The rich got richer in 2021, as global wealth grew by almost 10%

Wealth grew strongly in 2021, with continued growth across all regions led by North America and China and by year-end, global wealth at prevailing exchange rates totaled US$463.6 trillion, a gain of 9.8%, according to research by Credit Suisse Research Institute (CSRI).

CSRI’s 13th Global Wealth Report showed that wealth had risen by 8.4% per adult to US$87,489. Aggregate wealth grew by 12.7% in 2021, the fastest annual rate ever recorded. However, inflation, rising interest rates, and declining asset price trends could reverse last year’s progress.

While wealth grew, total household debt also increased by 4.4% for the world as a whole. This figure was suppressed by zero growth for Asia-Pacific (excluding China and India) and debt reduction in Europe, due to exchange rate depreciation). Otherwise, household debt rose on average by 9%, with China’s increase the highest at 12.1%.

Though wealth grew, it was those at the top of the pyramid who saw the biggest gains. The share of the global top 1% rose for a second consecutive year to reach 45.6% in 2021, up from 43.9% in 2019.

The ranks of US dollar millionaires were swollen by 5.2 million in 2021, to reach 62.5 million worldwide.

The number of ultra-high-net-worth (UHNW) individuals expanded at a much faster rate, adding 21% new members in 2021, with the US gaining the most.