The number of people with a net worth of $1 million or more will increase by 40% in the next five years to 87.5 million people, up from 62.5 million in 2021, according to the Credit Suisse Global Wealth Report 2022 released Tuesday.
Millionaires in the United States will grow by 13%, to a total of 27,554 people.
However, astounding growth in the number of people who have achieved millionaire status will occur in the BRIC (Brazil, Russia, India and China) countries—sans Russia. China will see a 97% increase in the number of millionaires in the next five years, to a total of 12,197, while the number of Indians who have achieved this status will rise by 105% to 1,632, and millionaire Brazilians will soar by 115%, to 572.
The biggest increase will be in Africa: a 173% increase in the number of millionaires, to a total of 961.
Credit Suisse attributes the rise both to inflation and to a rebound following the 2019-2021 suppression of COVID-19 on global economies.
The 500 richest people in the world have lost $1.4 trillion of their wealth in the first half of the year, however, primarily due to the downturn in stocks and bonds.
“Despite the inflation and Russia-Ukraine war setbacks, we believe that total global wealth will continue to grow,” according to the Credit Suisse report. “We expect household wealth in China to continue to catch up with the United States, advancing the equivalent of 14 U.S. years between 2021 and 2026.”
Last year, in 2021, global wealth increased 9.8% to $463.6 trillion from 2020, the biggest one-year increase in wealth since the beginning of the 21st century.
The top 1% of households own 46% of the world’s assets, and the most affluent 10% of the population has 82% of all global wealth.
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