The number of dollar millionaires also increased during the pandemic

According to an analysis by the Swiss financial group Credit Suisse, the number of dollar millionaires worldwide increased again in 2020, marked by the COVID-19 pandemic. The most significant increase in their number in the club of the rich was recorded by the USA, followed by Germany. According to the Global Wealth Report, which has been published annually by Credit Suisse since 2020, there were nearly $ 56.1 million at the end of last year. That's a good 5.2 million more than at the end of 2019. The vast majority of them live in the US (almost 22 million, 1.73 million more than a year ago), followed by China (about 5.3 million, +257,000) and Japan (about 3.7 million, +390,000). At the end of last year, $ 2.95 million millionaires lived in Germany, which was 633,000 more than at the end of 2019. Total global assets rose $ 28.7 trillion to $ 418.3 trillion (€ 351.78 trillion) over the past year. "Household savings have risen sharply due to limited consumption, which has increased households' financial assets and reduced their debts," said Nannette Hechler-Fayd'herbe, head of Economics and Research at Credit Suisse. "Probably the biggest impact was the reduction of interest rates by central banks. This is one of the main reasons for the increase in stock prices and house prices, which is again directly reflected in our calculation of household assets." Unlike other studies, such as the German central bank, Credit Suisse also takes real estate into account when calculating household assets. The authors of the Credit Suisse study predict that the number of dollar millionaires worldwide will grow faster than the average asset in the coming years. The reasons include the appreciation of shares, houses and flats.