Global Wealth Report 2021 en

June 2021
Research
Institute
Global wealth report 2021
Thought leadership from Credit Suisse and the world’s foremost experts
Introduction
Now in its twelfth year, I am proud to present to

you the 2021 edition of the Credit Suisse Global
Wealth Report.
This report delivers a comprehensive analysis on

available global household wealth, underpinned
by unique insights from leading academics in the
field, Anthony Shorrocks and James Davies.
This year’s edition digs deeper into the impact

of the COVID-19 pandemic and the response
of policymakers on global wealth and its
distribution. Mindful of the important wealth
differences that have built over the last year,
our report also offers perspectives and, indeed,
encouraging prospects, for wealth accumulation
throughout the global wealth pyramid as we look
to a world beyond the pandemic.
I hope you find the insights of this edition of the

Global Wealth Report to be of particular value in
what remain unprecedented times.
António Horta-Osório
Chairman of the Board of Directors
Credit Suisse Group AG
2
02 Editorial
05 Global wealth levels 2020
17 Global wealth distribution 2020
27 Wealth outlook for 2020–25
35 Country experiences
36 Canada and the United States

38 China and India
40 France and the United Kingdom
42 Germany, Austria and Switzerland
44 Denmark, Finland, Norway and Sweden
46 Japan, Korea, Singapore and
Taiwan (Chinese Taipei)
48 Australia and New Zealand
50 Nigeria and South Africa
52 Brazil, Chile and Mexico
54 Greece, Italy and Spain
56 About the authors

57 General disclaimer / important information
For more information, contact:
Richard Kersley
Cover photo: Getty Images, Onfokus; photo right: Getty Images, Niccolo Guasti
Head Global Thematic Research, Global Markets

Credit Suisse International
richard.kersley@credit-suisse.com
Nannette Hechler-Fayd’herbe
Chief Investment Officer International Wealth Management
and Global Head of Economics & Research
Credit Suisse AG
nannette.hechler-fayd’herbe@credit-suisse.com
Credit Suisse Research Institute

research.institute@credit-suisse.com
credit-suisse.com/researchinstitute
Global wealth report 2021 3

4
Photo: GettyImages, Steve Strike
Global wealth levels 2020
Anthony Shorrocks, James Davies and Rodrigo Lluberas
Now in its twelfth edition, the Credit Suisse Global Wealth Report is the
most comprehensive and up-to-date source of information on global
household wealth. Wealth creation in 2020 was largely immune to the
challenges facing the world due to the actions taken by governments and
central banks to mitigate the economic impact of COVID-19. Total global
wealth grew by 7.4% and wealth per adult rose by 6% to reach another
record high of USD 79,952. Overall, the countries most affected by the
pandemic have not fared worse in terms of wealth creation.
Uncertain times was understandable. But what happened in the

second half of 2020 was unforeseen. Share
The short-term consequences of the COVID-19 prices continued on an upward path, reaching
pandemic for household wealth are now much record levels by the end of the year. After initially
clearer than they were last summer. They pausing to take stock, housing markets were
confound expectations. The widespread negative also infected by the prevailing optimism, and
impact on gross domestic product (GDP) was house prices rose at rates not seen for many
recognized early in 2020, and since reductions years. These asset price increases have led to
in the level of economic activity are typically major gains in household wealth throughout the
associated with reductions in household wealth, world. The net result was that USD 28.7 trillion
financial markets responded in a predictable way was added to global household wealth during the
and share prices dived in February and March. year. At the end of 2020, it totaled USD 418.3
No region was immune. By the second half of trillion, up 7.4%. Wealth per adult rose 6.0% to
March, the S&P 500 had fallen by 34%, the a new record high of USD 79,952. Depreciation
FTSE100 by 35%, the DAX by 39%, and the of the US dollar flatters these gains: adjusting for
Nikkei by 31%. China was more resilient, but exchange rate changes, total wealth would have
this did not prevent the Shanghai index from risen by 4.1% and wealth per adult by 2.7%.
also falling, albeit by a more modest 13%. As Nevertheless, bearing in mind the widespread
a result, we estimate that USD 17.5 trillion was economic disruption, household wealth and
lost from total global household wealth between macroeconomic indicators seem to be on
January and March 2020, equivalent to a fall of different trajectories. Stranger still, countries
4.4%. Global wealth per adult declined by 4.7%. most affected by the COVID-19 pandemic have
often been those recording the greatest gains
Reassured by the prompt action of governments in wealth per adult. The contrast between what
and central banks, financial markets regained has happened to household wealth and what is
confidence and the losses in equity markets were happening in the wider economy can never have
largely reversed by the end of June. That much been more stark.

We believe the core reasons for this disconnect free option, except perhaps to those relying on
are clear. Many governments and central interest payments to supplement their income.
banks in more advanced economies, anxious Lower interest rates have no direct impact on
to avoid the mistakes made during the global public expenditure and coordinated action by
financial crisis, have taken pre-emptive action central banks can even reduce expenditure via
in two primary ways: first, by organizing reduced public debt interest. There are inflation
massive income transfer programs to support implications in the longer run and also questions
the individuals and businesses most adversely related to future rises in interest rates. However,
affected by the pandemic, and second, by these are relatively unimportant compared to the
lowering interest rates – often to levels close to more immediate economic challenges.
zero – and making it clear that interest rates will
stay low for some time.
Trends in wealth per adult
Figure 1 places the performance of household

wealth in 2020 in the context of annual wealth
growth since the turn of the century. Smoothed
exchange rates are used for this series in
order to minimize year-on-year fluctuations
due to short-term changes in exchange rates.
The lowering of The overall pattern suggests steady growth in
household wealth over the years, with minor
interest rates by variations most likely linked to shifts in share
prices and house prices. But there are two
central banks has unusual episodes. The most obvious is the
decline in wealth during 2008 due to the
probably had the collapse of asset prices during the financial
crisis. The second aberration is unusually high
greatest impact wealth growth in the “golden age” preceding the
financial crisis, when wealth grew at double the
rate achieved in the long term. This episode was
triggered by a combination of favorable factors
– most notably the rapid transformation of China
into a fully fledged market economy – which is
unlikely to be repeated in future.
There is little doubt that these interventions
have been highly successful in meeting their
immediate objectives. However, they have
come at a great cost. Public debt relative to
GDP has risen throughout the world by 20
percentage points or more in many countries.
In essence, there has been a huge transfer Figure 1: Annual change in net worth and its components
from the public sector to the household sector, using smooth exchange rates (%), 2000–20
which is one of the reasons why household
14
wealth has been so resilient. In one respect,
these transfers overcompensated households. 12
Generous payments have meant that disposable 10
household income has been relatively stable
8
and has even risen in some countries. In
combination with restricted consumption 6
opportunities, this has led to a surge in 4
household saving, which has inflated household
2
financial assets and caused household debts
to be lower than they would be otherwise. This 0
increase in savings was an important source of -2
household wealth growth last year.
-4
The lowering of interest rates by central banks -6

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
has probably had the greatest impact. It is
a major reason why share prices and house Financial wealth Non-financial wealth
prices have flourished, and these translate Debt Net worth
directly into our valuations of household wealth. Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global Wealth
Lower interest rates also seem to be a cost- Databook 2021
6
Compared to the overall trend since 2000, An overview of 2020
wealth growth in 2020 is slightly below average.
But is not dissimilar to the growth achieved in Table 1 summarizes the main features of wealth
2001, 2009, 2011 and 2018. In short, there is growth during 2020. Aggregate global wealth
nothing in the chart to suggest that the economic rose by USD 28.7 trillion to reach USD 418.3
upheaval in 2020 bore any resemblance to that trillion at the end of the year. In terms of current
experienced in 2008. Household wealth appears US dollars, total wealth grew by 7.4% and wealth
to have simply continued on its way, paying little per adult was up 6.0%. However, widespread
or no attention to the economic turmoil that depreciation of the US dollar accounted for 3.3
should have hampered progress. percentage points of the growth. If exchange
rates had remained the same as in 2019, total
wealth would have grown by 4.1% and wealth
per adult by 2.7%. Wealth per adult reached a
new record high in 2020 of USD 79,952. For
comparison, global average wealth in the year
2000 was USD 31,378. So, without making
allowance for inflation, average wealth is now 2.5
times its value at the start of the century.
The contrast between
The regional breakdown shows that total wealth
what has happened to rose by USD 12.4 trillion in North America and
by USD 9.2 trillion in Europe. These two regions
household wealth and accounted for the bulk of the wealth gains in
2020, with China adding another USD 4.2 trillion
what is happening in and the Asia-Pacific region (excluding China
and India) another USD 4.7 trillion. Total wealth
the wider economy can scarcely changed in Africa, and exchange rate
appreciation accounted for what little change
never have been more there was. India and Latin America both recorded
losses in 2020. Total wealth fell in India by USD
stark 594 billion, or 4.4% in percentage terms. This
loss was amplified by exchange rate depreciation:
at fixed exchange rates, the loss would have
been 2.1%. Latin America appears to have been
the worst-performing region, with total wealth
dropping by 11.4% or USD 1.2 trillion. With the
major economies stricken by the pandemic, this
would not have come as a surprise.
Table 1: Change in household wealth 2020, by region
Total Change in total Wealth Change Change in Change in non- Change in

wealth wealth per adult in wealth financial assets financial assets debts
per adult
USD bn USD bn % USD % USD bn % USD bn % USD bn %
Africa 4,946 36 0.7 7,371 –2.1 –24 –1.0 26 0.9 –34 –8.5
Asia-Pacific 75,277 4,694 6.7 60,790 5.0 2,974 7.4 2,549 6.4 829 8.9
China 74,884 4,246 6.0 67,771 5.4 3,389 10.2 1,912 4.3 1,055 15.3
Europe 103,213 9,179 9.8 174,836 9.8 6,648 14.0 3,969 6.6 1,438 10.3
India 12,833 –594 –4.4 14,252 –6.1 119 3.8 –782 –6.8 –70 –5.8
Latin America 10,872 –1,215 –10.1 24,301 –11.4 –655 –11.1 –796 –10.5 –236 –17.0
North America 136,316 12,370 10.0 486,930 9.1 10,037 10.0 3,145 7.7 812 4.7
World 418,342 28,716 7.4 79,952 6.0 22,486 9.7 10,023 4.8 3,794 7.5
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global Wealth Databook 2021

However, currency depreciation was commonplace Denmark and Sweden exceeded that of the
in Latin America, averaging 9.6% against the US Eurozone, while double-digit depreciation was
dollar. So, holding exchange rates constant, total recorded in Chile, Turkey, Nigeria and, most
wealth dropped by only 1.8% in Latin America, a notably, Brazil (down 22.4%).
better outcome than India.
Share prices declined everywhere in the
first few months of 2020, so that the net
outcome for the year depends on the speed
and magnitude of the recovery, which varied
across countries. Among the countries
covered in Figure 2, shares rose by around
20% in China and the United States. India
was not far behind with a rise of 16%, and
Exchange rate Canada, Germany and Japan had also moved
into positive territory by the end of the year.
fluctuations are often France was slightly down for the year and
Italy by a little more. But Britain was the main
the source of the casualty in this group of nations, with share
prices falling by 11.9%. Severe pandemic
biggest gains and upheaval and post-Brexit uncertainty are
clearly not an attractive combination for
losses investors. Declines by more than 10% were
also recoded in Israel, Spain, Singapore,
Greece, Austria, Chile, Egypt, Kenya and
Colombia. In contrast, share prices forged
ahead in Taiwan (Chinese Taipei) by 23%, in
Denmark by 29% and in Korea by 33%.
Overall, financial assets accounted for most House prices are less volatile than share prices,
of the gain in total wealth as they have done and significant year-on-year drops are relatively
in most years since the financial crisis. The uncommon. For much of the year, housing
increase of USD 22.5 trillion was slightly over markets were in limbo, with reduced activity
double the USD 10.0 trillion rise in non-financial from both buyers and sellers. Windfalls from
assets. A rough 2-to-1 split is also evident in unplanned savings and weariness from working
the regional breakdowns for North America, from home in confined spaces led buyers
Europe and China, but the contributions were
roughly equal in the Asia-Pacific region. Total
debts increased by 7.5% and would likely have
increased much more if households had not
been obliged to save more by the constraints
on spending. Total debt rose markedly in China Figure 2: Percentage change in USD exchange rate,
and Europe, but declined in Africa and in Latin share prices and house prices, 2020
America, even after allowance is made for
exchange rate depreciation. Canada
Asset prices and exchange rates China
France
Turning attention to individual countries,
Germany
it is worth looking first at the factors that
usually account for much of the change in India
household wealth measured in USD units:
Italy
asset prices and exchange rates. Exchange
rate fluctuations are often the source of the Japan
biggest gains and losses, and it is already
Russia
evident that USD depreciation had a significant
impact on the outcome for 2020. Among the United Kingdom
countries covered in Figure 2 (G7 countries United States
plus China, India and Russia), the Eurozone
countries gained the most (9.2%). But China -20 -15 -10 -5 0 5 10 15 20 25
and Japan also appreciated by more than 5%.
USD exchange rate Share prices House prices
The only substantial depreciation occurred in
Russia (down 16.2%). Elsewhere, currency Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global Wealth
appreciation in Egypt, Switzerland, Australia, Databook 2021
8
to surface during the second half of 2020, trillion), Japan (USD 1.8 trillion) and the United
encouraged also by the low interest rates on Kingdom (USD 1.1 trillion). Losses were less
offer. The net result was a better-than-average common, with only six countries recording drops
year for home owners in most countries. House of more than USD 100 billion. Only India (down
prices moved ahead in the United States by USD 594 billion) and Brazil (down USD 839
10.8%, one of the fastest rates on record. billion) lost more than USD 500 billion.
They rose even more in Russia (up 22%) and
Turkey (up 31%), although these gains should
be set against the high currency depreciation in
both countries. Elsewhere, house prices rose
robustly in Austria, Canada, Czechia, Denmark,
Germany, Poland and Sweden, all of which
recorded increases between 8% and 11%.
Figure 3 shows that house prices also rose in
China, Japan, Italy and the United Kingdom, Household wealth
but never by more than 5%. They were broadly
representative of the other countries for which has been extremely
we have house price data.
resilient to the adverse
Leaders and laggards among countries economic conditions
Given the prevailing economic conditions,
countries were not expected to record large
increases in household wealth. However, the
confluence of rising asset prices and currency
appreciation has resulted in many substantial
gains. In terms of total wealth, we have come The change in wealth per adult is a better guide
to expect the United States to head the list, and to the comparative performances of different
it does so again. But the size of the increase countries. Figure 3 lists the countries where
is a surprise: USD 11.4 trillion was added to wealth per adult – measured in current US
the global wealth stock. This is well above the dollars – has risen most. Switzerland (up USD
contribution of second-placed China (USD 4.2 70,729) and Australia (up USD 65,695) top the
trillion). It is even higher than the combined list. Belgium and Sweden also gained more than
contributions of China, Germany (USD 2.8 USD 50,000, and Germany, the Netherlands
and the United States more than USD 40,000
each. Asset price rises played a role in some of
these countries, most notably the United States.
But currency appreciation is the main explanation
for most of these increases in average wealth.
Figure 3: Change in wealth per adult (USD), 2020: Unexpectedly, given the circumstances, few
Biggest gains and losses countries suffered a loss of wealth in 2020, and
the losses that did occur were quite modest.
Switzerland Currency depreciation caused wealth per adult to
Australia fall in Brazil, Chile and Russia, but by less than
Sweden USD 10,000. Our estimates suggest that the
Belgium United Arab Emirates (down USD 18,540) and
Netherlands Hong Kong SAR (down USD 26,419) suffered
USA
the greatest losses.
Germany
Denmark
Canada
Austria Wealth growth versus GDP growth
Russia The evidence so far has documented the fact

Brazil that household wealth has been extremely
Chile resilient to the adverse economic conditions.
Saudi Arabia
Even so, wealth outcomes would be expected
UAE
Hong Kong SAR
to be more subdued in countries with worse
macroeconomic outcomes. This does not appear
to be the case, however. Indeed, there is a hint
-40,000 -20,000 0 20,000 40,000 60,000 80,000
that the countries facing the biggest economic
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global Wealth
challenges have achieved higher-than-average
Databook 2021 wealth gains.

