Total global wealth inched higher in 2020 despite the covid pandemic, according to a recent Credit Suisse report attributing the resilience to government and central bank actions.
Total wealth worldwide grew 7.4 percent in 2020, according to Credit Suisse Research Institute’s 'Global Wealth Report 2021', with individual wealth increasing 6 percent to $79,952 per adult.
Globally, the number of millionaires increased around 10 percent to 56.1 million while the total number of ultra-high net worth individuals (over $50 million in net worth) soared 24 percent to 215,030 – the highest rate since 2003.
«Wealth creation in 2020 was largely immune to the challenges facing the world due to the actions taken by governments and central banks to mitigate the economic impact of COVID-19,» the report said.
APAC Wealth Growth
Within Asia, the number of high net worth individuals (HNWI) and ultra-high net worth individuals (UHNWI) reached 15.6 million and 57,318, respectively.
By 2025, the region is house 26.7 million HNWIs and 99,000 UHNWIs – a 71 percent and 73 percent increase, respectively.
China led wealth creation in Asia with 5.3 millionaires in 2020 – second only to the U.S. – and expectations for this figure to nearly double to 10.2 million by 2025. The country also boasts 28,130 UHNWIs which is forecasted to grow 85 percent to 51,920.
