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Our study constitutes a basis for further analyses of the equilibrium level of credit in the economy and investigations of ¯nancial stability. In order to prove this, we note that the econometric analysis in this article have been replicated and extended by Serwa (2011) to build a model identifying both normal and boom regimes in the credit market. In turn, Rubaszek (2011) have calibrated a version of the model including housing to data on the banking sector in Poland. His results suggest that incorporating housing in the model signi¯cantly increases the volume of credit in the economy. . | Credit Suisse October 2012 Research Institute Thought leadership from Credit Suisse Research and the world s foremost experts GLOBAL WEALTH REPORT 2012_2 Contents 03 Introduction 04 Global wealth overview 08 Household wealth A global portrait 16 The global wealth pyramid 22 Household debt 31 Inheritance of wealth 38 What will the future bring 45 Wealth of nations 46 United States 47 Japan 48 China 49 India 50 France 51 United Kingdom 52 Switzerland 53 Russia 54 Singapore 55 Korea 56 Indonesia 57 South Africa 58 Chile 59 Brazil 60 Australia 61 Canada 62 Authors 63 Disclaimer Imprint For more information please contact Richard Kersley Head of Global Research Product Credit Suisse Investment Banking richard.kersley@credit-suisse.com Michael O Sullivan Head of Portfolio Strategy Thematic Research Credit Suisse Private Banking michael.o sullivan@credit-suisse.com GLOBAL WEALTH REPORT 2012_3 Introduction The Credit Suisse Global Wealth Report and the more detailed accompanying Global Wealth Databook aim to provide the most comprehensive study of world wealth. Unlike other studies they measure and analyze trends in wealth across nations from the very bottom of the wealth pyramid to ultra high net worth individuals. This third Wealth Report continues our close collaboration with Professors Anthony Shorrocks and Jim Davies recognized authorities on this topic and the architects and principal authors of Personal Wealth from a Global Perspective Oxford University Press 2008. The last two Wealth Reports painted a detailed picture of fastrising wealth in the emerging world. This year in the context of the debate on the fiscal cliff and the Eurozone crisis we change tack and focus on indebtedness by bringing our unique data set of household debt to bear. Using new wealth data we review past trends in household debt and combine household and government debt to highlight which countries have sustainable overall debts levels and which have most problems with government debt. .
