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Millions become millionaires during Covid pandemic
Key Excerpts from Article on Website of BBC News
Posted: July 19th, 2021
https://www.bbc.com/news/business-57575077
More than five million people became millionaires across the world in 2020 despite economic damage from the Covid-19 pandemic. While many poor people became poorer, the number of millionaires increased by 5.2 million to 56.1 million globally, Credit Suisse research found. In 2020, more than 1% of adults worldwide were millionaires for the first time. Wealth creation appeared to be "completely detached" from the economic woes of the pandemic. The number of ultra-high net worth individuals, usually defined as those having investable assets of more than $30m, grew by 24% worldwide in 2020, the fastest rate of increase since 2003. Credit Suisse said its total of the number of millionaires might be higher than other organizations' estimates because it included both investable and non-investable assets, such as owner-occupied homes. [Economist] Anthony Shorrocks ... said the pandemic had an "acute short-term impact on global markets", but added this was "largely reversed by the end of June 2020". "Global wealth not only held steady in the face of such turmoil, but in fact rapidly increased in the second half of the year," he said. However, wealth differences between adults widened in 2020, and Mr Shorrocks said if asset price increases, such as house price rises, were removed from the analysis, "then global household wealth may well have fallen". "In the lower wealth bands where financial assets are less prevalent, wealth has tended to stand still, or, in many cases, regressed," he said.
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