Global wealth creation in 2020 resists pandemic
Total global wealth increased slightly in 2020 despite the covid pandemic, according to a recent Credit Suisse report attributing resilience to government and central bank actions.
Total wealth around the world increased 7.4% in 2020, according to the Credit Suisse Research Institute’s Global Wealth Report 2021, with individual wealth increasing 6% to $ 79,952 per adult.
Globally, the number of millionaires increased by around 10% to 56.1 million, while the total number of very high net worth individuals (over $ 50 million in net worth) soared 24% to reach 215,030 – the highest rate since 2003.
“Wealth creation in 2020 has been largely immune to the challenges the world faces as a result of actions taken by governments and central banks to mitigate the economic impact of COVID-19,” the report said.
APAC Wealth Growth
In Asia, the number of high net worth individuals (HNWI) and high net worth individuals (UHNWI) reached 15.6 million and 57,318 respectively.
By 2025, the region will be home to 26.7 million HNWI and 99,000 UHNWI, an increase of 71% and 73%, respectively.
China leads in wealth creation in Asia with 5.3 millionaires in 2020 – just behind the United States – and expectations of that number are expected to nearly double to 10.2 million by 2025. The country counts also 28,130 UHNWI, which is expected to increase by 85% to 51,920.