Number of millionaires worldwide surpasses 20 million
Tuesday, 29 June 2021 (14:44 IST)
New data released by consulting company Capgemini on Tuesday indicates the number of millionaires in the world passed 20 million, despite the coronavirus pandemic.
Together the world's millionaires hold $80 trillion (€67 trillion) in wealth. This amount grew by 7.6% in just the last year alone.
Global millionaires: The figures in detail
In 2020, the number of people with a net worth of $1 million grew by 6.3%. The countries with the most millionaires in rank order are the US, Japan, Germany and China.
Germany's 1,535,000 millionaires saw their wealth grow by 4.7% over the course of the pandemic. This is compared to America's 6,575,000 millionaires who watched their wealth increase by 12.3%.
The disparity can be chalked up to Europe's exposure to industries more severely impacted by the pandemic like fashion, tourism and retail. By contrast, the biggest gains were in technology and market valuation, favoring North America's wealthy.
The super-rich or high net worth individuals worth at least $30 million saw their wealth grow by 9% over the last year.
After five years of Asia's dominance, pandemic gains in stocks and technology put the US firmly back on top.
How the World Wealth Report was compiled
Capgemini monitors share prices, bonds owned, alternative investments, cash and property to make its valuations.
In addition to surveying the wealth and wealth managers, the consulting company also relies on data from international organizations like the World Bank.
This was the twenty fifth year of the World Wealth Report. The findings are in line with similar ranking of the world's wealthy.