To explore this issue, Figure 4 plots the One notable aspect of Figure 4 is that so many
difference between wealth growth and GDP countries lie above the dashed line. This means
growth (on the vertical axis) against GDP that household wealth has risen despite a fall in
growth (on the horizontal axis) for a sample of GDP. The earlier discussion outlines the reasons
32 countries for which we have more reliable why this may have happened, e.g. rises in share
data. The figures on both axes are percentage prices and house prices. But that leaves open
values computed using domestic currency the question of why equity and housing markets
units, so that exchange rate issues play no have done so well in the countries facing the
part in the results. greatest economic hardship. Most likely, it is
testament to the success of government support
programs and lower interest rates following
central bank intervention.
The most surprising feature of Figure 4 is the

suggestion that the countries most affected by
the pandemic, as captured by losses in GDP,
have done disproportionately well in wealth
terms. Belgium, Canada, Singapore and the
Countries facing United Kingdom provide the main support

for this hypothesis. Despite being among the
the biggest worst-affected countries, with an average GDP

loss of 7.1%, they achieved unusually high
economic wealth gains averaging 7.7% net of exchange

rate considerations. Thus the size of the wealth
challenges have gain exceeded the magnitude of the GDP loss.

This evidence is not conclusive, with the United
achieved higher- States providing a counterexample: the 9.9%

rise in wealth is more than triple the size of the
than-average reduction in GDP. But even if it is not accepted

that higher GDP losses are associated with
wealth gains higher wealth gains, there is compelling evidence

that higher GDP losses have not suppressed
wealth gains, which is surprising in itself.
In a normal year, household wealth growth Figure 4: Growth of household wealth relative to GDP 2020 (%)
would be expected to move roughly in line Dashed line indicates no change in household wealth in 2020 in
with GDP growth, so that the points would domestic currencies
be scattered around the horizontal axis, or
perhaps slightly above the horizontal axis 20
Household wealth - GDP growth
since household wealth tends to grow a

little faster than GDP. Given that the GDP Belgium
reductions in 2020 are unlikely to persist, it is 15 Singapore Canada
not surprising that household wealth has not United Kingdom
Spain United States
declined by as much as GDP, so that most of
the points are above the horizontal line. The Germany
10 Italy
dashed line indicates zero household wealth Switzerland Sweden
growth (in domestic currency units). For the Japan
countries on or close to this line – Spain, Italy, 5 France
Brazil and China – wealth growth has been India
roughly neutral to GDP growth: GDP losses Brazil
are not associated with wealth losses, nor 0
are they linked to wealth gains. Any gains or China
losses in wealth measured in US dollars are
attributable to changes in exchange rates -5
versus the US dollar. France, India, Japan and -15 -10 -5 0 5
Switzerland also lie close to this line, as they GDP growth
too experienced little wealth growth net of
exchange rate changes.
Databook 2021
10
Wealth per adult across countries Asia-Pacific region (excluding China and India) is
similar to its share of adults, and the same is true
Turning to the broader distribution of wealth for China. However, the adult population share
across countries and regions, the huge disparity is three times the wealth share in Latin America,
in average wealth levels is well illustrated by five times the wealth share in India, and over ten
the World Wealth Map (Figure 5). Nations with times the wealth share in Africa.
high wealth per adult (above USD 100,000) are
located in North America, Western Europe, and Among the 60 countries with the highest total
among the richer parts of East Asia, the Pacific wealth, the ranking of the top 20 countries
and the Middle East, with a sprinkling of outposts by mean and median wealth is given in Table
in the Caribbean. China and Russia are the core 2. Other countries such as Liechtenstein and
members of the “intermediate wealth” group of Monaco likely have very high average wealth, but
countries with mean wealth in the range of USD we lack the evidence to make judgements with
25,000–100,000. This group also includes more confidence. As usual, Switzerland heads the list
recent members of the European Union and with wealth per adult of USD 673,960, up USD
important emerging-market economies in Latin 70,730 on the year.
America and the Middle East. One step below,
the “frontier wealth” range of USD 5,000– A relentless series of gains by the United States
25,000 per adult is a heterogeneous group that (USD 505,420, up USD 41,870) have now
covers heavily populated countries such as India, pushed Hong Kong SAR (USD 503,340, down
Indonesia, Iran and the Philippines, plus most of USD 26,420) into third place, with Australia
Latin America and leading sub-Saharan nations (USD 483,760, up 65,700) close behind. There
such as South Africa. Fast-developing Asian is then a substantial gap until the cluster of the
countries like Cambodia, Laos and Vietnam also Netherlands, Denmark, Belgium, New Zealand,
fall within this category. Countries with average Sweden, Singapore and Canada appears with
wealth below USD 5,000 comprise the final wealth per adult in the range of USD 330,000
group, into which most of central Africa falls. to USD 380,000. Average wealth rose in 2020
in each of the top 20 countries listed, apart from
The overall regional disparities evident in Figure Hong Kong SAR.
5 are reflected in the fact that North America
and Europe together account for 57% of total Ranking countries by median wealth per adult
household wealth, but contain only 17% of the favors those with lower levels of wealth inequality
world adult population. The wealth share in the and results in a different list. Switzerland (USD
Figure 5: World wealth map 2020
Wealth levels (USD)

Below USD 5,000
USD 5,000 to 25,000
USD 25,000 to 100,000
Over USD 100,000

Table 2: Country rankings by mean and median wealth per adult, 2020
Rank Country Mean wealth per adult (USD) Country Median wealth per adult (USD)
2020 2020 Change 2019–20 2020 Change 2019–20
1 Switzerland 673,960 70,730 Australia 238,070 32,280

2 United States 505,420 41,870 Belgium 230,550 35,330
3 Hong Kong SAR 503,340 –26,420 Hong Kong SAR 173,770 –10,550
4 Australia 483,760 65,700 New Zealand 171,620 7,180
5 Netherlands 377,090 46,030 Denmark 165,620 16,980
6 Denmark 376,070 38,750 Switzerland 146,730 14,090
7 Belgium 351,330 54,030 Netherlands 136,110 16,880
8 New Zealand 348,200 15,150 France 133,560 7,090
9 Sweden 336,170 55,460 United Kingdom 131,520 8,100
10 Singapore 332,990 25,460 Canada 125,690 11,330
11 Canada 332,320 29,070 Japan 122,980 7,630
12 France 299,360 16,770 Italy 118,880 9,900
13 United Kingdom 290,750 20,200 Norway 117,800 1,870
14 Austria 290,350 28,790 Spain 105,830 7,960
15 Norway 275,880 1,630 Ireland 99,030 4,960
16 Germany 268,680 40,450 Taiwan (Chinese Taipei) 93,040 5,860
17 Ireland 266,150 12,450 Austria 91,830 8,820
18 Japan 256,600 17,140 Sweden 89,850 15,770
19 Italy 239,240 20,390 Korea 89,670 8,170
20 Taiwan (Chinese Taipei) 238,860 15,270 Singapore 86,720 6,660
146,730, up USD 14,090) places sixth by this the wealth of those with a higher share of
criterion. The United States (USD 79,274, equities among their assets, e.g. late middle-age
up USD 10,157) disappears from the table individuals, men, and wealthier groups in general.
altogether, ranking 23rd overall. The top places However, those who had invested heavily in the
are occupied by Australia (USD 238,070, up industries worst affected – such as bricks and
32,280), closely followed by Belgium (USD mortar, retail, hospitality or airlines – would have
230,550, up USD 35,330). Hong Kong SAR lost ground. Home owners in most markets,
retains third place, and New Zealand, Denmark on the other hand, have seen capital gains due
and the Netherlands are also little affected. to rising house prices. The Knight Frank global
France, the United Kingdom and Canada are house price index indicates that, across 56
promoted into the top ten, replacing Sweden and countries, house prices rose by an average of
Singapore, which each drop about ten places. 5.6% in 2020, the fastest pace for three years,
although there was some variation, with India
and Spain seeing small declines.
The impact on women, minorities and the
millennials There have been large differences in income
shocks during the pandemic. In many high-
Wealth impacts of the pandemic have differed income countries the loss of labor or business
among population subgroups due to two main income was softened by emergency benefits
factors: portfolio composition and income and employment policies. In some high-income
shocks. Although stock markets struggled in countries, this assistance was so generous that
some countries like the United Kingdom, they disposable personal income rose overall – by
performed well in most countries after their 0.8% for 2020 versus 2019 in Germany, by
initial dive in March 2020. This tends to boost 2.3% in Canada, and by 7.2% in the United
12
States, for example. Similar interventions were the European Union from 5.8% of disposable
attempted in some other countries, but many income in 2019 to 12.57% in 2020. Globally,
middle-income countries and most low-income Moody's Analytics estimates that excess saving
countries lacked the means to offset income due to the pandemic totaled USD 5.4 trillion.
shocks strongly. This lack has become a more
serious problem in parts of Africa and Asia in
2021, as the pandemic intensified in countries
like India where it had previously been relatively
mild. The absence of income support in these
countries has especially affected vulnerable
groups like women, minorities and young people,
no doubt generating wealth shocks.
The reduction
So far, there is little data on the distribution of
income shocks within countries, although some in consumption
aspects are evident. The pattern of shocks to
labor earnings can be gauged to some extent opportunities due to
from unemployment data. Effects have varied
considerably across countries: high in North lockdowns, combined
America; low in much, but not all, of Europe and
Latin America; high in India; and low in China, with income-support
for example. In many countries, unemployment
peaked in April 2020, tripling in India to 24% programs, led to a
and quadrupling in the United States to 14.8%
compared with pre-pandemic levels. In contrast, rise in saving for many
over the same interval, unemployment rose
only from 3.3% to 4.2% in Germany and from people
5.3% to 6.0% in urban China. After April 2020,
unemployment began to fall gradually in many
countries and, by the end of 2020, it was below
its spring peak in most countries. For the 27
countries of the OECD as a whole, for instance,
the unemployment rate in December 2020 was
6.5% versus 5.3% a year earlier. Female workers initially suffered disproportionately
from the pandemic, partly because of their high
Looking across subgroups, the differential job representation in businesses and industries badly
impact of the pandemic shows up in features affected by the pandemic, such as restaurants,
common across countries. Female and hotels, personal service and retail. The International
young workers fared particularly poorly. For Labor Office reports that, before the pandemic,
example, while the overall number of people 40% of female workers globally were employed
employed in the United States fell by 13.0% in industries destined to be worst affected, while
between February and May 2020, the drop 36.6% of men were in those industries. The results
for workers aged less than 35 was 17.1%. were evident in labor force statistics at the start
Recent employment data by education level of the pandemic. For the OECD as a whole, for
are readily available for only a few countries, example, the female unemployment rate rose from
but there it shows that a greater proportion of 5.6% in Q4 2019 to 9.3% in Q2 2020, widening
the less educated lost their jobs. In Canada, for the gap with men, whose unemployment rate rose
example, between February and May 2020, less, from 5.3% to 8.5%. By Q4 2020, however,
employment of workers who did not graduate the female unemployment rate was down to 7.2%,
from high school fell 17.1%, while employment while the male rate was 7.0%, giving a gender
fell 14.7% for high school graduates and only difference similar to the pre-pandemic gap. Some
5.6% for university graduates. In the absence of significant differences in the patterns are evident
emergency benefits, those losing their jobs are across countries. In the United States, for example,
likely to run down their liquid assets or take on while female unemployment rose more than male
more debt, so that women, the young and the unemployment at the start of the pandemic, the
less educated would see a differential reduction female unemployment rate was down to 6.7% by
in wealth. In countries with strong emergency Q4 2020, compared to 7.1% for men. In the euro
benefits, however, this has not necessarily area, unemployment rose a little faster for men
been the case. The reduction in consumption than for women at the beginning of the pandemic,
opportunities due to lockdowns, combined with but, by Q4 2020, the 0.6 percentage-point gap
income-support programs, led to a rise in saving between female unemployment, at 8.4%, and male
for many people. As a result, household net unemployment, at 7.8%, was the same as the Q4
saving rates rose in OECD countries, e.g. in 2019 gap.

