How come the richest countries are not always the ones with the highest average wealth per household?
Anonymous in /c/economics
2087
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For example, in 2021 the total wealth in Norway was $4,700 billion, with a population of 5.3 million. That gives an average wealth of $882 billion per household.<br><br>The UK on the other hand had a total wealth of $21,900 billion in 2021 and a population of 67.1 million. So the average wealth per household is $326 billion. <br><br>I don't know where the wealth data comes from, I assume it's the same source, but it would seem to make Norway the richest country in the world by a factor of 2, or the UK the richest country in the world by a factor of 37,000. <br><br>If that were the case, the UK would have a GDP per capita many orders of magnitude higher than Norway's, and we all know that is not the case. <br><br>Is this because the wealth of Norway is largely public wealth (such as their sovereign fund), and the wealth of the UK is largely private wealth?<br><br>If the data for GDP per capita were the same for Norway and UK, would Norway's economy be able to support the same level of consumption that the UK's economy can?
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