Over 1% of adults around the world were billionaires in 2020
Over 5 million people became billionaires worldwide in 2020 as the world was caught up in the coronavirus pandemic.
A study by Credit Suisse shows that the number of billionaires around the world has increased from 5.2m to 56.1m, but many have become poor.
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For the first time, more than 1% of adults around the world were billionaires in 2020.
As the stock market recovers and home prices rise, the owners of the above assets will do the same.
Low interest rates and government programs have led to a massive transfer of wealth from the public sector to homeowners.
This has led to an increase in household savings, a decrease in household debt and “increased household financial assets.”
“The contrast between what happened to household wealth and what happened in the wider economy could not have been any more severe,” the Credit Suisse report said.
Combined with people worth at least $1 million, it has quadrupled to 191.6TN since 2000 as the global wealth share has increased from 35% to 46%.