There are several reasons why the gender gap younger ones – especially women and the
in unemployment rates at the end of 2020 less educated – may have fared quite poorly,
was similar to that before the pandemic. While as indicated in the numbers cited above. The
some female workers returned to their original disadvantage associated with millennials is
work or similar jobs, many had the flexibility to partly attributable to the consequences of the
find alternative work in less severely affected 2007–08 crisis, which left many unemployed.
or expanding industries. Others left the labor The COVID-19 pandemic has meant a “double
force entirely – the “discouraged worker” effect. whammy” for the millennial generation. They
However, this has not distorted gender differences have, however, at least been spared the worst
in unemployment rates. Labor force participation health impacts of the pandemic.
declined over the course of 2020 for both men
and women, but the size of the decline was Some visible minorities suffered worse than
similar, at least in most advanced economies. In average in terms of both health and economic
the United States, the participation rate of women shocks during the pandemic. In the United
fell just 0.1 percentage points more than that of States, for example, rates of infection and
men, while, in the euro area, it fell 0.5 percentage hospitalization for key minorities were much
points less than for men. higher than for the white population. The Center
for Disease Control and Prevention reported
recently that compared with Caucasians,
COVID-19 deaths per capita were 1.9 times
higher for African Americans, 2.3 times
higher for Hispanics and 2.4 times higher for
Indigenous people. With job losses also being
higher than for the white population, these
groups suffered even more. From February to
June 2020, 7.5% of white workers lost their
The COVID-19 jobs, but 11.5% of African Americans and
12.3% of Hispanics lost their jobs. Ironically,
pandemic has meant the size of wealth impacts may have been
smaller for these minorities because they had
a “double whammy” little wealth to begin with and poor borrowing
opportunities. According to the 2019 Survey
for the millennial of Consumer Finance in the United States, the
median wealth of Hispanics was just 19.2% of
generation that of Caucasians, and the African American
median only 12.8%.
Household wealth in times of emergency
Wealth is a key component of the

Health and other non-economic impacts for economic system. It is used as a store
women have also clearly been very important of resources for future consumption,
during the pandemic. Across 140 countries particularly during retirement. It also
studied by the World Health Organization, enhances opportunities for informal
women form 70% of the labor force in health sector and entrepreneurial activities when
and social care, where rates of infection used either directly or as collateral for
have been high. And lockdown may have loans. But, most of all, wealth is valued
caused women greater stress than men due for its capacity to reduce vulnerability to
to increased home and childcare duties as shocks such as unemployment, ill health,
schools and restaurants closed, and family natural disasters or indeed a pandemic.
incomes fell. Single mothers suddenly faced These functions are important even
with round-the-clock childcare duties and in countries that have generous state
possible job loss provide one illustration of the pensions, adequate social safety nets and
kind of challenges faced. Such stresses may good public healthcare. But they have
show up in wealth effects as well as health special significance in countries that have
and social impacts. rudimentary social insurance schemes and
healthcare limitations, as is the case in
The age range of the millennial generation (the much of the developing world.
cohort that came of age after the year 2000),
now 20–40, is sufficiently broad that the oldest The contrast between those who have access
members likely did not fare worse in employment to an emergency buffer and those who do
terms than the population as a whole, while the not is evident at the best of times. When, as
14
over the past year, vast numbers of individuals are Our estimates for past years are regularly
simultaneously subjected to an adverse shock, updated when new or revised data from
the importance of household wealth is difficult to reliable sources become available. We also
exaggerate. Countries with low wealth have been strive continuously to improve the methods
more exposed to the negative consequences of used to estimate the level and distribution of
COVID-19. Individuals with low wealth have had household wealth. The Credit Suisse Global
fewer options when facing emergency situations. Wealth Databook 2021 provides details of the
In short, household wealth has played a crucial role data sources and outlines the research methods
in determining the resilience of both nations and underpinning our results. It also contains much
individuals to the shocks caused by the pandemic. additional data.
Notes on concepts and methods
Net worth, or “wealth,” is defined as the value

of financial assets plus real assets (principally
housing) owned by households, minus their
debts. This corresponds to the balance sheet
Household wealth that a household might draw up, listing the items
which are owned, and their net value if sold.
has played a crucial Private pension fund assets are included, but not
entitlements to state pensions. Human capital is
role in determining excluded altogether, along with assets and debts
owned by the state (which cannot easily be
the resilience of assigned to individuals).
both nations and Valuations are usually expressed in terms of US

dollars using end-period exchange rates, but
individuals “smoothed exchange rates” are sometimes used
to control for short-term fluctuations in exchange
rates. The figures for all years refer to year-end
values.
For convenience, we disregard the relatively

small amount of wealth owned by children on
The household wealth outcomes in 2020 were their own account, and frame our results in
unforeseen. Given the health and economic terms of the global adult population, which
challenges, an optimistic forecast would have totaled 5.2 billion in 2020. For convenience
hoped that household wealth would not collapse also, residence location is referred to as
as much as GDP. Instead, the determinants of “region” or “country,” although the latter also
wealth levels seem to have become detached includes economically self-governing territories
from the those affecting daily life in a pandemic- such as Hong Kong SAR China, Macau SAR
stricken economy. Wealth levels have continued China, and Taiwan (Chinese Taipei). The “Asia-
to grow as if nothing unusual is happening. So Pacific” region excludes China and India,
it appears that either the rules governing wealth which are treated separately due to the size of
evolution have changed in a fundamental way, their populations.
or else the stage is set for some type of re-
alignment. Future wealth reports are likely to The Forbes annual global list of billionaires
return to this question. is used to improve the estimates of wealth
holdings above USD 1 million. The Forbes
The next chapter focuses on the changes in the data are pooled for all years since 2000, and
distribution of wealth that occurred during 2020. well-established statistical techniques are then
We then look ahead in Chapter 3 to the way that applied to estimate the intermediate numbers
household wealth could evolve over the next five in the top tail. This produces plausible values
years. Our calculations are based on forecasts for the global pattern of asset holdings in the
of GDP growth, exchange rate movements, high net worth (HNW) category from USD 1
etc., which may well turn out to be highly million to USD 50 million, and in the ultra high
inaccurate, but which are the best estimates we net worth (UHNW) range from USD 50 million
have. Chapter 4 is an expanded version of our upward. Further details are given in the Credit
usual country pages, in which we compare and Suisse Global Wealth Databook 2021.
contrast the experiences of selected groups of
countries during the pandemic era.

16
Photo: GettyImages, NurPhoto
Global wealth distribution 2020
Wealth differences between adults widened in 2020 for the world as

a whole and also in most countries. The global number of millionaires
expanded by 5.2 million to reach 56.1 million. As a result, an adult now
needs more than USD 1 million to belong to the global top 1%. The ultra
high net worth (UHNW) group added 24% more members, the highest
rate of increase since 2003.
Figure 1: The global wealth pyramid 2020 Distribution of wealth across individuals
The great variation in average wealth levels

56 m across countries is matched by high wealth
(1.1%) disparity within nations. This section reports
on wealth distribution in individual countries.
> USD 1 million USD 191.6 trn (45.8%) But our focus of attention is the way that
household wealth is distributed across the
USD 100,000 to USD 163.9 trn (39.1%)
USD 1 million 583 m entire adult population of the world. This
(11.1%) requires us to combine our estimates of
average wealth levels in countries with
USD 10,000 to USD 57.3 trn (13.7%) information on the patterns of wealth
USD 100,000 1,715 m
(32.8%) distribution within countries.
< USD 10,000 USD 5.5 trn (1.3%) The wealth pyramid in Figure 1 summarizes
2,879 m
(55.0%) the distribution of wealth among all global
Wealth Total wealth
range (% of world) adults. The large base of low-wealth
holders underpins higher tiers occupied by
progressively fewer adults. We estimate that
Number of adults (% of world adults) 2.9 billion individuals – 55% of all adults in
the world – had wealth below USD 10,000 in
2020. The next segment, covering those with
Databook 2021 wealth in the range of USD 10,000–100,000,
has seen the biggest rise in numbers this
century, more than trebling in size from
507 million in 2000 to 1.7 billion in mid-
2020. This reflects the growing prosperity
of emerging economies, especially China,
and the expansion of the middle class in the

developing world. The average wealth of this in the same global markets for luxury goods,
group is USD 33,414, slightly less than half vacations and education opportunities for their
the level of average wealth worldwide. Total children, for example, even when they reside
assets amounting to USD 57.3 trillion provide on different continents. The wealth portfolios
this segment with considerable economic of these individuals are also likely to be more
leverage. similar, with a focus on financial assets and
particularly equities, bonds and other securities
The upper-middle segment, with wealth ranging traded in international markets.
from USD 100,000 to USD 1 million, has also
expanded significantly this century, from 208
million to 583 million. They currently own net
assets totaling USD 163.9 trillion or 39.1% of
global wealth, which is nearly four times their
share of the adult population. The middle class
in developed nations typically belong to this
group. Above them, the top tier of high net worth
(HNW) individuals (i.e. USD millionaires) remains
relatively small in size, but has expanded rapidly
2020 marks the

in recent years. It now numbers 56 million, or
1.1% of all adults. Adults now need more than
year when, for the

USD 1 million to qualify for the top 1% in the
global distribution, so the group now covers all
first time, more

members of the global top 1% plus around half
a million USD millionaires who fall short. HNW
than 1% of all
adults are increasingly dominant in terms of
total wealth ownership and their share of global
global adults are

wealth. The aggregate wealth of HNW adults
has grown nearly four-fold from USD 41.5 trillion
dollar millionaires
in 2000 to USD 191.6 trillion in 2020, and their
share of global wealth has risen from 35% to
46% over the same period.
Membership of the layers of the wealth pyramid

is quite distinctive in terms of residence and
personal characteristics. The base tier has
the most even distribution across regions and
countries, but also the widest spread of personal
circumstances. In developed countries, about The global wealth distribution
30% of adults fall within this category and, for
the majority of these individuals, membership The regional pattern of wealth distribution
is either transient – due to business losses or can be explored further by assigning adults to
unemployment, for example – or a lifecycle their corresponding global wealth positions.
phase associated with youth or old age. In Our calculations suggest, for example, that a
contrast, in many lower-income countries, more person needed net assets of just USD 7,552 to
than 80% of the adult population fall within this be among the wealthiest half of world citizens
wealth range, so life membership of the base tier at end-2020. However, USD 129,624 was
is often the norm. required to be a member of the top 10% of
global wealth holders, and USD 1,055,337
The main feature of the two middle pyramid to belong to the top 1%. A year ago, the
segments is the dominance of China, which requirement for a top 1% membership was USD
accounts for 38% of the total membership, 988,103. So 2020 marks the year when, for
compared to 9% from India, 6% from Latin the first time, more than 1% of all global adults
America, and just 3% from Africa. Regional are dollar millionaires. Among other things, this
representation is skewed further still among reflects appreciating currencies versus the USD
millionaires, where 42% of all members reside in 2020, and erosion of the real value of the
in North America, 28% in Europe and 17% in USD in the longer run due to inflation.
Asia-Pacific (excluding China and India). Thus,
in marked contrast to the base of the wealth Determining global wealth percentiles in this
pyramid (which is characterized by a wide variety way enables the regional membership of each
of people from all countries and all stages global decile (i.e. 10% slice) to be established.
of the lifecycle), HNW individuals are heavily Figure 2 provides a visual representation for
concentrated in particular regions and countries, the years 2000 and 2020. The charts confirm
and tend to share similar lifestyles – participating some of the features already noted: the
18
Figure 2a: Regional composition of global wealth distribution concentration of African and Indian citizens in
in 2000 the base segment of the wealth pyramid, the
100%
dominance of China in the middle tiers and
Latin America
North America the substantial over-representation of North
90%
America and Europe in the top percentile.
80% Africa Also evident is the sizeable number of North
70% American and European residents in the
bottom global wealth decile, a reflection of
60% China
the ease with which individuals – especially
50% Europe younger adults – acquire debt in advanced
40% India economies, resulting in negative net wealth.
30% Note too, that while the bulk of Indian citizens
are located in the bottom half of the global
20%
distribution, significant numbers of Indian
10% Asia-Pacific
citizens also occupy the top wealth echelons.
0% This is less true for Africa.
10 20 30 40 50 60 70 80 90 95 99 100
Percentile The most notable feature of Figure 2 is the
prominence of China in the central section
of the charts. In 2020, China was firmly
Figure 2b: Regional composition of global wealth distribution centered in the middle, with the bulk of
in 2020 its citizens occupying global deciles 4–8.
However, China’s exceptional rate of wealth
100%
Latin America North America growth has moved the country profile to the
90% right over time, displacing the countries and
80% Africa regions with less-vigorous growth records.
70% As the comparison of Figures 2a and 2b
60% Europe shows, China has squeezed out members of
China the top decile and top 5% previously residing
50%
India
in Europe, in particular, and North America
40% to a lesser degree. These ex-members of
30% the top decile were simply overtaken by their
20% counterparts in China.
10% Asia-Pacific
0% High net worth individuals by country
10 20 30 40 50 60 70 80 90 95 99 100
Percentile
We now turn to a more detailed analysis of the
upper echelons of wealth holders, beginning
with the number of dollar millionaires in
individual countries. For any given country,
Figure 3: Number of dollar millionaires (% of world total)
the number depends on three factors: the size
by country 2020
of the adult population, average wealth and
wealth inequality. The United States scores
Switzerland, 2 India, 1 highly on all three criteria and has by far the
Netherlands, 2 Taiwan (Chinese Taipei), 1 greatest number of millionaires: 22.0 million,
Korea, 2 Sweden, 1 or 39.1% of the world total (Figure 3). This
Spain, 2
is far ahead of China, which is in second
place with 9.4% of all global millionaires. The
Italy, 3
Canada, 3 percentage in third-placed Japan (6.6%) has
Australia, 3 steadily eroded over the years and its position
United States, 39 is now threatened by Germany (5.3%). Next
France, 4
come the United Kingdom (4.4%), France
United Kingdom, 4 (4.4%), Australia (3.2), Canada (3.0%) and
Italy (2.6%). Spain, Korea, the Netherlands
Germany, 5 and Switzerland each host around 2% of
global millionaires, with India and Taiwan
Japan, 7
(Chinese Taipei) adding another 1% each,
China, 9
Rest of World, 11 along with Sweden, which has met the 1%
threshold for the first time, replacing Hong
Kong SAR.
Source Figures 2 and 3: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
Global Wealth Databook 2021

Table 1: Change in the number of millionaires by country, 2020
Main gains Adults (thousand) with wealth above USD 1 m Main losses Adults (thousand) with wealth above USD 1 m
Country 2019 2020 Change Country 2019 2020 Change
United States 20,222 21,951 1,730 Brazil 315 207 –108

