The Daily Star (Lebanon)

Net pri­vate wealth in Le­banon at $232.2B

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BEIRUT: The to­tal net wealth of Le­banese ci­ti­zens has in­creased by 4.6 per­cent to $232.2 bil­lion at the end of June 2019 com­pared to the same pe­riod of last year, ac­cord­ing to the es­ti­mates of Global in­vest­ment bank Credit Suisse.

“Le­banon’s to­tal pri­vate net wealth stood at $133.4 bil­lion at the end of 2010, re­gressed to $120.8 bil­lion at end-2011, and has been grad­u­ally ris­ing ever since. The ag­gre­gate net wealth of Le­banese ci­ti­zens at the end of June 2019 was the 65th high­est among 171 coun­tries and ju­ris­dic­tions, and the ninth high­est among 19 Arab coun­tries. Also, Le­banon had the 19th high­est ag­gre­gate net wealth among 50 up­per mid­dlein­come coun­tries in­cluded in the sur­vey,” the re­port which was pub­lished by By­b­los Bank’s Le­banon This Week.

Credit Suisse de­fines a coun­try’s net wealth as the sum of its pop­u­la­tion’s mar­ketable value of fi­nan­cial and non­fi­nan­cial as­sets less its ag­gre­gate per­sonal debt, with non­fi­nan­cial as­sets con­sist­ing mainly of real es­tate hold­ings.

It ex­cludes a coun­try’s stock of hu­man cap­i­tal as well as its stock of pub­lic as­sets and li­a­bil­i­ties, such as the pub­lic debt. The in­vest­ment bank pro­vided an­nual data for the pe­riod be­tween 2000 and 2017, and semi­an­nual fig­ures for 2018 and 2019.

“Glob­ally, Le­banon’s net wealth was higher than the wealth of Croa­tia ($209.1 bil­lion), Ecuador ($205.3 bil­lion) and Slove­nia ($205.2 bil­lion), and lower than the wealth of Al­ge­ria ($252.2 bil­lion), Kenya ($248.5 bil­lion) and Bul­garia ($243.2 bil­lion),” the re­port ex­plained.

Also, Le­banon’s net wealth was higher than the net wealth of Ecuador, Ser­bia ($170.3 bil­lion) and Jor­dan ($145.9 bil­lion), and lower than the net wealth of Sri Lanka ($297.2 bil­lion), Al­ge­ria and Bul­garia among UMICs.

“Re­gion­ally, it was higher than the net wealth of Oman ($156.2 bil­lion), Jor­dan, Tu­nisia ($112.4 bil­lion), Bahrain ($106.2 bil­lion), Libya ($81.2 bil­lion), Ye­men ($71.8 bil­lion), Syria ($21.1 bil­lion), Su­dan ($10.9 bil­lion), Mau­ri­ta­nia ($5.5 bil­lion) and Dji­bouti ($1.7 bil­lion),” the re­port said.

It added that Le­banon’s net wealth ac­counted for 0.1 per­cent of the global net wealth, for 0.3 per­cent of the UMICs’ ag­gre­gate net wealth and for 3.9 per­cent of the Arab re­gion’s net wealth at endJune 2019.

Amer­i­can ci­ti­zens had the world’s high­est ag­gre­gate net wealth at $106 tril­lion, while ci­ti­zens of Saudi Ara­bia ac­cu­mu­lated $1.56 tril­lion as at the end of June 2019, high­est in the Arab world. –

 ??  ?? The re­port said that Le­banon’s net wealth ac­counted for 0.1 per­cent of the global net wealth.
The re­port said that Le­banon’s net wealth ac­counted for 0.1 per­cent of the global net wealth.

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