Credit Suisse say more than five million millionaires were created in 2020

There's money in property Credit: Pixabay

IN its twelfth Global Wealth Report released on June 22, Credit Suisse say more than five million millionaires were created in 2020.

The research showed that despite the economic fallout caused by the Covid-19 pandemic, there are now 56.1 millionaires worldwide (more than the entire population of Spain).

You don’t have to be cash rich in order to be classified as a millionaire and rising house prices and a stock exchange boom have increased the value of assets and for some, even cryptocurrency rises have pushed them into the millionaire bracket.

Credit Suisse researchers suggest that wealth creation has simply ignored the economic problems of the pandemic and the application of low-cost Government backed loans has also encouraged household savings which bumps up individual worth.

The report also found that total global wealth grew by 7.4 per cent and wealth per adult rose by 6 per to reach a record high of $79,952 (€67,000) and interestingly, overall, the countries most affected by the pandemic have not fared worse in terms of wealth creation.

A lot now depends upon the future and whether high share and house prices are sustainable over the long term.

The regional breakdown shows that total wealth rose by $12.4 (€10.4) trillion in North America and by $9.2 (€7.7) trillion in Europe.

These two regions accounted for the bulk of the wealth gains in 2020, with China adding another $4.2 (€3.5) trillion although India and South America saw significant falls in individual worth according to Credit Suisse.

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John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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