Germany 2,319 2,953 633 India 764 698 –66
Australia 1,412 1,805 392 Russia 313 269 –44
Japan 3,272 3,662 390 Hong Kong SAR 560 520 –40
France 2,159 2,469 309 United Arab Emirates 208 169 –39
United Kingdom 2,233 2,491 258 Saudi Arabia 268 236 –32
China 5,022 5,279 257 Thailand 108 86 –21
Canada 1,436 1,682 246 Kuwait 93 79 –14
Netherlands 826 1,039 214 Chile 77 64 –12
Italy 1,293 1,480 187 Mexico 274 264 –10
World 50,873 56,084 5,211 World 50,873 56,084 5,211
Millionaire trends The rising numbers of millionaires in the other

countries listed in Table 1 – Germany, Australia,
Worldwide, we estimate that there were 56.1 Japan, France, the United Kingdom, China,
million millionaires at the end of 2020, up Canada, the Netherlands and Italy – are all
5.2 million from a year earlier (Table 1). This inflated by currency appreciation against the
increase reflects the disconnect between the US dollar, which for some countries is likely to
improvement in the financial and real assets have been the main reason for the expansion of
of households and the economic disruption numbers. Reductions in millionaire numbers were
caused by the pandemic. The United States less pronounced, although Brazil shed more than
added a third of the global total – 1.7 million 100 thousand. Currency depreciation accounts
new millionaires – a striking increase in the for much of the loss recorded for the countries
circumstances, but not enough to prevent its listed in Table 1, e.g. Brazil, India, Russia and
share of global millionaires from falling. Hong Kong SAR.
Millionaire density by country
Roughly 1% of adults in the world are dollar

millionaires. But how does this proportion vary
across countries? The results recorded in Table
2 are illuminating.
Worldwide, we
Starting at the lower end, millionaires are
estimate that there uncommon in India, Indonesia or even
Russia: around one in a thousand adults.
were 56.1 million The frequency is not much greater in China.
Despite the large expansion in the number of
millionaires at the end millionares, the huge population size means
that millionaires remain relatively rare: about
of 2020, up 5.2 million one for every 200 adults. In contrast, the
chance of encountering a millionaire at random
from a year earlier picks up in southern Europe as millionaire
density begins to rise. Millionaires account
for 3% of adults in Italy and Spain. Prospects
increase if you travel north to France, Austria
or Germany (about 4%), improving still
further if you continue on to Belgium, the
20
Table 2: Density of millionaires 2000–20, selected countries Netherlands, Denmark or Sweden (around
6%). But millionaire density is higher still in
the United States or Hong Kong SAR (above
Percentage of millionaires 8%), Australia (9%), and highest of all in
Country 2000 2005 2010 2015 2020 Switzerland (15%). As before, we disregard
countries like Monaco, for which we have no
Switzerland 3.6 5.7 9 8.9 14.9
firm evidence, but where millionaire density
Australia 0.8 2.9 6.4 5.7 9.4 could well be even higher.
United States 3.8 5.3 5.8 7 8.8
Hong Kong SAR 2.3 2.1 3.4 5.8 8.3 Note that our estimates of the numbers of
USD millionaires are sometimes much higher
Netherlands 2.1 4.6 4 3.8 7.7
than those given in other wealth reports.
Sweden 0.8 2 4.6 4.7 7.3 We believe our estimates are more accurate
Denmark 1 2.4 3.6 3.4 6.7 because they derive from the application of
New Zealand 0.7 2.4 3.2 4.9 6.3 standard statistical techniques to solid data
from reliable sources.
Belgium 1.2 2.7 4.2 3.4 5.7
Canada 1.2 2.2 3.9 3.5 5.6
One reason why other wealth reports report
Singapore 1.1 1.4 3.3 3.1 5.5 lower numbers is that they cover only “investable
Ireland 1.4 3.5 3.3 3.5 5 assets,” which disregard owner-occupied homes.
France 0.9 2.4 4.6 3.3 4.9
We use a comprehensive definition of net worth
that encompasses both financial assets and
Austria 1.7 3 4.2 2.7 4.8
non-financial assets together with debts (but not
United Kingdom 1.7 3.3 3 4.2 4.7 “human capital”).
Germany 1 1.8 2.5 2.5 4.3
Norway 1.2 2.9 4.1 3.2 4.2 Second, our estimates are firmly founded on the
household balance sheets produced by national
Japan 2.4 2 3.7 2.2 3.5
statistical agencies. These aim to provide a
Taiwan (Chinese Taipei) 0.7 1 1.6 2.2 3.1 comprehensive coverage of the assets that
Spain 0.5 2 2.7 1.8 3 people would recognize as part of their personal
Italy 0.9 2 2.9 2.5 3 wealth: dwellings, land, savings, investments,
Korea 0.3 0.8 1.4 1.8 2.5
etc. But they also generally cover the market
value of pension funds assembled for the
China 0 0 0.1 0.3 0.5
purpose of paying current and future pensions
Mexico 0.1 0.1 0.2 0.2 0.3 to those enrolled in occupational pension
Russia 0 0.1 0.1 0.1 0.2 schemes. This is a significant component of
Indonesia 0 0 0 0.1 0.1 household financial assets overall, and one that
people may tend to overlook.
India 0 0 0 0.1 0.1
The third reason why our millionaire numbers

are higher than elsewhere is that we make
improvements to the shape of wealth
Databook 2021 distribution. Wealth distribution data usually
derive from sample surveys that generally fail
to capture the top end of the wealth distribution
accurately. Projecting forward from the survey
evidence, the predicted number of wealth
holders with net worth above USD 10 million
is likely to be close to zero. We rectify this
under-recording using the evidence provided
by rich lists, in particular the annual Forbes list
of wealth billionaires. While the Forbes data
can be criticized in some respects, there is no
better source that applies consistent methods
to numerous countries. We use well-recognized
methods to adjust the top tail of the wealth
distribution to match the Forbes data, making
allowance for the fact that the billionaire sample
for any given country may be quite small and
subject to year-to-year variation.

The apex of the wealth pyramid Figure 4: The top of the pyramid, 2020
The rise in the number of millionaires in 2020

was accompanied by a sizable increase in the
number of adults in the highest echelons of > USD 50 million 215,030
the wealth distribution. The vast majority of the USD 10–50 million 2,260,720
56.1 million millionaires in 2020 have wealth
between USD 1 million and USD 5 million: 49.1 USD 5–10 million 4,524,560
million or 88% of the HNW group (Figure 4).
Another 4.5 million adults (8.1%) are worth
between USD 5 million and USD 10 million,
and 2.5 million have wealth above USD 10
USD 1–5 million 49,083,510
million. Of the latter, 2.3 million have assets in
the USD 10–50 million range, leaving 215,030
ultra high net worth (UHNW) individuals with
net worth above USD 50 million at the end of
Wealth
2020. This is 41,410 more than the 173,620 range Number of
adults
recorded a year earlier, a rise of 23.9%. That
would be a very high rise in any year, but it is
particularly striking in a year experiencing social
and economic turmoil. The nature of the policy
response to the pandemic has of course been a Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global Wealth
major influence here. Databook 2021
(13%) live in Asia-Pacific countries, excluding

China and India. Among individual countries,
In 2020, the the United States leads by a huge margin with
110,850 members, equivalent to 55% of the
repercussions of the world total (Figure 5). China is a clear second
with 28,130 UHNW individuals, followed by
COVID-19 pandemic Germany (8,630), the United Kingdom (5,100),
Japan (4,670) and India (4,320).The remaining
contributed to a countries in the top ten nations are France
(3,750), Canada (3,510), Italy (3,560) and
sizeable increase in Switzerland (3,300).
wealth inequality, In 2020, the UHNW group expanded by

41,420 adults, a rise of 24%, which exceeds
albeit to levels still the rate in any year this century except 2003.
Most regions contributed to this rise, with
below those recorded Africa and Latin America the only exceptions.
North America, up 21,640 (23%), added
before 2016 the most members. China added fewer
members, an extra 9,830. But this represents
a 54% increase on the number in 2019. The
percentage rises were also substantial in
Europe (up 17%) and Asia-Pacific (up 20%).
Ultra high net worth individuals The United States was the country that gained
the most members (21,313). Along with
Further examination of the UHNW group at China, UHNW membership increased by more
end-2020 reveals 68,010 adults with wealth than a thousand in Germany (1,630), Japan
above USD 100 million, of which 5,332 are (1,580), the United Kingdom (1,400) and Korea
worth more than USD 500 million. The regional (1,010). Reductions in UHNW individuals were
breakdown of the UHNW group as a whole is uncommon and relatively small, with the biggest
dominated by North America with 114,380 falls occurring in Greece (down 110) and Hong
members (53%), while Europe has 38,110 Kong SAR (down 194).
(18%), and 28,130
22
Figure 5: Ultra high net worth individuals in 2020, top 20 countries
0 20,000 40,000 60,000 80,000 100,000 120,000
United States
China
Germany
United Kingdom
Japan
India
France
Canada
Italy
Switzerland
Australia
Korea
Russia
Hong Kong SAR
Spain
Sweden
Brazil
Singapore
Netherlands
USD 50-100 m USD 100-500 m > USD 500 m
Wealth inequality the overall level of economic activity and, more

importantly, they have also benefited from the
For most purposes, analysis of wealth inequality impact of lower interest rates on share prices and
can be reduced to two simple questions: how house prices. We have already documented the
far are top wealth groups ahead of the average impact on the aggregate wealth of those at the
citizen, and how far below the average do the top of the wealth pyramid and the resulting rise in
bottom groups lie? Discussion of the first of the numbers of millionaires and UHNW individuals.
these issues is very often framed in terms of This would be expected to raise wealth inequality,
the share of wealth owned by the top 10%, the measured either in terms of the top shares or in
share of the top 1%, and so on. These statistics terms of the Gini coefficient.
are insensitive to changes in wealth distribution
in the bottom half of the distribution. The Gini As regards the bottom half of the wealth
coefficient is a more broad-based measure of distribution, it is likely to be some years before
inequality that captures changes at both ends of survey data give a clear indication of the wealth
the wealth spectrum. impact of the pandemic in different countries. For
population subgroups of interest, such as women,
The repercussions of the COVID-19 pandemic led minorities or younger generations, there is only
to widespread rises in wealth inequality in 2020. the anecdotal evidence that was reviewed in the
Inequality rises were also widespread in 2009, previous chapter. The single source of hard data is
and were sometimes much greater in magnitude, the Federal Reserve Board in the United States,
although the biggest jumps at that time were linked which now publishes key wealth distribution
to marked falls in inequality during 2008. Where statistics on a quarterly basis in its Distributional
government transfers and other support such as Financial Accounts (DFA). However, it is not
government-backed furlough schemes have not based on actual observations. Instead, it adjusts
been implemented, the economic impact of the the assets and debts of individual households
pandemic on employment and incomes in 2020 are recorded in the latest Survey of Consumer
likely to have damaged the lowest groups of wealth Finances (SCF) to match the latest official
holders, forcing them to draw down their savings household balance sheet totals. Asset coverage
and/or incur higher debt. In contrast, the top wealth is also extended to include consumer durables
groups are relatively unaffected by reductions in and employer-based pensions not covered in

the SCF. These additional assets are more be relatively low and a Gini above 80 relatively
evenly distributed, so that the net result is lower high. These values are much higher than the
estimates of inequality than those usually reported corresponding values for income inequality or any
for the United States. other standard welfare indicator.
The DFA show a share of 31.1% for the top 1% In most countries, wealth inequality declined
of households at the end of 2019, falling to 31.0% in the early years of the century, reflecting a
at the end of March 2020, and then gradually rising rise in the importance of non-financial assets,
to reach 31.4% at the end of 2020. These trends which tend to be distributed more evenly than
reflect the short, sharp drop of the stock market financial assets. China and India are two notable
in Q1 2020 and its subsequent strong recovery. exceptions, recording a strong upward inequality
The bottom 50% of families in the United States trend from 2000 to 2010. After the financial
actually saw a gradual rise in their small share of crisis, robust growth in financial assets caused
wealth from 1.8% at the end of 2019 to 2.0% at wealth inequality to rise at a fast pace in most
the end of 2020. Those between the 50th and countries until 2015, when it began to level out.
99th percentiles lost 0.5% of aggregate household The trends shown by the top wealth shares and
wealth. Note that the small rise estimated for the Gini coefficient are broadly consistent in this
the bottom half of the distribution overestimates respect. For the countries covered in Table 3,
the true figure because of mobility effects on the the wealth Gini in 2019 was above the 2000
membership of the “bottom half”: those who gained level in all countries except Germany and Japan,
wealth are more likely to move out of the bottom and the share of the top 1% in 2019 was similar
half; those who lose wealth are more likely to join. to or above the 2000 level everywhere bar
France, Italy and Japan.
Changes of this magnitude in the lower half
of the distribution have little impact on Gini For the countries listed in Table 3, the wealth
coefficient values and even less impact on Gini rose everywhere during 2020 bar the United
the shares of the top wealth groups. Table 3 States, where it declined marginally. Except for
summarizes our assessment of what happened France and Germany, the wealth share of the top
to wealth inequality in 2020 within selected 1% also increased, but remains at or below the
countries, placed in the context of wealth typical 35% share in all developed countries among
inequality trends this century. those listed. Thus the evidence points to widespread
rises in wealth inequality within countries during
By any standard, wealth inequality is high in all the pandemic year. However, the rise in wealth
countries and exceptionally high in some. As inequality was likely not caused by the pandemic
a rough guide, typical values would be 35% itself, nor its direct economic impacts, but was
for the share of the top 1% and 65% for the instead a consequence of actions undertaken to
share of the top 10%. A Gini value of 70 would mitigate its impact, primarily lower interest rates.
Table 3: Wealth inequality trends, 2000–20, selected countries
Gini coefficient Wealth share of top 1%
2000 2005 2010 2015 2019 2020 2000 2005 2010 2015 2019 2020
Brazil 84.7 82.8 82.2 88.7 88.2 89 44.2 45.1 40.5 48.6 46.9 49.6
China 59.9 63.6 69.8 71.1 69.7 70.4 20.9 24.3 31.4 31.5 29 30.6
France 69.7 67 69.9 70 69.9 70 25.7 21.1 21.1 22.5 22.4 22.1
Germany 81.2 82.7 77.5 79.3 77.9 77.9 29.3 30.5 25.9 32.3 29.4 29.1
India 74.7 81 82.1 83.3 82 82.3 33.5 42.2 41.6 42.5 39.5 40.5
Italy 60.1 59.5 63 67.1 66.4 66.5 22.1 18.3 17.3 22.8 21.8 22.2
Japan 64.7 63.2 62.5 63.5 64.2 64.4 20.6 19.1 16.9 18.2 17.8 18.2
Russia 84.7 87.2 90 89.5 87.3 87.8 54.3 60.3 62.6 63 57.1 58.2
United Kingdom 70.7 67.7 69.2 73.1 71.4 71.7 22.5 20.8 23.8 25.2 22.4 23.1
United States 80.6 81.1 84 84.9 85.1 85 32.8 32.7 33.3 34.9 35 35.3
24
Global wealth inequality During the early part of this century, a decline
in the within-country component reinforced the
Our dataset provides a unique opportunity to decline in the between-country component,
construct the distribution of wealth for the leading to a pronounced drop in global inequality.
whole world. From this, we estimate that the The share of the top 10% fell from 88.7% to
bottom 50% of adults in the global wealth 84.3% between 2000 and 2008, the share
distribution together accounted for less than of the top 1% from 48.3% to 42.7%, and the
1% of total global wealth at the end of 2020. Gini from 91.9 to 89.6. From 2009 onward,
In contrast, the richest decile (top 10% of the different inequality measures give different
adults) owns 82% of global wealth and the top verdicts, reflecting the weight given to different
percentile alone has nearly half (45%) of all parts of the distribution. The share of the
household assets. top 10% and the Gini coefficient continued
downward, recording 80.9% and 88.2%,
The trend over time in global economic wealth respectively, at the end of 2019. However, the
inequality is the outcome of two underlying wealth share of the global top 1% moved up
factors. Global inequality rises or falls in over this period, reaching 43.8% in 2019.
response to changes in wealth inequality
within countries: the so-called “within-country” Regarding what happened in 2020, the verdict
component. But it is also affected by changes is unanimous. The indices all agree that global
in the average wealth levels in countries wealth inequality rose in 2020 by a substantial
relative to the global average: the “between- amount: the share of the top 10% increased
country” component. This century, the rise of by 0.9 percentage points, the share of the top
household wealth in emerging markets, most 1% by 1.1 percentage points, and the Gini by
notably China and India, has narrowed wealth 0.6 points. Furthermore, with a single exception
differences between countries, so that the – the share of the top 1% in 2014 – the
between-country component has declined inequality rise in 2020 was significantly greater
quite rapidly. This has been the dominant than that recorded in any year this century. Of
factor governing the overall downward course, as on previous occasions, this rise may
inequality trend evident in Figure 6. However, be temporary. In particular, the exit from current
its influence has waned as average wealth in monetary policy in the months and years to
China has become closer to average global come may well reverse part or all of the rises
wealth and may change direction if wealth per seen in 2020.
adult in China overtakes the global mean.
Summary
As documented in the previous chapter,

wealth creation in 2020 appears to have
been completely detached from the economic
woes resulting from COVID-19. If asset price
Figure 6: Global wealth inequality trends, 2000–20 increases are set aside, then global household
wealth may well have fallen. But any such
95 tendency has been masked by the repercussions
90 of actions undertaken by governments and
central banks to mitigate the economic impact
85
of the pandemic. These have led to rapid share
80 price and house price rises that have benefited
75 those in the upper wealth echelons. In contrast,
70 those in the lower wealth bands have tended
65 to stand still, or, in many cases, regressed. The
net result has been a marked rise in inequality
60
in many countries, although the overall level
55
remains below levels recorded before 2016.
50 Some of the underlying factors may self-correct
45 over time. For example, interest rates will begin
40 to rise again at some point, and this will dampen
35
asset prices.
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
gini top 10% top 5% top 1%
Databook 2021

