More than 1% of adults globally were millionaires in 2020
Over five million people entered millionaire status worldwide during 2020 as the world reeled from the coronavirus pandemic.
The number of millionaires across the world grew by 5.2m to 56.1m , while many people became poorer, according to research by Credit Suisse.
For the first time ever, more than 1% of adults globally were millionaires in 2020.
As stock markets recovered and house prices rose, owners of said assets do the same.
Low interest rates and government programmes resulted in a massive transfer of wealth from the public sector to homeowners.
This brought about a rise in household saving, reducing household debts and “inflated household financial assets”.
“The contrast between what has happened to household wealth and what is happening in the wider economy can never have been more stark,” the Credit Suisse report said.
The combined with of people worth at least $1m had increased fourfold since 2000 to $191.6tn, as their share of global wealth increased from 35% to 46%.