- New research by Compare the Market lists changes in household net wealth among 20 OECD countries
- The biggest increases in household net wealth came from South Korea, Denmark and Poland respectively, with growth of more than 15 per cent in each country
- Chile and Spain were the only two nations to record a decrease across the analysed period
Despite a sudden increase in unemployment across many countries at the start of the COVID-19 pandemic, personal equity has proven to significantly grow across many OECD countries throughout 2020, according to new research by Compare the Market.
Of the 20 countries studied, South Korea recorded the greatest positive change in household net wealth last year despite the onset effects of COVID-19. The nation saw a 19 per cent increase, jumping from US$46,810.10 per capita in 2019 to US$55,675.78 per capita in 2020.
Coming in close second to South Korea, Denmark experienced an 18 per cent increase in net wealth, going from US$145,203.50 to US$171,386.80 per capita. Poland rounded out the top three with an overall increase of 16 per cent, equivalent to US$3,426.27 per capita of its household net wealth.
Whats more, 18 of the 20 countries recorded an increase higher than the 3.2 per cent global inflation rate for the same period (2019 to 2020).
Other notable changes in household net wealth include the United States with a 13 per cent increase, claiming fourth spot on the list. Just over the border, Canada recorded an eight per cent increase which left the nation in 11th place.
At the other end of the list, Chile had smallest change in household net wealth with a decrease of two per cent (US$36,426.50 to US$35,607.32 per capita), which was followed by Spain with a one per cent decrease (US$54,623.15 to US$54,252.78 per capita).
Despite being third from the bottom, Portugal actually recorded a small increase (four per cent) during the same period, growing from US$46,464.13 to US$48,540.63 per capita.
Compare the Markets list was compiled using the Household net wealth statistics available for each country from 2015 to 2020 on the Organisation for Economic Co-operation and Development (OECD) website, with a focus on the change in household net wealth between 2019 and 2020.
The OECD defines household net wealth as the total financial assets, such as household items, and any equity and shares the household owns, less the financial liabilities, such as any outstanding loans.
To see the full list of how household net wealth has changed across the OECD countries please visit: https://www.comparethemarket.com.au/home-loans/household-wealth-2019-2020/
For interviews and more information, please contact:
Noémi Hadnagy | e: noemi.hadnagy@comparethemarket.com.au
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