Private wealth totaled about $204 trillion as of the end of 2018, according to a report from New World Wealth. It is estimated that number will rise by another 43 percent through 2028, reaching $291 trillion.
However, there are still some countries that are far richer than the rest of the world.
The higher concentration of wealth in the richest countries was boosted by small populations, favorable tax structures – both in terms of income taxes and corporate taxes – and high real estate prices, which attract richer individuals.
Here’s a look at the countries with the highest proportion of wealth, per capita:
Located between France and the Mediterranean, Monaco has become a well-known residence for the super wealthy. It is one of the smallest countries in the world, with about 40,000 residents – but has a wealth per capita of $2.1 million.
Many of those residents (about 2,700) are multimillionaires. The fact that it one of the only countries in the world with no income tax helps to attract wealthy individuals. It also serves as an offshore center for Europe, drawing many high-earning financiers.
Following Monaco, another one of the world’s smallest countries – Liechtenstein – has the second-highest wealth per capita, at $786,000.
Liechtenstein is located in the heart of the Alps, between Austria and Switzerland.
Companies in the country are subject to an income tax rate of 12.5 percent.
The country has a value-added tax of 8 percent.
Neighboring Switzerland is ranked third among countries with the highest wealth per capita, at $315,000.
Switzerland has long been considered a tax haven for companies due to its favorable structure and relatively low corporate rate. The country also has a relatively flat income tax rate, and does not tax capital gains.
On the Tax Foundation’s 2018 list of International Tax Competitiveness, Switzerland ranked sixth.
Luxembourg, a tiny European country, was found to have the fourth-highest wealth per capita, at $300,000.
It is located between Belgium, France and Germany. According to Forbes, the country’s population is about 600,000. The publication also ranked the small country 23rd among the best countries for business.
The Tax Foundation ranked Luxembourg fourth for international tax competitiveness.
From the smaller countries in the world, to one of the largest, Australia occupied the fifth spot on the list. The wealth per capita in Australia is $244,000.
The Tax Foundation ranked it eighth among international countries with the most competitive tax codes.
Rounding out the top 10 were:
Norway ($198,000 per capita)
U.S. ($186,000 per capita)
Singapore ($177,000 per capita)
Hong Kong ($169,000 per capita)
Canada ($163,000 per capita)