Usually when one tends to think about the richest nation on earth then one instantly pictures Switzerland in the mind. Surely, owing to a tremendous banking system, sufficiently stable and unflustered economic affairs and a booming economy, ever reliant and fed by the burgeoning travel industry, Switzerland has always been a secure economy, such a luxury from the context of today’s economically uncertain world.
Moreover, as the threat of the world succumbing gradually toward another global slowdown begins to transpire into a possible morbid reality, Switzerland, one tends to think is safe and far away from any of such concerns.
After all, years of private saving and safely parking of one’s funds and incomes in the country have catapulted it into becoming a safe haven, and the richest nation on earth.
But according to recent media reports, it appears that no longer is Switzerland the richest nation on earth.
So the question is, which is it, after all?
Well, hold your breath and this may actually surprise a few among us.
A new global media report suggests that the United States happens to be the richest nation on earth, marginally ahead of Switzerland. Can you believe it? So, something’s definitely going right for America in the aftermath of Trump commanding the most powerful position in the world, right?
A leading publication that deals with in-depth coverage of Europe drew the following keen insights pertaining to the US bettering Switzerland as the richest nation on earth:
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.
But, when one talks about the Allianz Report, in particular, then it appears that over the course of the past few years, there has been a close competition between the United States and Switzerland, two countries that have constantly been swapping places on an esteemed global list.
Prior to 2017, Switzerland topped the charts but then come 2017, and it would be usurped by the United States.
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.
But the above told, among the most fascinating findings of this report- it ought to be said- is that despite being faced with among the stiffest of economic challenges; the ongoing economic war with China (although, something that the US itself brought on), the United States economy seems to be faring quite decently well.