers of society. It stated that the global wealth database supports this view.

While exchange rate movements sometimes obscure trends, wealth per adult and median wealth have grown well below their potential during the last nine years, compounding fears that we are in the midst of a lost decade for global wealth growth.

Other countries contributing significantly to the bottom wealth bracket are Russia with 28 million of the world’s poorest, Ukraine with 25 million and the United States with 21 million.

According to calculations from the report it suggest that 140,900 adults worldwide can be classed as UHNW individuals, with net worth above USD 50 million. Of these, 50,800 are worth at least USD 100 million, and 5,200 have assets above USD 500 million.

The total number of UHNW adults is about 3% higher than a year ago (4,100 individuals), and the increase has been relatively uniform across regions, except for the higher than average rise in AsiaPacific countries (10%).

Meanwhile, with an average net worth of 500,000 dollars per adult, the wealthiest country in the world is Switzerland, the Swiss are the world’s richest people, 11 times wealthier than the average world citizen.

The people of Switzerland make up only 0.1 per cent of the global population, but they own 1.4 per cent of the world’s assets.

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