Belgian median wealth makes residents 'richest in the world'

Belgians are the richest people in the world, according to new figures from Crédit Suisse's Global Wealth Report, which put the median wealth of Belgian residents at €228,594.

This means that half of Belgian adults have a net worth - assets such as property, savings, shares or bonds - of more than €228,594 and the other half have less.

“Our first place was achieved in a remarkable way,” financial journalist Paul D'Hoore told VTM Nieuws.

“It’s not because we have become richer, but because we have become less impoverished. 2022 was not a good year. Stock markets fell and interest rates started to rise. Everyone got a little poorer.”

Australia came second in the ranking with a median wealth of €226,310, and Hong Kong in third place with €185,118.

“When we talk about wealth, it's first and foremost an image of the past that comes to the forefront,” Etienne de Callataÿ, professor of economics at UNamur and founder of Orcadia Asset Management, told RTL.

“We [Belgians] had a lot of money and we saved a lot, which is why today, in 2023, Belgium is at the top of certain wealth rankings. That doesn't mean that we are creating a lot of wealth today.”

The same report also stated that Belgium is a good example when it comes to reducing social inequalities. However, social inequalities are still a reality.

“Just because we are the least unequal in terms of wealth does not mean that wealth is distributed equally,” de Callataÿ said.

“We are very, very far from that. In fact, when we talk about wealth and assets, we're talking about inequalities. Major inequalities.”

In Belgium, around 22% of the population lives below the poverty line. At the same time, the number of billionaires is set to rise, according to the Crédit Suisse report.