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According to Credit Suisse, the number of people with wealth over US$50 million has hit a record high in the past two years.Reported by Rose Dykins
Despite the economic burden of Covid-19, a Credit Suisse report highlights a “explosion of wealth” among the world’s richest people.
The number of ultra high net worth individuals (UHNW) with wealth above $50 million reached a record 218,200 globally last year, according to the bank and investment firm’s Global Wealth Report 2021.
Low- and middle-income consumers have been hit hard by the cost of living crisis and may have used up their savings during the pandemic, but the world’s ultra-rich consumers (0.004% of the world’s adult population ), the opposite is true.
These individuals benefited from skyrocketing home prices and stock market opportunities in a low interest rate environment. According to Credit Suisse research, the world’s ultra-high net worth population has grown by 50% in the past two years.
Global Wealth Report “The significant increase in financial wealth has resulted in increased inequality in 2021. The increase in inequality is likely due to the surge in the value of financial assets during the Covid-19 pandemic.
“By the end of 2021, global wealth is estimated to reach USD 463.6 trillion, an increase of USD 41.4 trillion (9.8%). Wealth per adult increased by USD 6,800 (8.4%) over the year to USD 87,489. reached, nearly three times the level recorded at the turn of the century.”
The report also reveals UHNW patterns in the region, with the number of US dollar billionaires growing by 5.2 million in 2021 to reach 62.5 million, roughly the same size as the UK population (67 million). is emphasized.
Over a third (39%) of the world’s billionaires live in the United States (24.5 million billionaires total). China ranks her second, accounting for her 10% of global billionaires, ahead of Japan at 5.4%, the UK (4.6%) and France (4.5%).
Meanwhile, Switzerland was named the richest country with an average wealth of $700,000 per adult, overtaking the United States ($579,000).
Wealth inequality in these countries is revealed by median average wealth per adult. Australia topped the report’s median wealth chart at $274,000, Switzerland fell to sixth at $168,000, and the United States dropped to 18th at $93,000.
New Zealand experienced the largest surge in average wealth from US$114,000 to US$472,000 in the last two years. Meanwhile, the average wealth of a UK adult is US$309,000 (14th), and her median wealth is US$142,000 (9th).
Experts predict there will be 8,000 billionaires in the world by 2030 (up from about 3,000 today), 600 worth US$10 billion, and more than 50 worth US$100 billion. USD worth.
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