The world will have 40% more millionaires by 2026. How many does it have now?

Seems like there will be more rich people around us in the coming years. According to a recent report by the Credit Suisse Research Institute, a Switzerland-based think tank, there will be nearly 40% more millionaires in 2026 compared with the end of last year (2021)

What did the study reveal? The Covid-19 pandemic has been affecting the world for the last 3 years and it has been impacting the world’s economy as well. But the study has revealed some surprising numbers. According to the study, despite uncertain times, the aggregate global wealth went up by 12.7% in 2021. Also, this is the fastest annual wealth growth rate ever recorded.

In a media conference, Nannette Hechler-Fayd’herbe, Chief Investment Officer for the EMEA region and Global Head of Economics & Research at Credit Suisse, said: “Our forecast is that, by 2024, global wealth per adult should pass the USD 100,000 threshold and that the number of millionaires will exceed 87 million individuals over the next five years.”

There were approximately 62.5 million millionaires at the end of 2021.

The data suggests that global wealth is expected to grow by USD 169 trillion by 2026. This means a cumulative rise of 36%, in which the middle-income countries will primarily contribute in expanding the global wealth.

Which countries are the major contributors? As per the data, all regions will contribute to growth in global wealth. But the major contributors are North America and China.

North America is responsible for more than half of the world’s total wealth, whereas China accounts for another quarter. Both have also recorded the highest growth rate, which is 15% each.

The data adds that growing inflation will affect real global wealth in 2022 and beyond.