Despite The Pandemic, Millions Still Became Millionaires In 2020
One might think that the pandemic would affect even the richest of the richest but it seems like individual wealth shows no signs of stopping. According to Credit Suisse Research Institute's Global Wealth Report 2020, average individual wealth even increased by six per cent while average total wealth worldwide grew almost eight per cent in 2020.
More than one per cent of adults worldwide—which is about more than five million people—also became millionaires in 2020. The reason is due to recovering stock markets and soaring house prices. The two that reported the most millionaires in 2020 from Asia are China and India.
China currently lies in second place in terms of total household wealth, behind the US but ahead of Japan and has five million millionaires in 2020. The country's total wealth accumulates to US$78 trillion despite it being one of the first places to be affected by the pandemic. Its emerging economy is described as "keeping calm" in contrast to the US' "challenging times". It's expected that the number of millionaires in China will double to 10.2 million by 2025.
Meanwhile, India's wealth accumulation—which has been steadily growing over the last two decades—is also highlighted in the report. Household wealth in the country is dominated by property and other real assets but financial assets have grown over time. India's total wealth stands at US$15.3 trillion.
The report says that the increase in millionaires and wealth reflected "growing prosperity of emerging economies, especially China, and the expansion of the middle class in the developing world". In Asia, high net worth individuals soared to 15.6 million. The number of ultra-high (those with a net worth exceeding US$50 million) reached 57,318 individuals.