The world’s wealthiest saw a substantial increase in their finances, with more than 5.2million joining the elite “millionaire” club. Find out which countries produced the most millionaires!
The impact of the pandemic saw personal wealth, particularly for the world’s poorest, decline during the enforced economic shutdowns. Yet, the world’s wealthiest not only survived the worst of the recession but managed to thrive.
The world’s wealthiest saw a substantial increase in their numbers with more than 5.2 million joining their ranks, according to the annual Credit Suisse Global Wealth Report.
We look at which countries produced the most millionaires in 2020 as well as how the richest invested their wealth.
For the first time in history millionaires now account for more than 1% of the total population; 56 million individuals own assets worth more than $1 million in 2020.
Many of the world’s wealthiest cashed in on emergency measures implemented to curb economic stagnation. The world’s richest increased their coffers as central banks flooded financial markets with cheap money, inflating asset prices.
The Credit Suisse report details that aggregate global wealth accumulated by households rose by about $28.7 trillion in 2020. Huge economic stimulus and forex volatility increased the world’s total accumulated riches by $28.7 trillion (+7%) to $418.3 trillion in 2020, according to the report.
Countries that created the most millionaires:
- US +1,730,000
- Germany +633,000
- Australia +392,000
- Japan +390,000
- France +309,000
- UK +258,000
- China +257,000
- Canada +246,000
- The Netherlands +214,000
- Italy +187,000
The USA added a staggering 1.7m newly minted individuals with six-figure assets to its already huge pool of millionaires. Germany (633,000) and Australia (392,000) complete the top 3 in the report. Despite producing individuals on the World’s Richest list, millionaires remained uncommon in India, Indonesia, and Russia.
The report states: “The contrast between what has happened to household wealth and what is happening in the wider economy can never have been more stark.”
Overall, global wealth grew by 7.4% in 2020 to $418.3 trillion in 2020, with gains largely attributed to growth in the US, Europe, and China.
Even more alarming is the 41,420 who joined the group of “ultra-rich”, individuals who have collected assets worth more than $50 million.
Economy gets a second wind
Credit Suisse said: “Reassured by the prompt action of governments and central banks, financial markets regained confidence and the losses in equity markets were largely reversed by the end of June. That much was understandable. But what happened in the second half of 2020 was unforeseen.
“Share prices continued on an upward path, reaching record levels by the end of the year. After initially pausing to take stock, housing markets were also infected by the prevailing optimism, and house prices rose at rates not seen for many years.”
What caused the surge in wealth? Higher equity and residential property valuations lifted overall aggregate household net worth, assets (including property) to approximately $418.3 trillion.
Despite struggling global economies and lockdown restrictions, this still represents an increase of 4.1% on a constant currency basis, only slightly below the annual average of the past 20 years.
“Overall, financial assets accounted for most of the gain in total wealth as they have done in most years since the financial crisis. The increase of USD 22.5 trillion was slightly over double the USD 10.0 trillion rise in non-financial assets.
“A rough 2-to-1 split is also evident in the regional breakdowns for North America, Europe and China, but the contributions were roughly equal in the Asia-Pacific region,” reports Credit Suisse.
Discover more opportunities with TRESORFX
TRESORFX offers more than 1500 tradable assets including the top-performing currency pairs available in the markets. TRESORFX clients get access to global brands, exceptional trading conditions and robust safety and security under the auspices of the Financial Sector Conduct Authority of the United Kingdom (FCA), Europe’s BaFin, FinMa, MiFID II – ESMA, CySec.
Being a retail brokerage and investment managemer that specializes in CFDs (Contracts for Difference), TRESORFX provides clients with unique advantages such as powerful leverage, which allows traders with smaller accounts to gain exposure to much larger positions. This translates to substantially higher profit potential.
While leverage typically adds a certain degree of risk to any investment, TRESORFX also offers negative balance protection, thereby providing capital protection up to 100,000 euro.
If you are interested in learning more about how you can take advantage of price movements in currency exchange rates, commodities, or cryptocurrencies, you will find that TRESORFX’s unique offering of innovative services and diverse account types are suitable for both beginner and experienced traders / investors.
Start trading the financial markets today with an award-winning broker. Join TRESORFX, the largest and best-performing investment manager in Europe and Asia.
Register here to get started!
0.0 pips spreads | 500:1 leverage
Daily Super Signals (Hit Take Profit targets: TP1 is 100% accurate, TP2 is 100% accurate, TP3 is 85% accurate)
Open Demo Account Open Live Account
Just a few messages from our happy clients:
WANT TO HAVE GREAT DAILY GAINS WITH NO LOSS? TEXT US NOW ON WHATSAPP FOR MORE INFO!
+447747535495
??????? ?? ??? ????? ?????????
Register bellow and we will tell you how to do it (or we will do it for you.. for a small fee)
[forminator_form id=”7710″]
FOR DAILY SIGNALS, TECHNICAL VIEWS, MANAGED ACCOUNTS and other services with GUARANTEED PERFORMACE, simply text us on WhatsApp to get more info!
Click here to send a dircet text to us!
WhatsApp number: +447747535495
Daily Super Signals (Hit Take Profit targets: TP1 is 100% accurate, TP2 is 100% accurate, TP3 is 85% accurate)
Open Demo Account Open Live Account
and gain access to the Premium Daily Signals, made by certified CFA traders with guaranteed minimum profit of 50 pips per trade (5 – 10 premium signals daily)
MAKE MORE MONEY
ENJOY YOUR LIFE! LEAVE THE TRADING TO US!
Text us for more info about our managed trading accounts!