26
Photo: GettyImages, Bloomberg
Wealth outlook for 2020–25
Global wealth is projected to rise by 39% over the next five years,
reaching USD 583 trillion by 2025. Low- and middle-income countries are
responsible for 42% of the growth, although they account for just 33% of
current wealth. Wealth per adult is projected to increase by 31%, passing
the watershed mark of USD 100,000. The number of millionaires will also
grow markedly over the next five years, reaching 84 million, while the
number of UHNWIs should reach 344,000.
Figure 1: Global GDP forecasts (in USD trillion) Future prospects
This chapter provides our assessment of how

120
household wealth is likely to evolve over the
115 next five years. In October 2019, before the
pandemic began, the International Monetary
110 Fund (IMF) predicted that global gross domestic
product (GDP) would increase from USD 86.6
105
trillion in 2019 to USD 90.5 trillion in 2020,
100
and then continue rising at an annual rate of
5.4% (see Figure 1). By October 2020, the
95 IMF GDP forecast for 2020 had been revised
downward to USD 83.8 trillion, a fall of 3.2%
90 for the year and 7.4% below their previous
prediction. At that time, the IMF also believed
85
that, compared to the pre-pandemic forecast,
80 COVID-19 would result in a permanent loss in
2018 2019 2020 2021 2022 2023 2024 2025 GDP of about USD 4 trillion.
October 2019 October 2020 April 2021 The consensus now is that the world can expect
robust GDP growth in the coming years, and
especially in 2021. The latest estimates by the
Source: Estimates by the International Monetary Fund IMF in April 2021 suggest that global GDP in
2021 will total USD 93.9 trillion, just USD 1.5
trillion below the pre-pandemic forecast, and
that the shortfall will narrow to USD 0.7 trillion
by 2024. Growth in 2021 alone is predicted to

be 11.0%. These GDP projections, together
with forecasts for exchange rate movements,
provide the background to our wealth estimates
Between 2000 and

for the next five years.
2019, the wealth

Changes in equity prices and house prices
can be very important in the short run too, as
share of emerging
our results for 2020 bear witness. There is
less agreement here on what the future has
economies more
in store. However, with current values above
trend in many countries, most notably the
than tripled from

United States, it seems likely that – in some
countries at least – asset price movements
9.3% to 30.3%
will rise more slowly in the immediate future.
The pattern of wealth distribution may also
change, but whether wealth differentials will
widen or narrow is not easy to foresee. In short,
there are many factors that will determine the
difference between our wealth projections and
the eventual outcomes.
The link in normal times between GDP growth

and household wealth growth, combined with
the expected rapid return of economic activity to
its pre-pandemic time path, leads us to believe
that wealth will grow at a fast pace over the next
five years. Since the year 2000, global wealth in
US dollars has increased at an average annual
rate of 6.5%. Our projections envisage wealth
growing at a slightly faster pace, averaging 6.9%
per annum over the next five years. Total wealth
should increase by USD 165 trillion to reach USD Figure 2: Trend in wealth share of emerging economies
583 trillion in 2025. Wealth per adult is expected
to rise by USD 24,750 to reach USD 104,710, 30
which would be a watershed: it would mean that
average wealth for the world as a whole will have 25
passed the USD 100,000 threshold that we use
to distinguish “high wealth” countries in the world
wealth map. In other words, we would have a 20
“high wealth world” for the first time.
15
The contribution of low- and middle-income
countries
10
This century, the household wealth of low- and

middle-income countries – which we refer 5
to collectively as “emerging economies” for
convenience – has risen at a faster rate than 0
high-income countries. Between 2000 and 2019, 00 02 04 06 08 10 12 14 16 18 20 22 24
the wealth share of emerging economies more
than tripled from 9.3% to 30.3%. However, as Low and lower middle income forecast
Figure 2 shows, the share rose at a slower rate Upper middle income forecast
during the last five years and fell for the first time
in 2020 to 28.9%. This dip reflects the heavy Source: Original estimates by authors
damage done to many emerging economies by
the COVID-19 pandemic. But it also reflects the
fact that emerging economies have been unable
to offer the generous support packages and credit
facilities that have been common in many high-
income nations, and which we believe spawned
wealth increases via asset price inflation.
28
We believe the below-par performance in 2020
was a one-off event. Emerging economies
should regain momentum after this setback and
wealth should grow faster than in developed
markets over the next five years. Household
wealth is projected to grow at an average annual
rate of 9.7% in low- and low-middle-income
countries, and 9.4% in upper-middle-income
countries, compared to 5.8% in high-income The bulk of the wealth
nations. As a consequence, emerging economies
will account for 41.7% of the increase in gain by emerging
household wealth over the 5-year period and
their share of total global wealth will rise from economies can be
28.9% to 32.5% (see Figure 3).
traced to its two largest
The bulk of the wealth gain by emerging
economies can be traced to its two largest economies: China and
economies: China and India. We expect wealth
in India to grow very rapidly once the pandemic India
comes under control and memory fades of the
decline in 2020. We predict growth of 59.0%
over five years, raising wealth per adult to USD
20,880.
China has made by far the biggest contribution

to emerging market growth this century and this
dominance should continue. Indeed, between
now and 2025, we envisage that China will
account for more than a quarter of the rise
in household wealth recorded for the whole
Figure 3: Share of global wealth and contribution to wealth world. The big question is how long China
growth by country income group can continue to be regarded as an emerging
market. Our projections suggest that its wealth
100 per adult in 2025 will be USD 105,400, which
means China will qualify as a “high-wealth”
90
country in our classification scheme. China
80 began this century with wealth averaging USD
70 4,250 per adult, placing them in the lowest
of our country wealth categories. Transiting to
60
the highest of our wealth categories within a
50 25-year timespan would be an extraordinary
40
achievement by any standard.
30 Regarding other regions, we foresee Africa

20 growing robustly at roughly the same rate as
10
China and India. We also expect Latin America,
the region with the worst performance in 2020, to
0 recover well, rising by 8.1% per year on average,
Share of global wealth Share of global wealth Share of wealth growth
2020 2025 2020-2025
of which exchange rate appreciation will account
for about 1 percentage point. We project wealth
High income Upper-middle income Low and lower-middle income in the region to rise by USD 5.2 trillion between
2020 and 2025, with Brazil contributing USD 1.5
Source: Original estimates by authors trillion and Mexico another USD 1.6 trillion. North
America, Europe and the Asia-Pacific region
(excluding China and India) are likely to perform
less well because wealth in 2020 was artificially
inflated, shored up by the actions taken to
mitigate the impact of COVID-19. Future wealth
growth will be constrained as the impact of these
interventions wears off.

Leapfrogging India’s progress is also noteworthy. Total wealth
in India increased eight-fold between 2000
The better-than-average performance of low- and 2020, reaching USD 12.8 trillion in 2020.
and middle-income economies leads us to Despite this remarkable increase, and despite
expect a big improvement in their global position having four times the population of the United
over the next five years. Figure 4 compares the States, total wealth in India is comparable to the
total wealth of some of the largest economies level for the United States 70 years ago. We
today, and five years from now, with the wealth expect it to be USD 18.4 trillion in real terms in
of the United States during the course of 2025, similar to the level in the United States in
the 20th century, after adjusting for inflation. the mid-1960s.
Household wealth in the United States increased
at an average annual rate of 3.3% in real terms
between 1900 and 2020. The chart shows the
position of the Eurozone, Latin America, the
United Kingdom, China and India relative to the
United States from a historical perspective.
The Eurozone’s total wealth of USD 69 trillion

in 2020 is comparable to the total wealth of Total wealth in India
the United States in 2003. We expect that the
Eurozone’s total wealth in 2025 will correspond increased eight-fold
to that of the USA in 2014, so the 5-year
improvement equates to 11 years of growth in between 2000 and
the context of the history of the United States.
Measured in a similar way, China’s progress 2020
between 2000 and 2020 is striking. The rise in
wealth between 2000 and 2020 corresponds to
almost 80 years of wealth growth in the United
States from 1925 onward, but it will inevitably slow
in future. If China achieves the USD 107 trillion in
real terms that we predict for 2025, this would be
similar to the United States' level in 2017, meaning
that China had advanced by the equivalent of
thirteen US years between 2020 and 2025.
Figure 4: Total wealth in the United States, 1900–2025, and relative position of selected economies
(USD trillion, constant prices)
160
140
China 2025
120
China 2020
100
United Kingdom 2020
United Kingdom 2025
80
LATAM 2025
India 2025
60
LATAM 2020
India 2020
Eurozone 2025
China 2000
40
Eurozone 2020
20
0
1900
1905
1910
1915
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
2025
Total wealth in the US (in USD trillion, constant prices) Forecast
Source: Original estimates by authors
30
Figure 5: Evolution of global wealth per adult by component The contrast between India and the United
Kingdom is interesting. Total wealth in the United
70,000 Kingdom currently corresponds to that of the
United States in 1959. It is expected to reach
60,000 USD 17.7 trillion in 2025, an improvement of
only three “USA years,” reflecting the likely effect
50,000 of Brexit and the COVID-19 pandemic on the
economy. As a consequence, we expect total
household wealth in India to overtake that of its
40,000
former colonial ruler within the next five years.
Fast recovery in Latin America in the aftermath
30,000 of the economic slowdown and the wealth
decline seen in 2020 lead us to predict that total
20,000 wealth in Latin America will be almost USD 14.5
trillion in real terms in 2025, a gain equivalent to
10,000 nine “US years” of growth starting in 1948.
0
00 02 04 06 08 10 12 14 16 18 20 22 24 The components of wealth
Financial assets Real assets Debts
Although global financial wealth has exceeded
Source: Original estimates by authors global non-financial wealth in every year this
century except 2008 (see Figure 5), financial
wealth has grown at a slower rate. While the
latter suffered badly during the financial crisis,
and again during the first quarter of 2020,
financial assets recovered quickly afterward and
Figure 6: Change in adult numbers (millions) by wealth grew faster than non-financial assets for 2020
segment and income group as a whole.
Our forecasts indicate that financial and non-

financial wealth will grow at similar rates over the
>USD 1m
next five years. After a period of stability between
2007 and 2019, household debt is expected to
rise 41% by 2025, slightly outpacing both financial
USD 100,000 - and non-financial assets. By 2025, we envisage
USD 1 m
debts amounting to 11.6% of gross assets, still
well below the 13%–14% range recorded during
USD 10,000 - the first decade of this century.
USD 100,000
Wealth distribution in the 21st century

<USD 10,000
The lowest wealth band, covering adults with a
net worth below USD 10,000, will likely shed
-150 -50 50 150 around 108 million members over the next five
years. Population growth will add 38 million
Low and lower-middle income Upper-middle income High income adults from low-income countries, but this
should be offset by a net decline from middle-
Source: Original estimates by authors income countries (132 million) and high-income
countries (14 million, see Figure 6). We expect
the global middle class – adults with a net worth
between USD 10,000 and USD 100,000 – to
expand by 237 million, pushing total numbers
close to two billion by 2025. This represents
growth of about 14%, some from upper-middle-
income countries, but most (183 million new
members) from lower-income countries.
The upper-middle segment, consisting of adults

with wealth between USD 100,000 and USD
1 million, will likely have an extra 178 million
members. Of these, 114 million will come from

upper-middle-income countries, 43 million from Table 1: Number of millionaires in 2020 and 2025, by region
high-income countries, and 21 million from and for selected countries
lower-income countries.
Number (thousand) Change
2020 2025 Thousand %
Trends in millionaires and UHNWIs
United States 21,951 28,055 6,104 27.8
China 5,279 10,172 4,893 92.7
Catching-up by emerging economies is also
evident in the increasing representation in the Japan 3,662 5,411 1,749 47.8
top tiers of global wealth distribution. According France 2,469 4,201 1,732 70.1
to our estimates, the number of global Canada 1,682 2,981 1,299 77.2
millionaires could exceed 84 million in 2025, a
Germany 2,953 4,240 1,287 43.6
rise of almost 28 million from 2020 (see Table
1). While millionaire numbers in lower-income Australia 1,805 3,071 1,266 70.1
countries are still far below the levels in the United Kingdom 2,491 3,711 1,220 49.0
United States or Europe, they are expected to Korea 1,051 1,772 721 68.6
increase rapidly in the next five years. Spain 1,147 1,804 657 57.3
Netherlands 1,039 1,666 627 60.3
Italy 1,480 2,060 580 39.2
India 698 1,269 571 81.8
Switzerland 1,035 1,596 561 54.2
Taiwan (Chinese Taipei) 609 1,031 422 69.3
Hong Kong SAR 520 831 311 59.8
The number of
Belgium 515 786 271 52.6
Denmark 307 560 253 82.4
global millionaires Sweden

Austria
570
346
809
577
239
231
41.9
66.8
could exceed 84 million Russia 269 455 186 69.1
in 2025, a rise of almost

Mexico 264 434 170 64.4
Singapore 270 437 167 61.9
28 million from 2020 Brazil

Poland
207
149
361
295
154
146
74.4
98.0
Africa 276 483 207 75.0
Asia-Pacific 9,656 15,291 5,635 58.4
China 5,279 10,172 4,893 92.7
Europe 15,784 24,491 8,707 55.2
The United States has by far the largest number India 698 1,269 571 81.8
of millionaires, well ahead of second place China. Latin America 752 1,262 510 67.8
But the gap will be eroded. We project a 28% North America 23,638 31,045 7,407 31.3
rise in the number of millionaires in the United
World 56,084 84,014 27,930 49.8
States in 2025 compared to 2020, but the
number in China could increase by as much as
93% to reach 10.2 million. Countries with the
next highest numbers of millionaires – Japan, Source: Original estimates by authors
Germany, the United Kingdom and France – will
likely see percentage rises somewhere between
those of the United States and China, and we
may well see France overtaking the United
Kingdom here.
We predict that Indian millionaires will number

