Significant Increase Ahead For Global Wealth
Global wealth at the end of 2021 was estimated at around US$464 trillion and there’s a significant increase ahead, says Credit Suisse. Its ‘Global Wealth Report 2022’ says, however, the near-10 per cent increase in wealth last year compared to 2020 is unlikely to continue for 2022/2023 as recession reduces wealth gains in some economies. Still, the outlook is positive, and the report anticipates a cumulative 36 per cent increase in global wealth by 2026, that means an extra $169 trillion over the next few years. Middle-income countries are expected to account for the rise and global wealth per adult is forecast to exceed $100,000 by 2024. The number of millionaires globally is targeted to reach 87 million in the next five years. Canada sits at seventh place among counties analyzed in terms of both mean wealth per adult (US$409,300) and median wealth per adult ($151,250). From 2019 to 2021, Millennials and Gen Xers saw the largest percentage gains in wealth in Canada with an average 19 per cent across these generations.