The number of the world’s wealthy rose at a rapid pace last year, buoyed by gains in the stock market and house prices.
As many as 5.2 million people became millionaires last year, about half of them in the United States alone, according to Credit Suisse’s latest annual wealth report.
“This is the largest increase in millionaire numbers recorded by any country in any year during this century,” she said.
Credit Suisse estimated that the total number of millionaires globally reached 62.5 million by the end of 2021.
The report, released on Tuesday, found that global wealth totaled $463.6 trillion at the end of last year, up 9.8%.
Unsurprisingly, the two largest economies – the United States and China – saw the largest gains in household wealth, followed by Canada, India and Australia.
The bank said that each country is likely to be supported by significant increases in economic output in 2021, along with “vigorous” activity in their respective housing or equity markets.
This once again exacerbated global inequality, which had already worsened dramatically during the pandemic.
2020 saw a historic setback in the fight against global poverty, as the number of the world’s poorest countries rose for the first time in more than 20 years, according to the World Bank.
While general poverty has declined slightly since then, the foundation estimates that tens of millions of people may still live in extreme poverty this year than previously thought, “due to the continuing effects of the pandemic, the war in Ukraine, and high inflation.”
This is in sharp contrast to the luckiest people in the world, even if they are not immune to those factors.
The share of the wealth of the top 1% rose for the second year in a row, Credit Suisse said in its report last year. Such individuals represented 45.6% of the world’s wealth in 2021.