1.3 million in 2025, an increase of 82% over
the next five years. Despite the recent economic
turbulence, not only during the 2020 pandemic,
but also in the preceding years, we expect
the number of millionaires in Latin America
to rise by 68%, reaching 1.3 million in 2025.
The percentage rise in Latin America will likely
32
underperform Africa, where the number of More than half of all UHNWIs currently reside
millionaires is likely to increase by 75% to reach in North America, while countries in the APAC
483,000 in 2025. region (Asia-Pacific, including China and India)
are home to more than 57,000. This is already
considerably more than the roughly 38,000 living
Ultra high net worth individuals in Europe, and this difference in favor of APAC
should increase further. By 2025, the APAC
The number of Ultra High Net Worth Individuals region will likely host another 42,000 UHNWIs,
(UHNWI) is expected to speed up as increasing reaching a total of nearly 99,000, of whom
numbers of individuals pass the USD 50 million 57% will be from China. While Latin America
threshold. We envisage this number increasing accounts for 9% of global adults, only 2% of
by more than 25,000 each year on average, global UHNWIs reside in the region. Given the
adding 129,000 over five years, a rise of 60% projected modest performance of the larger
(Figure 7). countries in the region, we expect this trend
to continue and the region to add only 3,000
UHNWIs in the next five years.
Figure 7: Numbers of ultra high net worth individuals by region: 2020 and 2025
2025
America
North
2020
2025
Europe
2020
2025
China
2020
2025
Pacific
Asia-
2020
2025
India
2020
2025
America
Latin
2020
2025
Africa
2020
- 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000
USD 50-100 m USD 100-500 m >USD 500 m
Source: Original estimates by authors

34
Photo: GettyImages, Anadolu Agency
Country experiences
The COVID-19 pandemic made 2020 an exceptional year. For this reason,
it seemed appropriate to depart from our usual practice of providing
country pages that summarize wealth evolution and wealth distribution
in a number of key countries, and instead try to better capture the range
of experiences that have been seen around the world. This is done by
comparing the health challenges posed by the pandemic, the economic
impacts, the responses of governments and central banks, and the
consequences for household wealth for country groupings, which are
broadly representative of experiences around the world.
The selection of countries is constrained by the As regards the implications for household
availability of reliable data. For the most part, we wealth, the determining factor has not been
confine attention to countries that have official the scale of the health crisis, but the extent
balance sheet data. Most of these countries have to which governments have intervened to limit
reported figures for the total financial wealth of the economic consequences for employment
households at the end of 2020, and sometimes and household finances, and the extent to
total non-financial wealth as well. Typically, the which central banks have promoted relaxed
same nations have share price and house price credit facilities. In general, these interventions
series covering the whole of 2020 and beyond, have been confined to the richer nations. On
which helps to fill any gaps. However, some the whole, the actions have been well targeted
countries do not meet our highest standards. and highly successful in the short run, most
Brazil is one example, but it is difficult to describe especially among the groups that have benefited
the experiences of Latin America during the from the share price and house price rises
pandemic year without reference to its largest fostered by those interventions. However, the
economy. Even less is known about Nigeria, massive rise in public debt in those countries
but in the absence of an obvious alternative, we may well prompt remedial action, which could
chose it to partner South Africa. dampen wealth prospects in future.
The country experiences begin with a brief

summary of the health consequences of
COVID-19 and the timing of the waves of
infections. These patterns differ very widely
across countries and regions. Some countries
have faced extreme health challenges, while
others have gotten off lightly. The economic
impact has also varied across countries, although
fewer have emerged unscathed.

Canada and
the United States
The COVID-19 pandemic hit North America hard. Until its Figure 1: Weekly COVID-19 deaths per million
successful vaccination drive in 2021, the United States was February 2020 – May 2021
one of the most badly affected countries in health terms.
80
Canada fared better than the United States in 2020, but its
recovery in 2021 was slower than the USA. 70
60
The economic effects of the pandemic were severe in both
the United States and Canada. In Q2 2020, real GDP fell 50
by 9.0% in the United States and by 11.3% in Canada. 40
Although GDP recovered somewhat in the summer in
30
both countries, it was still significantly lower in 2020 as a
whole than in 2019 – by 3.5% in the United States and by 20
5.4% in Canada. Unemployment increased sharply, from 10
a pre-pandemic 3.7% in the United States and 5.7% in
0
Canada to 13.1% in both countries in Q2 2020 before
Mar
May
Oct
Nov
Aug
Sep
Mar
May
Apr
Dec
Jan
Apr
Feb
Jun
July
Feb
falling to 6.8% in the United States and 8.8% in Canada
during Q4 2020. Impacts were cushioned by generous Canada United States World
relief payments, loans to business and other public
assistance; and while stock markets in both countries Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
crashed in February-March, they recovered steadily. As
a result of these trends, real disposable personal income
rose in 2020: by 1.5% in Canada and 6.0% in the United
States. On the other hand, private consumption fell, so In current dollars, wealth per adult was USD 215,146 in
that households engaged in “excess saving,” amounting to the United States in the year 2000 and USD 114,618 in
USD 1.6 trillion in the United States according to recent Canada. It rose in both countries until 2006, before falling
estimates. At the same time, public debt rose markedly in 2008 due to the global financial crisis – by 13.9% in the
as a percentage of GDP during 2020: from 86.8% to United States and 22.9% in Canada. Wealth per adult had
117.8% in Canada, and from 108.2% to 127.1% in the recovered to its pre-crisis level by 2010 in Canada and by
United States. 2013 in the United States. At the end of 2020, it stood
38.8% above its 2007 level in Canada and 61.4% above
the 2007 figure in the United States.
Macroeconomic indicators
Canada United States
Population 38 332 million
Adult population 30 250 million
GDP 53,616 83,239 USD per adult
Mean wealth 332,323 505,421 USD per adult
Median wealth 125,688 79,274 USD per adult
Total wealth 9.9 126.3 USD trillion
US dollar millionaires 1,682 21,951 thousand
Top 10% of global wealthholders 14,767 100,350 thousand
Wealth inequality 71.9 85.0 Gini index
Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global Wealth Databook 2021/EIU
36
The composition of wealth growth in these two countries Figure 2: Wealth per adult 2000–20 (USD)
is revealing. The US housing market was in poor shape
for several years after the global financial crisis, reflected 600,000
in a 24.6% drop in average non-financial wealth between
2006 and 2011. It took until 2018 before this component 500,000
of wealth regained its 2006 level. In Canada, growth of
non-financial wealth was hardly interrupted by the global 400,000
financial crisis, perhaps suggesting what would have
happened in the United States without the boom and bust 300,000
in sub-prime mortgages and related assets in the years
leading up to the crisis. Financial assets have risen more 200,000
quickly in the United States than in Canada, reflecting the
better performance of its stock markets, where high tech 100,000
bulks larger and resource stocks smaller compared to
Canada. 0
00 02 04 06 08 10 12 14 16 18 20
Gross assets in the United States rose in value by 8.4%
in 2020, but household net worth increased even faster Canada United States
at 9.0% The difference was due to debt not keeping
pace with assets – rising only 3.5% – itself a reflection
of reduced consumption and higher saving. Within the
subcategories of assets, corporate equity showed the
Figure 3: Composition of wealth per adult (USD)
biggest increase (14.9%), while the important housing
component rose 7.1%. More than half the rise in assets
and net worth occurred during the final quarter of 2020.
600,000
The year began less well, with net worth falling 6.2% in Q1
2020, largely due to the stock market crash in February- 500,000
March. But net worth recovered fully in the second quarter.
Canada saw a similar increase in net worth (9.9%) – but 400,000
the rise was linked more to real assets and less to stocks
300,000
and equities.
200,000
Canada and the United States show contrasting trends
in wealth inequality. In Canada, the Gini coefficient and 100,000
the wealth share of the top 10% have been on a gradual
0
decline since 2000. The share of the top 1% also drifted
down until 2012, after which it rose slightly. Things have -100,000
been different in the United States, where all three of Financial Real Debts Net worth
these measures have trended upward. The contrast Canada United States
is most evident in the wealth share of the top 10% of
wealthholders, which has risen substantially in the United
States since 2007 – from 71.6% to 75.7% – but has
fallen in Canada from 57.1% to 56.5%. Since the global
financial crisis, stock prices have risen more in the United Figure 4: Wealth distribution relative to world (%)
States than in Canada, raising the shares of top wealth
groups, while house prices have risen faster in Canada, 60
lifting the wealth share of middle groups instead. The US
stock market outperformed the Canadian stock market 50
again in 2020, with Q4 share prices up 19.6% year-
on-year compared to 2.8% in Canada. According to the 40
Federal Reserve, the wealth share of the top 1% in the
United States rose from 31.0% to 31.4% in 2020. It is 30
unlikely that wealth concentration in Canada has risen to
a similar degree, given the much smaller rise in Canadian 20
stock prices.
10
0
<USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
USD 100,000 USD 1 m
Canada United States World
Source Figures 2–4: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit
Suisse Global Wealth Databook 2021

China and
India
China and India have had very different experiences with Figure 1: Weekly COVID-19 deaths per million
the COVID-19 pandemic. The pandemic first surfaced February 2020 – May 2021
in China, but was brought under control there quickly.
It arrived in India later and spread at a rising rate in the 25
summer of 2020, when weekly deaths reached the
global average. The second wave, beginning in the early 20
fall of 2020, was initially less severe in India than in
many other countries, but gathered force. By the end of
15
the first quarter of 2021, health impacts in India were
rapidly becoming much more serious than at any earlier
10
point. These aspects are reflected by macroeconomic
developments in the two countries.
5
China was hit hardest in Q1 2020, when GDP fell by 6.8%.
Recovery began in Q2, with GDP growing by 3.1%. Real 0
Mar
May
Oct
Nov
Aug
Sep
Mar
May
Apr
Dec
GDP for the year as a whole was 2.3% higher than in 2019,
Jan
Apr
Feb
Jun
July
Feb
and the IMF predicts growth of 8.4% in 2021 and 5.6% in China India World
2022. The second quarter of 2020 was the worst for India,
with a GDP decline of 25.6%. Recovery was relatively slow. Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
Real GDP fell 8.0% in 2020 compared with 2019. The
IMF forecasts a 12.6% rise this year, and 6.9% in 2022.
Quarterly stock market trends moved in the same direction
in China and India, but volatility was greater in India: in Q1 India in three years: in 2008 and 2011 due to exchange
2020, the market fell 8.9% in China, but by 26.8% in rate depreciation, and in 2009 in both local currency and
India. After the first quarter, the markets recovered in both USD. In 2020, wealth per adult was USD 67,771 in China
countries. At the end of 2020, year-on-year share prices and USD 14,252 in India. From 2000 to 2020, it grew at
were up 16.0% in India and 22.9% in China. an average annual rate of 14.9% in China and 8.8% in
India. Both of these growth rates comfortably exceeded the
Wealth per adult was USD 4,247 in China at the start of average annual growth rate (4.8%) for the world as a whole
the century and USD 3,069 in India. It rose in real terms over this period.
in China in every subsequent year, and only fell slightly in
China India
Population 1,442 1,387 million
Adult population 1,105 900 million
Total wealth 74.9 12.8 USD trillion
US dollar millionaires 5,279 698 thousand
Top 1% of global wealthholders 4,887 649 thousand
38
The composition of wealth growth has differed in these Figure 2: Wealth per adult 2000–20 (USD)
two countries. The relative importance of financial assets
has steadily risen In China. They now account for 44.2% 80,000
of gross assets compared to 36.4% in 2000. The
70,000
corresponding ratios In India are 23.3% and 24.1%. The
growth of financial assets has been quicker in China due 60,000
to both high saving and strong stock market performance
in most years. Since 2000, financial assets per adult have 50,000
risen by 16.5% on average in China, far ahead of what is
40,000
still a good performance in India, where the average annual
growth rate was 8.7%. 30,000
20,000
At the end of 2020, wealth per adult in China was 5.4%
higher than a year earlier. Gross assets per adult rose by 10,000
6.3%. Gross assets outpaced net worth because debt
increased faster than assets, rising 14.6% over the year. 0
00 02 04 06 08 10 12 14 16 18 20
Most of the increase was in financial assets, which rose
9.6% compared to the 3.7% recorded for non-financial China India
assets. In India, financial assets per adult gained 2.0%,
while non-financial assets fell 8.4%, leading to a 6.2%
decrease in gross assets, while there was a 7.4% fall in
debt. Net worth per adult fell 6.1% in USD, but the drop
was only 3.7% in Indian rupees.
Wealth inequality trends in China and India have similar 70,000

features, although China started from a lower base.
Spurred by its transition to a market economy, wealth 60,000
inequality in China has risen steadily this century. Its wealth 50,000
Gini coefficient rose from 59.9 in 2000 to 69.8 in 2010,
and continued on until it peaked at 71.6 in 2016. The Gini 40,000
value then eased back to 69.7 in 2019, close to where 30,000
it was in 2010. However, the trend reversed again in
2020, with the Gini rising to 70.4. These movements were 20,000
echoed by the behavior of the wealth share of the top 1%, 10,000
which rose from 20.9% in 2000 to 31.4% in 2010, then
0
edged back to 29.0% by 2019, before rising to 30.6%
in 2020. The rise in wealth inequality between 2000 and -10,000
2010 was a predictable consequence of market reform Financial Real Debts Net worth
and the high saving rates that were also seen previously China India
in the “Asian miracle” economies. But it was also fed by
a substantial increase in urban house prices, which rose
about 80% during this period. This effect contrasts with
more advanced economies, where higher house prices tend
to reduce wealth concentration. In China, home ownership Figure 4: Wealth distribution relative to world (%)
is more skewed toward high net worth groups.
80
Wealth inequality in India has risen at a slower pace than
70
in China, but was already very high in 2000. The Gini
coefficient increased from 74.7 in 2000 to 82.0 in 2019, 60
and reached 82.3 at the end of 2020. The wealth share
50
of the top 1% went up from 33.5% in 2000 to 39.5% in
2019, and rose further to 40.5% by the end of 2020. The 40
increases in both China and India in 2020 partly reflect
30
the sizable gains in share prices over the year in the two
countries. 20
10
0
<USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
USD 100,000 USD 1 m
China India World

France and
the United Kingdom
France and Britain both suffered badly in health terms Figure 1: Weekly COVID-19 deaths per million
during the COVID-19 pandemic, especially Britain. February 2020 – May 2021
COVID-19 had similar impacts in spring 2020, but France
recovered more quickly and its second wave in late 2020 140
was less severe. However, the United Kingdom began to 120
recover quickly in the first quarter of 2021, partly due to
a vigorous vaccination campaign, whereas the pandemic 100
resurged in France. Both countries responded to the first 80
wave with lockdowns, although Britain was slow to take
decisive action. Lockdowns were again imposed in both 60
countries in response to the second wave. 40
As in many other countries, GDP was hit hardest for 20

