Record Net Worth Increases, Japan's Rich Get Richer

According to the Nomura Research Institute (NRI), the value of assets held by Japan's rich and super-rich rose to a record 469 trillion yen ($3.1 trillion), while assets held by the majority of the country's population increased at a much slower pace.

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The value of assets held by Japan's rich and super-rich rose to a record 469 trillion yen. (Source: Nikkei Asia)

According to a report recently released by NRI, from 2011 to 2023, the assets of Japan's rich and super-rich doubled and tripled, while assets held by the majority of people, which account for about 80% of Japanese households, increased by only 42.2%.

The report notes that the widening wealth gap largely reflects rising stock prices, which tend to favor high-net-worth households. In 2023, a weaker yen is also likely to boost the value of foreign assets held by wealthy Japanese households.

From the end of 2011 to the end of 2023, Japan's benchmark Topix index tripled, largely thanks to the "Abenomics" economic policy that began in 2012.

Leaders since the late Prime Minister Shinzo Abe have called for support for the middle class and better distribution of the fruits of growth, but data shows that Japan's policies over the past decade have benefited the rich more than the majority of households in the country. Real wages tripled in the 13 years to 2023. In 2023, the richest 3% of Japanese households held 26% of all Japanese household net worth.

In Japan, the definition of a rich household is those with net assets of 100 million to 500 million Yen, and “super rich” are those with more than 500 million Yen.

NRIs also note that in recent years, a significant segment of households have become unexpectedly wealthy, with their wealth growing through schemes such as employee stock ownership plans and the government 's tax-free investment scheme that began in 2014.

The report also notes that, starting in 2023, many economic indicators suggest that growth could have an even greater impact on the net worth of the wealthy.

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