The richer the country, the lower the homeownership rate.

Why is that?

Founder of CryptoPlaza. Delegate at dYdX, MakerDAO (Sky), and AAVE. Member of MetaCartel. Ambassador for Superfluid.

Mhm interesting reasons. I would agree for major cities but these are countrywide statistics

In wealthier countries, people often change jobs or relocate more frequently, making renting a more flexible option .These countries have efficient rental markets, making renting more attractive. Real estate prices tend to be higher, especially in urban areas, discouraging homeownership. Cultural reasons and tax policies could also be important factors.

Ownership comes with many costs, including much higher mortgage rates and APR%.

Trust me. My home is just under $700/month in USD. We bought it around 10 years ago now. Same mortgage is now $1500/month USD due to market shift and inflation in the nation's with higher GDP and higher income per capita. 

Institutions will always look for ways to add more fees or $$ to the cost of items. Be it inflation or regulatory policies, there is always some sort of means to take the expendable income out of consumer pockets. Therefore many choose to rent, as it allows for more freedom. Flat fee, no worries on repairs, normally that's handled by the landlord in the USA. So, it makes more sense for those who don't want to settle down. 

We were fortunate when we bought our home. 5% APR and low closing cost.