The pandemic has proven good news for the world's wealthiest individuals with 650 American billionaires seeing their collective fortune surge by $1.2 trillion since the crisis erupted. The situation has not just benefitted the super-rich, however, with wealth creation remaining largely unaffected by Covid-19 all over the world. Despite the pandemic’s devastating economic impact and a crippling rise in unemployment, total global household wealth grew 7.4% to reach $418.3 trillion, according to the latest Global Wealth Report from Credit Suisse. Given that trend, it is hardly surprising that the pandemic was not just good news for the super-rich but for most millionaires as well.
Between 2019 and 2020, more than five million people joined the global millionaire club with their coffers bolstered by climbing house prices and recovering stock markets. By the end of 2020, there were just over 56 million people worth $1 million or more across the world compared to 50.9 million in 2019. The biggest gains were made in the United States where an impressive 1.73 million individuals gained entry to the millionaire club, in spite of the difficult circumstances. Germany had the second highest millionaire population growth of any country during the pandemic with 633,000 people joining the category while Australia had the third-highest expansion with its millionaire population growing by 392,000.
Interestingly, the last year was not good news for millionaires everywhere and some countries experienced a decline in their wealthy populations, primarily as a result of currency depreciation. The largest fall in millionaire numbers was observed in Brazil and India with their populations contracting by 108,000 and 66,000, respectively. Credit Suisse states that the U.S. boasted a millionaire population of 21.95 million last year, the world's highest total by far, and significantly more than second-placed China's 5.28 million.
*Click below to enlarge (charted by Statista)
