America gained 2.5 million new millionaires last year, Credit Suisse report says

As many as 5.2 million people became millionaires last year, nearly half of them in the United States alone, according to Credit Suisse’s latest annual report. wealth report.

“This is the largest increase in the number of millionaires recorded for any country in any year this century,” he said.

Worldwide, the total number of millionaires stood at 62.5 million at the end of 2021, Credit Suisse estimated.

The report, which was released on Tuesday, found that total global wealth stood at $463.6 trillion at the end of last year, jumping 9.8%.

Unsurprisingly, the two major economies – the United States and China – recorded the largest gains in household wealth, followed by Canada, India and Australia.

Each country was likely helped by significant increases in economic output in 2021, combined with “vigorous” activity in their respective housing or stock markets, the bank said.

This has once again exacerbated global inequalities, which have already got considerably worse throughout the pandemic.
2020 saw a historical setback in the fight against global poverty, with the number of the world’s poorest increasing for the first time in more than 20 years, according to the World Bank.
The pandemic has pushed nearly 100 million people into poverty.  They struggle to escape
While global poverty has since slightly slipped again, the institution estimates that tens of millions more people could still live in extreme poverty this year than previously thought, “due to the lingering effects of the pandemic, the war in Ukraine and rising inflation”.

This stands in stark contrast to the wealthiest in the world, even though they are not immune to these factors.

Last year, the wealth share of the top 1% “increased for the second year in a row,” Credit Suisse said in its report. These people accounted for 45.6% of global wealth in 2021.