June 10, 2023

Hong Kong
CNN Business

The number of wealthy people in the world grew at a rapid pace last year, fueled by gains in stock markets and house prices.

About 5.2 million people became millionaires last year, nearly half of them in the United States alone, according to Credit Suisse’s latest annual report Asset report.

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

Globally, the total number of millionaires stands at 62.5 million by the end of 2021, Credit Suisse estimates.

The report released on Tuesday showed that total global wealth at the end of last year was $463.6 trillion, an increase of 9.8%.

Unsurprisingly, the top two economies – the US and China – saw the biggest gains in household wealth, followed by Canada, India and Australia.

Each country was likely helped by significant growth in economic output in 2021, with “strong” activity in their respective housing or stock markets, the bank said.

This has further exacerbated global inequality, which has already worsened significantly throughout the pandemic.

2020 The fight against global poverty has seen a historic setback, with the number of the world’s poorest rising for the first time in more than 20 years, according to the World Bank.

Although overall poverty since then Slide down slightly Again, the institute estimated that several million more people could still 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 stands in sharp contrast to the world’s most fortunate, even if they are not immune to those factors.

Last year, the wealth share of the top 1% “rose for the second year running,” Credit Suisse said in its report. These people account for 45.6% of the world’s wealth in 2021.

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