Number of Global Ultra High Net Worth Individuals Hits Record High

THE GUARDIAN: Credit Suisse finds those with assets exceeding $50m total 218,200 after post-pandemic ‘explosion of wealth’

The ranks of the global “ultra high net worth” (UHNW) individuals swelled by 46,000 last year to a record 218,200 as the world’s richest people benefited from “almost an explosion of wealth” during the recovery from the pandemic.

The number of UHNW people – those with assets of more than $50m (£43.7m) – jumped in 2021 as the super-rich benefited from soaring house prices and booming stock markets, according to a report by investment bank Credit Suisse. The number of people in the UHNW bracket has increased by more than 50% over the past two years.

The huge increase in wealth of the richest 0.00004% of the world’s adult population comes as billions of low- and middle-income people – many of whom saw their savings wiped out during the pandemic – struggle to cope with soaring food and energy prices.

“The strong rise in financial assets resulted in an increase in inequality in 2021,” the report by Credit Suisse, which helps manage the fortunes of many of the world’s richest people, said. “The rise in inequality is probably due to the surge in the value of financial assets during the Covid-19 pandemic.” » | Rupert Neate, Wealth correspondent | Tuesday, September 20, 2022

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