World Will Have Nearly 40% More Millionaires By 2026: Credit Suisse

Asia World Will Have Nearly 40% More Millionaires By 2026: Credit Suisse Russell Flannery Forbes Staff Following New! Follow this author to stay notified about their latest stories. Got it! Sep 21, 2022, 07:46pm EDT | Share to Facebook Share to Twitter Share to Linkedin North America and China helped fuel an increase in global wealth last year, according to the Global . .

. [+] Wealth Report published by Credit Suisse Research Institute on Tuesday. Photographer: Michael Nagle/Bloomberg © 2022 Bloomberg Finance LP The world will have nearly 40% more millionaires in 2026 compared with the end of last year, according to a report by the Credit Suisse Research Institute released on Tuesday.

The five-year outlook “is for wealth to continue growing,” said Nannette Hechler-Fayd’herbe, Chief Investment Officer for the EMEA region and Global Head of Economics & Research at Credit Suisse. Higher inflation “yields higher forecast values for global wealth when expressed in current U. S.

dollars rather than real U. S. dollars.

Our forecast is that, by 2024, global wealth per adult should pass the $100,000 threshold and that the number of millionaires will exceed 87 million individuals over the next five years,” Hechler-Fayd’herbe said in a statement. Buoyed by rising stock prices and low interest rates, global wealth increased global wealth last year totaled $463. 6 trillion, a gain of 9.

8% at prevailing exchange raises, Credit Suisse said in its annual “Global Wealth Report 2022. ” Wealth per adult rose 8. 4% to $87,489, it said.

All regions contributed to the rise in global wealth, but North America and China dominated, with North America accounting for more than half of the global total and China adding another quarter, the report said. In percentage terms, North America and China recorded the highest growth rates — around 15% each, it said. The United States continued to rank highest in the number of the world’s richest with more than 140,000 ultra-high-net-worth individuals with wealth above $50 million, followed by China with 32,710 individuals, the report said.

Worldwide, Credit Suisse estimates that there were 62. 5 million millionaires at the end of 2021, 5. 2 million more than the year before.

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Longer term, growth will recover, Credit Suisse predicted. “Global wealth in nominal U. S.

dollars is expected to increase by $169 trillion by 2026, a rise of 36%,” from last year, it said. The beneficiaries will be more spread out globally, the report predicted. “Low and middle-income countries currently account for 24% of wealth, but will be responsible for 42% of wealth growth over the next five years.

Middle-income countries will be the primary driver of global trends,” Credit Suisse said. Click here for the full report. See related posts: The 10 Richest Chinese Billionaires Taxes, Inequality and Unemployment Will Weigh On China After Party Congress U.

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