Global Economic Crisis Made Albanians Poorer

Credit Suisse considers Albania a lower middle income country in 2013, with a per capita wealth per adult estimated $9,450 (€6,796).

According to the Swiss bank's research arm, in mid-2013 every adult Albanian per capita had $1,780 (€1,280) in financial wealth $8,390 (€6,034) in non-financial wealth and $647 (€465) of debt.

From 2000-to-2013, the per capita wealth of every adult Albanian tripled from $3,086 (€2,219) to $9,450 (€6,796).

Now in its fourth edition, the Credit Suisse Global Wealth Databook offers investors the most comprehensive study of world wealth, and remains the only study that analyzes the wealth of all the world's 4.7 billion adults.

According to the reports, 72.1 per cent of Albanians have less than $10,000 in wealth, 26.6 per cent have between $10,000 and $100,000 while 0.7 of the population own wealth worth between $100,000 to $1 million.

Albanians' per capita wealth grew rapidly from 2000 until 2007, jumping from a low base of $3,086 (€2,219) per adult to $14,821 (€10,660).

The lion's share was accounted for by non-financial wealth, which grew per adult from $2,542 (€1,828) in 2007 to $12,537 (€9,015) by 2007.

According to Credit Suisse, personal wealth in Albania took a nosedive from 2008-to-2010, when the global financial crisis hit, dropping by $5,797 from $14,821 (€10,660) to $9,024 (€6,490).

Debt also grew rapidly from 2000 until 2007, from $33 (€24) per adult in 2007 to $880 (€632) in 2007. From 2007 until 2013, debt levels dropped back mildly, from $880 (€632) per adult to $647 (€465).