October 1, 2022

As many as 5.2 million people became millionaires last year, almost half of them in the United States alone, according to Credit Suisse’s latest annual report wealth report.

“This is the largest increase in the number of millionaires recorded for any country in any year this century,” the statement said.

The total number of millionaires worldwide was 62.5 million at the end of 2021, Credit Suisse estimates.

The report, released on Tuesday, found that total global wealth stood at $463.6 trillion at the end of last year, jumping 9.8%.

Not surprisingly, the two largest economies – the United States and China – saw the largest gains in household wealth, followed by Canada, India and Australia.

Each country was likely to be helped by a significant rise in economic output in 2021, combined with “vibrant” activity in their housing or stock markets, the bank said.

This has once again exacerbated global inequality, which had already worsened significantly during the pandemic.
2020 saw a historic setback in the fight against global poverty, with the number of the world’s poorest rising for the first time in more than 20 years, according to the World Bank.
The pandemic has pushed nearly 100 million people into poverty.  They struggle to escape
While overall poverty since then slipped slightly again, the institution estimates that tens of millions more people could live in extreme poverty this year than previously thought, “due to the lingering effects of the pandemic, the war in Ukraine and rising inflation.”

This is in stark contrast to the happiest people in the world, even if they are not immune to these factors.

Last year, the wealth share of the top 1% “increased for the second consecutive year,” Credit Suisse said in its report. These individuals accounted for 45.6% of the world’s wealth in 2021.

Source link

Leave a Reply

Your email address will not be published.