Number of global ultra high net worth individuals hits record high in 2022

The number of “ultra high net worth” individuals in the world has grown by 46,000 since 2021, according to The Guardian. Currently, there are 218,200 people who can be put in that category – the highest ever tally which is being attributed to the “explosion of wealth” following the pandemic.

According to investment bank Credit Suisse, the recovery period after the COVID-19 pandemic has seen huge boost in both house prices as well the stock market. As a result, a number of people has benefitted from owning a diversified portfolio and that can be seen in the UHNW list.

Also read | Putin announces partial military mobilisation in Russia

“The strong rise in financial assets resulted in an increase in inequality in 2021,” the report by Credit Suisse said according to The Guardian. “The rise in inequality is probably due to the surge in the value of financial assets during the Covid-19 pandemic,” it further explained.

The report also found that “the recovery of macroeconomic activity in a low interest environment produced exceptionally favourable conditions for household wealth growth during 2021”.

Also read | US & Canadian warships sail through Taiwan Strait, second time in three weeks

“We estimate that global wealth totalled $463.6tn at the end of 2021, a rise of $41.4tn (9.8%),” the report said. “Wealth per adult grew by $6,800 (8.4%) during the course of the year to reach $87,489, close to three times the level recorded at the turn of the century.”

When it comes to countries, Switzerland once again topped the list with the highest average wealth per adult ($700,000). However, in case of Switzerland too, the inequality of income was quite apparent as the country ranked sixth when it comes to median wealth.

(With inputs from agencies)