According to Credit Suisse, people with assets over $50 million total 218,200 following the post-pandemic ‘explosion of wealth.’
The worldwide “ultra-high net worth” (UHNW) population increased by 46,000 last year to a record 218,200 as the world’s richest people profited from “nearly an explosion of wealth” during the epidemic recovery.
According to a forecast by investment bank Credit Suisse, the number of UHNW people – those with assets worth more than $50 million (£43.7 million) – will increase in 2021 as the super-rich profit from skyrocketing housing prices and flourishing stock markets. Over the last two years, the number of people in the UHNW group has climbed by more than 50%.
The massive gain in the wealth of the richest 0.004% of the world’s adult population occurs as billions of low- and middle-income individuals struggle to deal with skyrocketing food and energy prices, many of whom lost their savings during the pandemic.
The analysis by Credit Suisse, which manages the fortunes of many of the world’s wealthiest people, stated that “the substantial rise in financial assets resulted in an increase in inequality in 2021.” “The increase in inequality is most likely the result of a jump in the value of financial assets during the Covid-19 outbreak.”
As most of the world struggles with harsh economic conditions, there is now a record number of ultra-wealthy people worth $50 million or more https://t.co/GDxMSsS93z
— David Lazarus (@Davidlaz) September 21, 2022
According to Credit Suisse’s Global Wealth Report, “the revival of macroeconomic activity in a low-interest environment generated unusually favorable conditions for household wealth accumulation in 2021.”
“We project that global wealth will equal $463.6 trillion by the end of 2021, an increase of $41.4 trillion (9.8%),” according to the report. “Wealth per adult increased by $6,800 (8.4%) throughout the year to $87,489, nearly three times the level reported at the turn of the century.”
According to Anthony Shorrocks, an economics professor and report author, there was “nearly an explosion of wealth last year… Probably more than any other year in our history.”
Wealth growth has not been dispersed fairly. For the second year in a row, the richest 1% of the worldwide population raised their proportion of total global wealth to 46%, up from 44% in 2020.
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Credit Suisse Global Wealth Report 2021 suggests high wealth inequality in India.
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— All India Trinamool Congress (@AITCofficial) September 21, 2022
The number of US dollar millionaires climbed by 5.2 million in 2021 to 62.5 million, almost under the UK’s 67 million inhabitants. According to Shorrocks, the number of millionaires is becoming “an increasingly useless metric of wealth.”
More than one-third of millionaires live in the United States, which has 24.5 million millionaires, or 39% of the world’s total.
The number of millionaires in the United States climbed by 2.5 million, accounting for over half of all new millionaires worldwide. “This is the highest increase in millionaire numbers recorded for any country in any year this century and confirms the significant surge in millionaire numbers seen in the United States since 2016,” according to the research.
China ranks second, with 10% of the world’s millionaires, ahead of Japan (5.4%), the United Kingdom (4.6%), and France (4.5%).
Switzerland was rated the richest country in terms of mean average wealth per adult, with $700,000, surpassing the United States, which had $579,000.
However, when the median average wealth per adult is evaluated, the discrepancies in those countries are apparent. Switzerland drops to sixth place with a median wealth of $168,000, while the United States falls to 18th place with $93,000. Australia is first in the world in terms of median wealth, at $274,000.
Adults in the United Kingdom have a mean wealth of $309,000 (14th position) and a median wealth of $142,000. (ninth place).
FAQs
How many people have extremely high net worth?
The “World Ultra Wealth Report” published on June 27, 2017, examined the world’s ultra-high-net-worth (UHNW) population, defined as individuals with $30 million or more in net worth. Globally, the number of ultra-high-net-worth persons increased by 3.5% to 226,450. Their overall wealth has climbed by 1.5% to $27 trillion.
How many persons around the globe have a net worth of more than a million dollars?
There are 56 million people.
According to estimates, there will be 56 million persons worldwide with assets worth more than one million dollars by the middle of 2021, with n
What exactly is an ultra-high net worth individual in the United Kingdom?
A high net worth individual is not precisely defined. In the United Kingdom, Her Majesty’s Revenue and Customs (HMRC) revised their definition of a High Net Worth Individual in 2016, classifying anyone with assets worth more than £10 million as such. The prior limit was £20 million.
How many persons have a net worth of more than $100 million?
And around 34,507 households have a net worth of $100 million or more, accounting for 0.07% to 0.03% of all households.
What constitutes a high net worth in 2022?
Are you wealthy if you have $2 million?
According to Charles Schwab’s annual Modern Wealth Survey, it takes a net worth of $2.2 million in the United States to be deemed “rich” by other Americans, up from $1.9 million last year.
Are the majority of doctors millionaires?
According to the 2022 physician wealth survey, 56% of physicians claimed a net worth of more than a million dollars. The majority of family physicians become millionaires by the age of 55, with only 11% having a million-dollar net worth before the age of 45.