Number of millionaires worldwide grew by five million in 2020

World

Published: 2021-06-27 13:29

Last Updated: 2023-06-03 11:24


Number of millionaires worldwide grew by five million in 2020
Number of millionaires worldwide grew by five million in 2020

With the onset of the pandemic, 2020 was probably one of the worst years on record for many people.

But, despite the spread of the coronavirus and the repetitive lockdowns, the top 'one percent club' actually grew bigger over the course of the year.

According to the annual Credit Suisse Global Wealth Report, the number of millionaires worldwide increased by 5.2 million.

This means that over 56 million people across the globe had a net worth of over $1 million last year.

Almost one third of the new entrants to the club came from the US, putting the country on top of the list of new millionaires.

Experts stated that while the coronavirus pandemic led to job losses and income shortages for majority of the population, the 'rich' were able to consolidate their wealth even further.

Furthermore, the report predicted the number of millionaires to grow by 50 percent over the next five years.