3–4 months beginning March 2020. Over the first two
0
quarters, GDP fell 18.4% in France and 21.4% in Britain.
Mar
May
Oct
Nov
Apr
Aug
Sep
Mar
May
Dec
Jan
Apr
Feb
Jun
July
Feb
Recovery began in Q3 2020, with quarterly growth close
to 20.0% in each country. For 2020 as a whole, real GDP France United Kingdom World
was down 8.3% in France and 9.9% in Britain. Growth
for 2021 is forecast to be 5.8% in France and 5.3% in Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
Britain. Unemployment rose much less in the pandemic
than it did in North America due to furlough schemes and
other measures. Unemployment rates increased from
pre-pandemic levels of 8.5% and 3.8% in France and fell 8.3% in the two countries, pushing the household
Britain, respectively, to 9.1% and 4.8% in Q3 2020. Relief saving rate in Q2 2020 to 26.5% in Britain and 26.8% in
payments led disposable income to rise somewhat in both France. Most of the additional savings are likely to be spent
France and Britain in 2020 by 0.4% on average; it is by the end of 2021. There was a large increase in public
expected to continue growing in France at 1.6% in 2021, debt, which rose in France from 98.1% of GDP to 113.5%
while falling 1.1% in Britain. Last year, private consumption in 2020, and from 85.2% to 103.7% in Britain.
France United Kingdom
Population 65 68 million
Adult population 50 53 million
Total wealth 15 15.3 USD trillion
US dollar millionaires 2,469 2,491 thousand
40
Stock markets fell and then rose again in both France and Figure 2: Wealth per adult 2000–20 (USD)
Britain in 2020, but UK equities performed less well overall
due to a more severe impact of COVID-19 and the looming 350,000
prospect of post-Brexit trade barriers with the EU. Share
prices hit their low on 20 March in both countries; by then 300,000
the French CAC 40 had fallen 32.9% and the UK FTSE-
250,000
100 had dropped 32.1%. Year-on-year, French shares fell
2.8% in 2020 and UK stocks were down 11.9%. 200,000
Wealth per adult has been similar in France and Britain 150,000
during 2000–20, with exchange rate changes accounting
for most of the year-on-year variation. At the end of 2020, 100,000
wealth per adult was USD 299,355 in France, very close
to the British figure of USD 290,754. In terms of real 50,000
domestic currencies, Britain has grown fastest – up 24.0%
0
since 2000 compared to 14.9% in France. 00 02 04 06 08 10 12 14 16 18 20
The composition of wealth has changed over the years France United Kingdom
in both France and Britain, with financial assets falling
in importance before the global financial crisis and then
rebounding to different degrees. In France, financial assets
were 46.2% of gross assets in 2000, but had dropped to
35.2% by 2007, reflecting the stronger performance of
non-financial assets due to rising house prices. The share
of financial assets in Britain fell from 63.9% to 50.0% over 350,000
these years. Since 2008, that share has risen to 43.5% in
300,000
France and 55.5% in Britain, but has not regained its 2000
level in either country. 250,000
200,000
In 2020, net worth per adult in France rose 5.9%, while
150,000
gross assets increased 6.9%. The smaller rise in net worth
is due to debt rising 13.4%, outpacing asset growth. 100,000
Financial assets per adult increased 14.0%, while non- 50,000
financial assets went up only 1.9%. In Britain, non-financial 0
assets rose by 5.0%, financial assets by 8.7%, and gross
-50,000
assets by 7.1%. Debt rose only 4.7%, so growth of net
worth (7.5%) outpaced that of gross assets. -100,000
Financial Real Debts Net worth
Wealth inequality trends have been similar in France and France United Kingdom
Britain. Inequality declined in both countries between 2000
and 2007, partly reflecting the fall in the share of financial
assets, which are held disproportionately by high net worth
individuals. Over those years, the wealth Gini coefficient
fell from 69.7 to 67.7 in France and from 70.7 to 66.7 in Figure 4: Wealth distribution relative to world (%)
Britain. Since the global financial crisis, the trend has been
in the opposite direction. By 2020, the wealth Gini had 60
surpassed its 2000 level in both countries, standing at 70.0
in France and 71.7 in Britain. Top wealth shares tell a fairly 50
similar story, although the post-2007 rebound was not as
strong as for the Gini. In France, the wealth share of the 40
top 1%, for example, fell from 25.7% in 2000 to 20.3%
in 2007, but had risen to 22.1% by 2020. In Britain, this 30
share fell from 22.5% in 2000 to 20.2% in 2007, and was
20
at 23.1% in 2020.
10
0
<USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
USD 100,000 USD 1 m
France United Kingdom World

Germany, Austria and
Switzerland
Compared with some other high-income countries, Germany Figure 1: Weekly COVID-19 deaths per million
and Austria had mild health impacts in the first wave of February 2020 – May 2021
COVID-19, which was widely credited to good public health
measures. Switzerland had more COVID cases than its 100
neighbors, likely because of its closer contact with Italy, 90
which had a very severe first wave. In the second wave, 80
Austria and Switzerland had both a higher peak and a more 70
rapid rise in cases than Germany. As elsewhere, lockdowns 60
and other regulations reduced output and consumption, 50
especially in spring and autumn of 2020. Similar economic
40
effects were felt in the pandemic’s third wave, which began
30
in March 2021.
20
GDP was hit hardest for three months beginning March 10
2020. Hence real GDP fell sharply in the first two quarters of 0
Mar
May
Oct
Nov
Aug
Sep
Mar
May
Apr
Dec
Jan
Apr
Feb
Jun
July
Feb
2020: 11.4% on average across the three countries. It then
rose 8.3% in the final two quarters of the year. The most Austria Germany Switzerland World
severe initial drop (14.0%) and the smallest rebound (7.1%)
were in Austria. Over the full year 2020, real GDP fell 3.0% Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
in Switzerland, 4.9% in Germany, and 6.6% in Austria.
The IMF forecast GDP growth of 3.5% for both Austria
and Switzerland during 2021, after which it is expected
to gradually fall to 1.8% by 2026. In Germany, real GDP Disposable income rose slightly in 2020 – at an average
growth is predicted to be 3.6% in 2021 and to fall to 1.1% rate of 1.2% across these three countries – and is predicted
by 2026. by the IMF to rise by 1.5% in 2021. Meanwhile, private
consumption fell by 5.7% on average during 2020, creating
As in other major European economies, unemployment rose a temporary increase in saving and liquid assets that is well
less because of the pandemic than it did in North America positioned to be mostly reversed by consumption growth
– from an average pre-pandemic level of 3.3% in Germany, outstripping income growth over the next two years.
Austria and Switzerland to a peak of 4.5% in Q3 2020.
Austria Germany Switzerland
Population 9 84 9 million
Adult population 7 68 7 million
GDP 59,370 55,578 105,577 USD per adult
Mean wealth 290,348 268,681 673,962 USD per adult
Median wealth 91,833 65,374 146,733 USD per adult
Total wealth 2.1 18.3 4.7 USD trillion
US dollar millionaires 346 2,953 1,035 thousand
Top 10% of global wealthholders 3,308 26,446 3,578 thousand
Top 1% of global wealthholders 317 2,735 954 thousand
Wealth inequality 73.5 77.9 78.1 Gini index
42
The Swiss stock market was relatively stable in 2020. The Figure 2: Wealth per adult 2000–20 (USD)
Swiss Performance Index fell only 11.8% in the first quarter
and then steadily recovered to finish the year up 4.2%. The 800,000
DAX index in Germany showed larger fluctuations, dropping
700,000
25.0% in the first quarter and bounding back 23.9% in the
second quarter. Like the Swiss index, it was up for the year 600,000
by 3.6%. The Austrian ATX index was the most volatile,
falling 37.2% in the first quarter and falling again by 6.1%, in 500,000
the third quarter. It ended the year down 12.8%. 400,000
Wealth per adult at the end of 2020 was USD 268,681 in 300,000
Germany, USD 290,348 in Austria and USD 673,962 in 200,000
Switzerland. From 2000 to 2020 it grew by a factor of 2.6
in Austria, 2.9 in Switzerland and 2.8 in Germany. Growth 100,000
was strong in the years between 2000 and 2007, averaging
0
an annual rate of 9.9%. But the depreciation of the euro in 00 02 04 06 08 10 12 14 16 18 20
2008 prompted a drop in wealth by 5.6% in Germany and
6.4% in Austria. Switzerland countered the prevailing trends Austria Germany Switzerland
to achieve a 1.0% gain in 2008. Since 2009, the average
annual growth rate of real wealth per adult has been 3.2% in
Germany, 1.4% in Austria, and 4.4% in Switzerland.
Wealth composition in these countries has changed relatively
little over the years. This reflects smaller fluctuations in the
relative price of financial and non-financial assets compared 800,000
to other leading European economies such as France, Spain
700,000
or Britain. On average across the three countries, financial
assets were 47.6% of gross assets in 2000, 47.5% in 600,000
2007 and 45.7% in 2020. 500,000
400,000
In 2020, net worth per adult rose 11.0% in Austria, 11.7% 300,000
in Switzerland and 17.7% in Germany, for an average 200,000
increase of 13.5% across the three countries. Gross assets
100,000
increased at a similar rate of 13.4%, indicating that debt rose
at about the same rate as assets. The relative importance 0
of financial and non–financial assets in household portfolios -100,000
changed little over 2020: the share of financial assets rose -200,000
from 38.1% to 39.7% in Austria, stayed steady at 41.2% in Financial Real Debts Net worth
Germany, and fell from 57.1% to 56.3% in Switzerland. Austria Germany Switzerland
Wealth inequality is modest in Austria, which had a Gini

coefficient of 73.5 in 2020. It is higher in Germany and
Switzerland, which had Ginis of 77.9 and 78.1, respectively.
All three countries have seen a decline in wealth inequality Figure 4: Wealth distribution relative to world (%)
since 2000, when the Gini coefficient was 79.2 in Austria,
80.9 in Switzerland, and 81.2 in Germany. The fall occurred 60
after the global financial crisis in Germany, while it occurred
gradually over the two decades in Austria and Switzerland. 50
Like the Gini coefficient, the share of the top 1% has
declined since 2000 in Austria from 30.7% to 24.1%, and 40
in Switzerland from 32.4% to 28.0%. However, in Germany,
while it fell from 29.3% in 2000 to 27.4% in 2008, it has 30
since risen to 29.1%, almost back to the 2000 level. The
stability of this top share in Germany coupled with the drop 20
in overall wealth inequality suggests that wealth differences
have narrowed lower down in the distribution. 10
0
<USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
USD 100,000 USD 1 m
Austria Germany Switzerland World

Denmark, Finland,
Norway and Sweden
The health impacts of the pandemic have varied across Figure 1: Weekly COVID-19 deaths per million
the Nordic nations. Denmark, Finland and Norway had a February 2020 – May 2021
less difficult experience in the first wave than most of the
100
high-income countries we feature. That was also true for
90
Finland and Norway in the second wave in December 2020
and January 2021, but cases in Denmark rose more steeply 80
than earlier. The third wave, which peaked in April 2021, was 70
milder than the earlier waves in each country. Throughout the 60
pandemic, Sweden, which had less restrictive public health 50
measures, suffered more severe health impacts. 40
30
All four Nordic countries experienced serious economic 20
impacts as a result of COVID-19, although initially Sweden, 10
without a broad lockdown, was less affected. Sweden’s 0
Mar
May
Oct
Nov
Apr
Aug
Sep
Mar
May
Dec
Jan
Apr
Feb
Jun
July
Feb
GDP rose 0.3% in Q1 2020, in contrast to an average fall
of 1.4% in the three other countries. However, Sweden
Denmark Finland Norway
had the highest decline (8.0%) in the second quarter and Sweden World
finished 2020 with a 3.0% year-on-year drop in GDP, close
to the average 2.9% fall for all four countries. Denmark was Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
most severely affected for the year as a whole, with a 4.0%
drop in GDP; Norway was the least affected, suffering only a
1.4% decline. Unemployment rates, which rose only slightly
in Denmark and Norway, increased significantly in the run-up As in many other advanced countries, disposable personal
to the third quarter of 2020 both in Finland from a pre- income rose in Denmark, Finland and Norway in 2020 by an
pandemic 6.8% to 8.5%, and Sweden from 6.8% to 9.0%. average of 2.2%, while private consumption fell by 4.3%.
Stock market fluctuations varied, with first-quarter losses Consumption increases in 2021 are expected to largely
ranging from 5.9% in Norway to 20.4% in Finland. The reverse the resulting rise in personal savings. The trend was
fourth quarter saw year-on-year gains from 10.1% in Finland slightly different in Sweden, where disposable income fell by
to 28.5% in Denmark. 0.2% in 2020 and consumption declined by 4.1%, causing
a smaller rise in personal saving.
Denmark Finland Norway Sweden
Population 6 6 5 10 million
Adult population 5 4 4 8 million
GDP 75,188 61,247 87,560 67,876 USD per adult
Mean wealth 376,069 167,711 275,880 336,166 USD per adult
Median wealth 165,622 73,775 117,798 89,846 USD per adult
Total wealth 1.7 0.7 1.2 2.6 USD trillion
US dollar millionaires 307 85 177 570 thousand
Top 10% of global wealthholders 2,506 1,312 1,992 3,235 thousand
Top 1% of global wealthholders 282 79 163 529 thousand
Wealth inequality 73.6 74.0 78.5 87.2 Gini index
44
On average across these four countries, public debt rose Figure 2: Wealth per adult 2000–20 (USD)
from 42.1% of GDP in 2019 to 47.6% in 2020. A small
further rise to 48.1% is expected in 2021. The biggest 400,000
increase was in Denmark, from 33.0% in 2019 to 43.4%
350,000
in 2020; the smallest was in Norway, from 40.9% to 41.4%.
300,000
Wealth per adult in 2000 was USD 110,450 in Denmark,
USD 96,282 in Norway, USD 77,253 in Sweden and USD 250,000
72,499 in Finland. These levels were lower than in many 200,000
countries with comparable income per capita. The likely
explanation is that more generous social benefits, especially 150,000
pensions and healthcare, make personal saving less pressing 100,000
in these countries. From 2000 to 2020, real personal wealth
per adult grew at an average annual rate of 5.9% in the 50,000
Nordic countries, with Sweden in the lead with 7.6% and
0
Finland recording the lowest growth (4.3%). This growth 00 02 04 06 08 10 12 14 16 18 20
was strongest from 2000 to 2007, averaging 14.0% per
year across the countries. All of them except Finland saw Denmark Finland Norway Sweden
a drop in 2008. Since 2009, the average annual growth
rate has been 0.7% in Norway, 1.1% in Finland, 3.9% in
Denmark and 5.0% in Sweden. Wealth per adult in Denmark
is now USD 376,069, above Sweden’s USD 336,166 and
Norway’s USD 275,880. Finland still lags, at USD 167,711.
Composition of wealth differs across these countries. 500,000

