World

America hit 2.5 million new millionaires last year

The number of rich people in the world increased at a dizzying pace last year, fueled by the growth of the stock market and house prices.

According to Credit Suisse’s latest annual wealth report, 5.2 million people became millionaires last year, with nearly half in the US.

“This is the largest increase in the number of millionaires on record for any country in any year this century,” it said.

Worldwide, the total number of millionaires is 62.5 million by the end of 2021, Credit Suisse estimates.

The report released on Tuesday showed that total global wealth totaled $463.6 trillion at the end of last year, an increase of 9.8 percent.

Unsurprisingly, the top two economies – the United States and China – saw the largest increases in household wealth, followed by Canada, India and Australia.

The bank said each country could be supported by a significant increase in economic output in 2021, combined with “strong” activity in their housing or stock markets.

This has once again exacerbated global inequality, which has worsened significantly throughout the pandemic.

2020 sees a historic setback in the fight against global poverty, with the number of the world’s poorest people increasing for the first time in more than 20 years, according to the World Bank, according to the World Bank.

While overall poverty rates have fallen slightly again, the organization estimates that this year tens of millions of people may still live in extreme poverty than previously thought, “due to the lingering effects of of the pandemic, the war in Ukraine and rising inflation.”

That contrasts sharply with the luckiest people in the world, even if they’re not immune to those factors.

Last year, the top 1%’s share of assets “increased in its second year of operation,” Credit Suisse said in its report. These individuals account for 45.6% of the world’s wealth in 2021.

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