GLOBAL WEALTH IN 2021 REACHED RECORD HIGH DESPITE PANDEMIC

Sat 10 June 2022:

According to a report released on Thursday by the Boston Consulting Group (BCG), the world’s total wealth increased by 10.3 percent in 2021 to $473 trillion, owing primarily to the stock market boom.

The increase was the largest in almost a decade, with the number of super-rich rising by 300 people, as defined by BCG as those with assets worth more than $100 million.

The United States had the most members in the club, with 25,800, followed by China, which had 8,500.

Germany was in third place. Worldwide, some 69,000 super-rich individuals held 15% of investable financial assets.

Tangible assets, including real estate, art and gold, rose in value by 11% to $13 trillion in 2021. Real estate in particular has been growing strongly in value for some time.

Despite the economic consequences of the Ukraine war, the BCG report predicted wealth would continue to grow worldwide, with strong increases expected above all in Asia.

If the Russian attack on Ukraine ends this year, global wealth is expected to grow by 5.3% annually to reach almost $80 trillion by 2026. The study calculated an average increase of 5% if the war continues and sanctions are tightened or last longer.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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