The size of the total gross domestic product (GDP) helps identify a particular country’s wealth standing, for example, if the GDP size gets bigger, than the country gets richer.
However, in order to measure the actual wealth accumulated by individuals around the world, the New Worth Wealth can help quantify the financial health of an economy in a more precise manner.
In its most recent report, it showed the top ten countries in the world conferring from the total wealth of individuals. This the measure was conducted by accumulating the wealth of individuals and the end of 2015 which consisted of net assets, including property, cash, equity and business interests
With $48,700 billion of total wealth held by individuals, the United States appeared to come on top as the richest nation in the world.
This is followed by China as it comes in second place with $17,300 billion in private wealth or all individuals in the country.
Japan came in third with Germany and United Kingdom being in fourth and 5th ranking.
In any case, the report noticed that the measure of riches held by the normal American has remained moderately static amid the previous ten years, somewhere around 2005 and 2015, ascending by just 5 per cent.
In view of current figures, the average fortune of a man in the US is pegged at $151,000.
In Australia the average wealth per individual increased by 100 per cent and in Canada it increased by 50 per cent.
With these values, the report has identified that an average person from Australia is considerably richer than an average US citizen.
But when the countries are assessed according to how much wealth each person owns, the results change accordingly. For example, considering private wealth per person, small tax havens like Monaco and Liechtenstein would move at the top of the list, as an average person would own $1.5 million and $620,000 in private wealth.
Rounding up the top five are Switzerland, Australia and Norway, recording wealth per capita at $285,000, $204,000 and $200,000, respectively.
None of the Gulf Cooperation Council (GCC) countries including UAE made in on either one of the lists.
Monaco is at the top of the list due to the resident not having to place any form of income tax. It has also successfully been able to encourage business formation which is enabling them to attract more wealthy investors.
Monaco is also a preferred location for super-yacht owners and also has the most expensive apartments in the world. 40,000 residents are estimated to be worth over $10 million, which means that Monaco has a high proportion of multi-millionaires.