Number of Dollar Millionaires Worldwide Grows Despite Corona

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According to an analysis by Credit Suisse, the number of dollar millionaires worldwide has continued to grow in the year of the Corona crisis. According to the Swiss bank, the club of the rich grew most in the United States on Tuesday. According to the Global Wealth Report, which Credit Suisse has published annually since 2010, there were almost 56.1 million million dollar millionaires worldwide at the end of last year. That’s a good 5.2 million more than in 2019.

By far the most of them live in the U.S. (nearly 22 million – up 1.73 million). China (around 5.3 million – up 257,000) and Japan (around 3.7 million – up 390,000) follow in the other places. Accordingly, Germany counts a good 2.95 million dollar millionaires and thus 633,000 more than in the evaluation a year earlier.

In Austria, 346,000 or 4.8 percent of adults were dollar millionaires in the previous year. The total wealth of all people in Austria amounted to 2.1 trillion dollars (1.8 trillion euros) at the end of 2020. In total, global wealth increased by $28.7 trillion to $418.3 trillion within the year.

“Given constrained consumption, household savings have surged, increasing households’ financial assets and reducing their debt,” said Nannette Hechler-Fayd’herbe, head of Economics & Research at Credit Suisse. “The reduction in interest rates by central banks has probably had the biggest impact. It’s one of the main reasons for the rise in stock prices and home prices, which in turn feed directly into our calculations of household wealth.”

Unlike other wealth studies, such as those by the Deutsche Bundesbank, which add up cash, bank deposits, securities and claims against insurance companies, Credit Suisse also includes real estate in its calculations. The authors of the Credit Suisse study expect the number of dollar millionaires around the globe to continue to grow faster than average wealth in the coming years – in part because stocks as well as houses and apartments are increasing in value.