The Global Millionaire Club Expanded During The Pandemic

The pandemic has been good news for the super-rich with America's richest individuals reportedly seeing their collective fortune surge by $1.2 trillion since the onset of the crisis. According to a new report from Credit Suisse, wealth creation in general remained largely unaffected by Covid-19 despite the crisis having a devastating economic impact and leading to a crippling rise in unemployment. Global household wealth climbed 7.4 percent to reach $418.3 trillion last year while the pool of millionaires around the world expanded once again.

Between 2019 and 2020, the number of millionaires climbed by more than 5 million, growing from 50.9 million to more than 56 million. The United States saw the biggest gains, adding 1.73 new millionaires, while Germany saw its millionaire club increase in size by 633,000. The year was not good for millionaires everywhere and falls were registered in Brazil and India of 108,000 and 66,000, respectively, primarily as a result of currency depreciation. The U.S. remains the world's biggest millionaire capital by far with a population of 21.95 million while China comes a distant second with 5.28 million.