Israelis’ Wealth Grew 16 Percent in 2016-17

YERUSHALAYIM -

The world is richer than it was a decade ago – 27-percent richer, according to a research paper by Credit Suisse. Adults on average were wealthier than ever before, even with recent downturns in the world economy. And in terms of earnings, 2017 was a very good year for most countries – especially Israel, which saw household wealth grow 16 percent in the 12 months between June 2016 and 2017.

Most countries saw household wealth rise between 5 percent and 10 percent during the period, with Poland at 18-percent growth, the only country that did better than Israel.

One important reason for the achievement of both countries, according to the Credit Suisse Global Wealth Report 2017, was due to fluctuations in exchange rates. Israel’s shekel is considered one of the strongest currencies in the world, as is Poland’s, the report said. The shekel strengthened by some 10 percent on average against world currencies, the report said. Losing significant wealth was Egypt, where wealth levels fell by 49 percent over the period – again due to exchange rates, with Egypt’s currency falling in value.

Meanwhile, the Central Bureau of Statistics (CBS) announced that Israeli salaries were higher than ever. The average Israeli earned NIS 9,427 per month in 2016, according to the CBS, 2.9-percent more than in 2015. Jewish workers earned more than Arabs – NIS 10,286 compared to NIS 6,856 – and workers in information technology, who earned on average NIS 16,488 a month, were the biggest earners. Israelis with 16 years of education earned on average NIS 48.40 per hour, compared to those with a ninth-grade education, who earned NIS 32.90 per hour.