How Many Millionaires Are There Worldwide? "Expected 40% Increase Over the Next 5 Years"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The number of millionaires worldwide, exceeding 60 million, is projected to increase by as much as 40% within the next five years. In emerging economies, including China, the number of millionaires is expected to more than double.

According to Bloomberg and other sources on the 20th (local time), Credit Suisse announced in its "Global Wealth Report 2022" that the number of individuals worldwide with personal assets exceeding $1 million (approximately 1.4 billion KRW) reached 62.5 million last year. This represents an increase of 5.2 million compared to the previous year. Credit Suisse predicts that the number of millionaires will expand to 87.5 million by 2026.

By country, the United States, which has the largest number of millionaires, saw an increase from 24.5 million last year to 27.7 million in 2026. The number of millionaires in the U.S. accounts for 39% of the global total. Following in second place, China is expected to nearly double from 6.2 million to 12.2 million during the same period. South Korea is forecasted to grow from 1.3 million to 2.1 million over five years.

Credit Suisse stated, "Despite inflation and the war in Ukraine, global total assets are expected to continue expanding," adding, "Although the world's top 500 billionaires lost more than $1 trillion in wealth in the first half of this year, recovery is being observed in developing countries and others."

The number of ultra-high-net-worth individuals (UHNW) with personal assets exceeding $50 million reached a record high of 218,200 last year, an increase of 46,000 compared to the previous year. Credit Suisse interpreted this as wealthy individuals rapidly growing their assets during the COVID-19 pandemic period due to a sharp increase in financial assets.

The total global asset size was recorded at $463.6 trillion last year, a 9.8% increase. The top 1% of asset holders own 46% of global household assets, while the top 10% hold 82% of the wealth. The share of wealth held by the top 1% increased by 2 percentage points from 44% in 2020, indicating a deepening of inequality.

This content was produced with the assistance of AI translation services.