May 25, 2020

The global wealth of millionaires grows 2.6% in the last year

The global assets of millionaires totaled 360 billion dollars between mid-2018 and mid-2019, a year-on-year increase of 2.6%, according to the World Wealth Report published today by the Swiss bank Credit Suisse.

The number of millionaires (people with a wealth of over one million dollars) increased 2.4% to 46.8 million, of which 40% live in the United States.

China ranks second in number of millionaires, with 10% of the total, followed by Japan (6%) and the United Kingdom and Germany (both with 5%).

The report, which Credit Suisse has been preparing for 10 years, also reflects how strong inequality continues in a world where 45% of the world's wealth is in the hands of the richest 1% while half of the poorest population owns less than 1% of global economic assets.

There is, however, according to the Swiss financial institution, a certain decrease in this inequality: the world's 90% less wealthy currently has 18% of the world's wealth, when at the beginning of this century the percentage was even lower, 11%.

However, it also reflects an increase in average wealth per adult, from 1.2% to $ 70,850, although almost 60% of the world's population is below 10,000.

Switzerland, where it is estimated that there are about 400,000 millionaires, is the country where the average patrimony per capita has increased the most during the last year (by 17,790 dollars), followed by the United States (11,980 dollars more), Japan (9,810) and Holland (9,160).

This consolidates the inhabitants of the Central European country as the richest population on the planet, with an average patrimony of $ 564,650.

The Swiss, the report analyzes, have benefited from the strengthening of their currency, the franc, against the dollar, and in the opposite way the Australians have been harmed by the collapse of their currency and have been the ones who have lost the most assets (28,670 average dollars).

Norway (with a measured loss of $ 1,250), Turkey (5,230) and Belgium (4,330) have been the other major victims in the last year, according to Credit Suisse figures.

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