Global wealth increased by $41.4 trillion (9.8%) to $463.6 trillion at the end of 2021, according to Credit Suisse's Global Wealth report. To reach $87,489, or nearly three times the amount seen at the turn of the century, wealth per adult increased by $6,800 (8.4%) over the course of the year.
The resumption of macroeconomic activity in a low-interest environment created unusually favorable conditions for household wealth accumulation during 2021, according to Credit Suisse's Global Wealth Report.
According to the report's author and economics professor Anthony Shorrocks, "almost an explosion of wealth last year. It was probably the highest year we have ever recorded.
The distribution of the wealth rise has not been equitable. The wealthiest 1% of the world's population saw a growth in their percentage of the global economy for a second year, rising to 46% from 44% in 2020. In 2021, there were 5.2 million more US millionaires, bringing the total to 62.5 million, barely shy of the 67 million people in the UK.
According to Shorrocks, the number of millionaires has grown to such an extent that it is "an increasingly irrelevant metric of wealth." With 24.5 million millionaires, or 39% of the world's total, the US is home to more than one-third of all millionaires.
The Guardian claims that since 2021, there have been 46,000 more "ultra-high net worth" people in the planet. As of right now, 218 200 people fall into that category—the greatest number ever—which is being linked to the pandemic's "explosion of riches."
Credit Suisse releases a research on the world's wealth in 2022 on September 25. following the global coronavirus outbreak's stabilization.
Switzerland once again topped the list of nations with the highest average adult wealth ($700,000). Although Switzerland ranked sixth in terms of median wealth, the income inequality in the country remained still extremely evident.
Credit Suisse has reported income stability (wealth data quality) in ASEAN countries using data from:
1. GDP per adult
2 . Wealth per adult in 2000
3. Wealth per adult 2022
4. Total wealth 2022 by country
5. Share of world wealth
Source: Credit Suisse Report, The Guardian