The number of ultra-high-net-worth individuals in the world has reached a new high

The number of ultra-high-net-worth individuals in the world has reached a new high ...

Following the post-pandemic 'explosion of wealth,' people with assets over $50 million total 218,200, according to Credit Suisse.

Last year, the worldwide "ultra-high net worth" (UHNW) population increased by 46,000 to a record 218,200 as the world's richest people profited from "nearly an explosion of wealth" during the epidemic recovery.

Credit Suisse predicts that the number of UHNW employees — those with assets worth more than $50 million (£43.7 million) — will grow in 2021 as the super-rich profit from rising housing prices and expanding stock markets. Over the previous two years, the number of people in the UHNW group has increased by more than half.

As billions of low- and middle-income individuals struggle to cope with rising food and energy costs, many of whom lost their savings during the epidemic, gain enormous wealth.

Credit Suisse, which manages the fortunes of many of the world's richest people, stated that "the substantial increase in financial assets resulted in an increase in inequality in 2021." "The increase in inequality is most likely to be the result of a rise in the value of financial assets during the Covid-19 outbreak."

According to Credit Suisse's Global Wealth Report, "the rebirth of macroeconomic activity in a low-interest environment produced unusually favorable conditions for household wealth accumulation in 2021."

According to the study, global wealth will reach $463.6 trillion by the end of 2021, an increase of $41.4 trillion (9.8%). "Wealth per adult increased by $6,800 (8.4%) throughout the year to $87,489, nearly three times the level recorded at the turn of the century."

According to Anthony Shorrocks, an economics professor and report author, last year was "nearly an explosion of wealth... Probably more than any other year in our history."

For the second year in a row, the world's richest 1% of the population increased their share of global wealth to 46%, up from 44% in 2020.

The number of US dollar millionaires increased by 5.2 million in 2021 to 62.5 million, almost less than the number of people in the United Kingdom, according to Shorrocks, the number of millionaires is becoming "an increasingly useless measure of wealth."

The United States, which has 24.5 million people, has a population of more than one-third of the world's population.

According to the study, the number of millionaires in the United States increased by 2.5 million, accounting for more than half of all new millionaires worldwide.

China takes the second spot with ten percent of world's millionaires, ahead of Japan (55.4%), the United Kingdom (4.6%), and France (4.5%).

Switzerland was rated the richest country in terms of mean average wealth per adult, surpassing the United States, which had $579,000.

When the median median wealth per adult is examined, the differences between the two nations are evident. Switzerland falls to sixth place with a median wealth of $168,000, while the United States falls to 18th place with $93,000. Australia is the first country in the world in terms of median wealth, at $274,000.

Adults in the United Kingdom have a mean wealth of $309,000 (14th position) and a median wealth of $142,000 (ninth position).

FAQs

How many people have a very high net worth?

The "World Ultra Wealth Report" published on June 27, 2017, assessed the world's ultra-high-net-worth (UHNW) population, defined as individuals with $30 million or more in net worth. The number of ultra-high-net-worth individuals has increased by 3.5 percent to 226,450. Their overall wealth has increased by 1.5 percent to $27 trillion.

How many individuals around the world have a net worth of more than a million dollars?

There are 56 million people in the world. According to projections, there will be 56 million people across the world with assets worth more than one million dollars by the middle of 2021, including n.

What is the definition of an ultra-high net worth individual in the United Kingdom?

In the United Kingdom, Her Majesty's Revenue and Customs (HMRC) redefined a high net worth individual in 2016, classifying anyone with assets exceeding £10 million as such. The previous limit was £20 million.

And around 34,507 households have a net worth of $100 million or more, accounting for 0.07% to 0.03% of all households.

Are you rich if you have $2 million? According to Charles Schwab's annual Modern Wealth Survey, other Americans must have a net worth of $2.2 million to be considered "rich."

According to the physician wealth survey for 2022, 56% of physicians claimed a net worth of more than a million dollars. The majority of family physicians become millionaires by the age of 55, with only 11% having a million-dollar net worth before the age of 45.

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