Business & Economy

Pandemic reduces number of global millionaires, increases in China

Geneva, Oct 22 (efe-epa).- The coronavirus pandemic has reduced the number of millionaires around the world but saw an increase of wealthy people in China, according to the Credit Suisse Global Wealth Report.

There was a global decrease of 0.1 percent during the Covid-19 outbreak, around 56,000 people, which has left around 51.9 million millionaires.

China had the biggest increase in the number of people with assets of more than $1million in the first six months of this year with a rise of more than 365,000 individuals.

The Asian nation was followed by the Netherlands with 74,000 and Germany and the United States, which both have 58,000 new millionaires.

Meanwhile, the United Kingdom lost 241,000 millionaires, Brazil 116,000 and Mexico 56,000, according to the annual study by the second-largest Swiss bank.

It said fortunes had been harmed by stock market fluctuations but above all by alterations in exchange rates against the dollar in their countries.

These millionaires, who represent one percent of the world’s adult population, own 43.4 percent of global wealth, according to the report.

Only two percent of global wealth is owned by people with assets of less than $10,000, who account for 54 percent of adults on the planet, it added.

The United States continues to be the country with the highest number of millionaires on the planet with 39 percent of the total, followed by China with 11 percent and then Japan with six percent.

They are followed by the United Kingdom with five percent, while Germany and France have four percent each, Canada, Australia and Italy with three percent, and Spain, India, South Korea and the Netherlands with two percent each.

Related Articles

Back to top button