September 27, 2022

5.2 Million People Became Millionaires Last Year, With Half of Them Being in the US

A number of positive aspects in the inventory market and home costs contributed to a fast rise in the quantity of rich individuals worldwide final yr.

Based on Credit score Suisse’s most up-to-date annual wealth report, as many as 5.2 million individuals grew to become millionaires final yr, with practically half dwelling in the United States.

“This is the largest increase in millionaire numbers recorded for any country in any year this century,” the report learn.

At the finish of 2021, there was a complete of 62.5 millionaires worldwide.

On Tuesday, the report revealed that the total international wealth elevated by 9.8% to $463.6 trillion by the finish of final yr.

Family wealth elevated the most in the US and China, adopted by Canada, India, and Australia.

Since 2021, there was vital development in every nation’s financial output, coupled with sturdy housing and inventory market exercise.

The pandemic has already considerably impacted international inequality, which additional exacerbated the state of affairs.

Based on the World Financial institution, 2020 marked a historic setback in the battle towards international poverty as the quantity of the world’s impoverished elevated for the first time in greater than 20 years.

Though international poverty has just lately declined, the establishment anticipates tens of thousands and thousands extra individuals should be dwelling in excessive poverty this yr “due to the lingering effects of the pandemic, the war in Ukraine, and rising inflation.”