America earned 2.5 billion new millionaires last year, according to the Credit Suisse report

Hong Kong
CNN business

The number of wealthy people in the world increased rapidly last year, driven by increases in the stock market and house prices.

5.2 million people became millionaires last year, nearly half in the United States alone, according to Credit Suisse’s latest annual wealth report.

“This is the largest increase in the number of millions recorded in any country this century,” he said.

Globally, the number of billionaires was 62.5 million at the end of 2021, Credit Suisse estimates.

The report released on Tuesday found that aggregate global wealth at the end of last year was $463.6 trillion, a jump of 9.8%.

Not surprisingly, the top two economies—the US and China—had the largest gains in household wealth, followed by Canada, India and Australia.

Each country is likely to be supported by significant increases in economic output in 2021, combined with “brisk” activity in their respective housing or stock markets, the bank said.

This again increased global inequality, which has already worsened significantly during the pandemic.

2020 marked a historic setback in the fight against poverty, with the number of the world’s poorest rising for the first time in more than 20 years, according to the World Bank.

Although overall poverty has fallen slightly since then, the organization believes that ten million more people than previously thought may be living in extreme poverty this year, “due to the effects of the pandemic, the war in Ukraine and rising inflation.”

This is in stark contrast to the happiest people in the world, even if they are not immune to these factors.

Last year, the wealth share of the top 1% “rose for the second consecutive year,” Credit Suisse said in its report. These people accounted for 45.6% of the world’s wealth in 2021.