Romanians are now, for the first time in history, wealthier than any neighboring nations, including Hungarians, according to a fresh Credit Suisse report consulted by Business Review.
In 2018, the wealth per adult in Romania is estimated at USD 42,282, compared with USD 41,118 in Hungary, USD 30,224 in Bulgaria, USD 19,582 in Serbia, USD 5,204 in Ukraine and USD 3,837 in Moldova, Credit Suisse’s “Global Wealth 2018” report indicates.
However, Romanians remain much poorer than Western European nations like Britons (USD 314,842 per adult), French (USD 281,339), or Germans (USD 250,856).
Romania has had a very fast growth over the last two decades, but started out from a very low base.
In 2000, Romania had a wealth per adult of only USD 3,300, much lower than that of Hungary (USD 11,882) or even Georgia (USD 4,494), as widespread poverty and corruption were the norm.
But this year, Romanians are considered almost two times wealthier than Argentinians or Russians and three times wealthier than Brazilians, according to Credit Suisse.
However, Romanian nationals are still less wealthy than the Polish (USD 53,511 per adult) or the Czechs (USD 62,340).
According to Credit Suisse, Romania has around 16,000 millionaires and 443,000 members of the top 10 percent richest people in the world.
At the other end of the spectrum, 62 percent of Romania’s citizens have less than USD 10,000 in wealth, while 35.4 percent have wealth between USD 10,000 and USD 100,000.
At the top are 2.5 percent of adults who have more than USD 100,000 in wealth, while just 0,1 percent have over 1 million.
In Hungary, despite lower total wealth, only 38.4 percent of adults have a total wealth of less than USD 10,000.
The total wealth of Romanians is USD 659 billion this year, compared to USD 322 billion in the case of Hungarians or USD 174 billion for Bulgarians, Credit Suisse says.