While financial assets are now on average 54.5% of gross
assets, that share ranges from 39.3% in Norway to 69.3% 400,000
in Denmark where non-financial assets are lower due to
a relatively low home ownership rate. Asset composition 300,000
changed little prior to the global financial crisis. The rise in 200,000
recent years has been caused partly by share prices rising
more rapidly than house prices in Denmark and Sweden. 100,000
Indebtedness, on the other hand, rose in the run-up to 2007,
but, at 23.5% of gross assets, is now little changed from its 0
level of 22.8% in 2007.
-100,000
In 2020, wealth per adult in US dollars rose 0.6% in Norway, -200,000

1.2% in Finland, 11.5% in Denmark and 19.8% in Sweden. Financial Real Debts Net worth
Exchange rate changes played a role. Against the US dollar, Denmark Finland Norway Sweden
local currencies appreciated by 2.9% in Norway, 13.7%
in Sweden, 10.2% in Denmark and 2.1% in Finland. On
average financial assets rose 17.0%, non–financial assets
fell 5.3% and debt increased 10.8%.
Figure 4: Wealth distribution relative to world (%)
Although income inequality is low in the Nordic countries,
wealth inequality is not. Even middle-class people tend 60
to have relatively low personal assets because generous
public pensions and other forms of social insurance make 50
wealth accumulation less important. As a consequence, the
relative wealth of the top groups that hold shares or business 40
assets is greater than in many other countries. On average
across these four countries, the Gini coefficient is now 78.4, 30
somewhat higher than the 76.1 recorded in 2000. The
share of the top 1% has also increased, from an average of 20
26.2% to 28.6%. Sweden has the most wealth inequality
10
in this group, with a current Gini coefficient of 87.2 and a
top 1% wealth share of 34.9%. Denmark is at the opposite
0
end of the spectrum with a Gini of 73.6 and top 1% share of <USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
23.5%. USD 100,000 USD 1 m
Denmark Finland Norway Sweden World

Japan, Korea, Singapore and
Like China and several other East Asian economies, Japan, Figure 1: Weekly COVID-19 deaths per million
Korea, Singapore and Taiwan (Chinese Taipei) experienced February 2020 – May 2021
much less severe health impacts from COVID-19 than the
world as a whole. Taiwan (Chinese Taipei) has been virtually 14
COVID-free. Nevertheless, all three have suffered economic 12
impacts as a result of public health restrictions or reduced 10
international trade. These effects were strongest in Japan and
Singapore, and weakest in Taiwan (Chinese Taipei). 8
6
Each of these economies saw a drop in real GDP in the first
4
quarter of 2020 and all except Taiwan (Chinese Taipei) had
a further decline in the second quarter. On average, the total 2
fall over the first two quarters was 8.7%. The largest decline 0
(14.8%) was in Singapore. Japan was hit second hardest,
Mar
May
Oct
Nov
Aug
Sep
Mar
May
Apr
Dec
Jan
Apr
Feb
Jun
July
Feb
with a drop of 8.8%. All four of them had positive growth in
the second half of 2020. Year-on-year, 2020 GDP was down Eastern Asia Japan
Korea Singapore
in Japan, Korea and Singapore, by 3.7% on average, but Taiwan (Chinese Taipei) World
increased in Taiwan (Chinese Taipei) by 3.1%. Japan, Korea
and Singapore saw unemployment rates rise from an average Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
of 2.9% in Q4 2019 to 3.7% in Q4 2020. But unemployment
did not change in Taiwan (Chinese Taipei).
Like the major European and North American economies, At the end of 2020, wealth per adult was USD 211,369
personal disposable income rose by 2.9% in Korea in 2020, in Korea, USD 238,862 in Taiwan (Chinese Taipei), USD
but fell in Japan, Singapore and Taiwan (Chinese Taipei) 256,596 in Japan and USD 332,995 in Singapore. This
by 3.5% on average. However, private consumption fell in century, household wealth per adult in US dollars grew at an
all of the countries by 6.3% on average, so that personal average annual rate of 4.9% in these four countries. Korea
saving rose somewhat. As elsewhere, public debt rose as a and Singapore led with growth rates of 7.4% and 5.8%,
percentage of GDP from an average of 105.0% across the respectively, with Taiwan (Chinese Taipei) close behind at
four countries in 2019 to 116.5% in 2020 and a forecast 4.9% and Japan at only 1.5%. Overall, growth was skewed
117.4% in 2021. toward financial assets, which on a per-adult basis rose at an
Japan Korea Singapore Taiwan (Chinese Taipei)
Population 126 51 6 24 million
Adult population 105 42 5 20 million
GDP 46,812 37,340 69,049 32,371 USD per adult
Mean wealth 256,596 211,369 332,995 238,862 USD per adult
Median wealth 122,980 89,671 86,717 93,044 USD per adult
Total wealth 26.9 9 1.6 4.7 USD trillion
US dollar millionaires 3,662 1,051 270 609 thousand
Top 10% of global wealthholders 50,576 17,441 1,828 7,657 thousand
Top 1% of global wealthholders 3,327 966 250 563 thousand
Wealth inequality 64.4 67.6 78.3 70.8 Gini index
46
average rate of 5.6% across the four countries, compared Figure 2: Wealth per adult 2000–20 (USD)
with 3.7% for non-financial assets. Debt per adult increased
at 3.5% per year. 350,000
Wealth growth in these countries was most robust before the 300,000
global financial crisis. Wealth per adult grew at an average rate 250,000
of 6.4% from 2000 to 2007. Since 2010, wealth per adult
has declined in Japan by 0.6% p.a., partly due to exchange 200,000
rate depreciation, without which wealth per adult would have
150,000
risen at an annual average rate of 1.8%. Over the same
period, wealth per adult grew at 3.9% p.a. in Singapore, 5.1% 100,000
in Taiwan (Chinese Taipei) and 5.5% in Korea. These post-
2010 wealth growth rates averaged 3.5% across the four 50,000
countries. Wealth growth has been less dominated by financial
0
assets during the last decade relative to the pre-global financial
00 02 04 06 08 10 12 14 16 18 20
crisis years, although they still grew at a faster annual rate
(4.2%) than non-financial assets (2.5%). Growth of debt per Japan Korea
adult has fallen to 2.8% per year. Singapore Taiwan (Chinese Taipei)
Financial assets account for over half of personal wealth in

Japan, Singapore and Taiwan (Chinese Taipei), ranging from
58.5% of gross assets in Singapore at the end of 2020 to
68.7% in Taiwan (Chinese Taipei). The situation is different
in Korea, where non-financial assets contributed 62.1% of
total household assets at the end of 2020. Over the years, 400,000
the importance of financial assets has risen in each of the
350,000
countries. On average, they made up 50.1% of gross assets
300,000
in 2000, but 56.8% in 2020. Household debt, on the other
hand, has fallen slightly compared with assets. The ratio of 250,000
debt to assets was 14.8% in 2000, but fell to 14.2% in 2007 200,000
and declined further to 13.0% by 2020. 150,000
100,000
During 2020, net worth per adult rose in Japan, Korea, 50,000
Singapore and Taiwan (Chinese Taipei) by 7.1% on average.
0
This breaks down into a 9.8% gain in financial assets per
adult, a 4.0% rise in non-financial assets, and a 4.5% -50,000
increase in debt. -100,000
Like income inequality, wealth inequality is relatively low in Japan Korea Singapore Taiwan (Chinese Taipei)
Japan, Korea and Taiwan (Chinese Taipei), with 2020 wealth
Gini coefficients of 64.4, 67.6, and 70.8 in these countries,
respectively. The wealth shares of top groups are similarly low,
with the share of the top 1% recorded at 18.2% for Japan,
23.6% for Korea and 27.7% for Taiwan (Chinese Taipei). This Figure 4: Wealth distribution relative to world (%)
lower-than-average wealth inequality partly reflects the more
equal distribution of income in these countries, which in turn 60
reflects the outcomes of post-World War II land reforms, high
and even education quality, and lower earnings differentials 50
within firms than seen in the West. Relatively heavy inheritance
taxes in Korea and Japan also play a role. Singapore is 40
different. Its wealth Gini, at 78.3, is much higher than in the
other three countries, as is the wealth share of the top 1%, 30
which was 33.9% at the end of 2020. In a small country
like Singapore, higher wealth inequality can result from an 20
unrepresentative cluster of very high net-worth individuals.
10
0
<USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
USD 100,000 USD 1 m
Japan Korea Singapore Taiwan (Chinese Taipei) World

Australia and
New Zealand
After suffering COVID-19 health impacts in the first wave in Figure 1: Weekly COVID-19 deaths per million
2020, first New Zealand and then Australia took control of February 2020 – May 2021
the pandemic and had few additional cases. New Zealand
was virtually COVID-free after May 2020. Australia followed 14
suit in October. Despite this, like many other countries in 12
East Asia and the Pacific, both suffered economic impacts
due to lockdowns and constraints on international trade. 10
However, the economic impact was weaker than in the high- 8
income countries of Europe and North America, where the
pandemic repercussions were much more severe. 6
4
Australia’s real GDP fell 7.3% in the first two quarters
of 2020, while New Zealand’s dropped by 10.3%. This 2
compares with average declines of 11.6% in North America 0
and 14.8% for France, Germany and the UK. GDP
Nov
Mar
May
Oct
Aug
Sep
Mar
May
Apr
Dec
Jan
Apr
Feb
Jun
July
Feb
rebounded in the last two quarters of 2020, but finished
the year as a whole down 0.3% in New Zealand and down Asia-Pacific Australia New Zealand World
2.9% in Australia. The IMF expects GDP growth in 2021
of 4.5% in Australia and 4.0% in New Zealand, followed by Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
rates edging downward to 2.4% in both countries by 2025.
Unemployment in New Zealand rose from a pre-pandemic
rate of 4.1% to a peak of 5.3% in Q3 2020. Australia saw
a larger increase from 5.2% to 7.1%. The unemployment (5.9% versus 3.9%), the difference was small. Consumption
rate has now returned close to its pre-pandemic level in both in New Zealand declined by only 2.5%, less than disposable
countries. income, so that there was little change in personal saving.
There was also a smaller rise in public debt than seen in
Unlike most other high-income countries we review here, other advanced economies. Australia’s public debt rose
disposable income fell in Australia and New Zealand in 2020 from 47.5% of GDP in 2019 to 63.1% in 2020, and New
by 3.9% and 3.5%, respectively, and is not expected to Zealand’s went up from 32.1% to 41.3%. For comparison,
rebound completely in 2021. In addition, although private the average rise of 12.4 percentage points is roughly two-
consumption fell more than disposable income in Australia thirds of the average rise of 19.3 percentage points among
G7 countries.
Asia-Pacific Australia New Zealand
Population 1,874 26 5 million
Adult population 1,238 19 4 million
GDP 13,429 69,318 54,173 USD per adult
US dollar millionaires 9,656 1,805 225 thousand
Top 1% of global wealthholders 8,862 1,654 214 thousand
48
During 2020, stock markets fell and then rose again in both Figure 2: Wealth per adult 2000–20 (USD)
Australia and New Zealand. However, the fluctuation was
greater in Australia, where share prices declined in Q1 2020 600,000
by 24.7% versus 17.7% in New Zealand. By the end of
2020, Australian share prices were down 0.7% compared to 500,000
a year earlier, but up by 13.1% in New Zealand.
400,000
Wealth per adult at the end of 2020 was USD 483,755 in
Australia, 38.9% above New Zealand’s USD 348,198. This 300,000
difference was similar to the 37.3% gap recorded in 2000.
Unsurprisingly, the average annual growth rates for wealth 200,000
per adult were also similar: 7.8% in Australia and 7.7% in
New Zealand. 100,000
The overall composition of assets or wealth has changed little 0

in Australia since 2000. Financial assets comprised 39.5% 00 02 04 06 08 10 12 14 16 18 20
of gross assets in 2000 versus 42.1% at the end of 2020.
The importance of debt has risen only slightly from 16.5% Asia-Pacific Australia New Zealand
in 2000 to 17.5% in 2020. Change is more evident in New
Zealand, where financial assets made up 65.5% of gross
assets in 2000, implying a low share of non-financial assets,
partly due to low house prices. Between 2000 and 2020,
the share of financial assets in gross assets fell to 54.1%
– a ratio more typical for high-income countries. But debts
have scarcely changed. Debt now accounts for 11.4% of 600,000
gross assets in New Zealand, little different from the 11.0%
of gross assets recorded in 2000. 500,000
400,000
Wealth inequality trends differ in Australia and New Zealand.
Both countries saw a slight decline in inequality from 2000 to 300,000
2007, but the paths have diverged since the global financial 200,000
crisis. In 2007, the wealth Gini was 63.4 in Australia and the
share of the top 1% of adults by wealth was just 19.7%. 100,000
Both of those figures are low in terms of global comparisons. 0
By 2020, the wealth Gini was up to 65.6 and the share of
-100,000
the top 1% was 20.5%. This rise in inequality is in line with
the moderate increase in financial assets relative to non- -200,000
financial assets since the former are less equally distributed. Financial Real Debts Net worth
Having started with higher wealth inequality than Australia in Australia New Zealand Asia-Pacific
2000, New Zealand tracked Australia’s small decline from
2000 to 2007. However, wealth inequality continued to fall in
New Zealand after 2008. By 2020, its wealth Gini had fallen
from the 72.0 level recorded in 2000 to 69.9, and the share
of the top 1% had dropped from 25.4% to 20.3%. The Figure 4: Wealth distribution relative to world (%)
contrast with Australia is explicable in terms of the large drop
in the relative importance of financial assets in New Zealand 70
over this period.
60
50
40
30
20
10
0
<USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
USD 100,000 USD 1 m
Australia New Zealand Asia-Pacific World

Nigeria and
South Africa
Nigeria and South Africa – the two largest economies in Figure 1: Weekly COVID-19 deaths per million
sub-Saharan Africa – have had very different experiences February 2020 – May 2021
during the pandemic. This stems from the fact that South
Africa experienced one of worst health impacts in 2020 80
and early 2021, while Nigeria had much lower-than- 70
average reported COVID-19 cases. Both countries have
60
suffered significant economic impacts, but these have been
more severe in South Africa. 50
40
In the first half of 2020, real GDP fell by 7.5% in Nigeria,
30
while South Africa, battered by the pandemic, saw a drop
of 17.0%. GDP rose in both countries in the second half 20
of 2020. For 2020 as a whole, real GDP was down 1.9% 10
in Nigeria compared with 2019, and down 7.0% in South
0
Africa. The IMF expects GDP growth of 1.1% in Nigeria
Mar
May
Oct
Nov
Apr
Aug
Sep
Mar
May
Dec
Jan
Apr
Feb
Jun
July
Feb
and 2.0% in South Africa for 2021. The unemployment
rate in South Africa rose from 28.7% in 2019 to 29.2% Africa Nigeria South Africa World
in 2020, but is expected to jump much higher to 34.8%
in 2021, reflecting the greater severity of the COVID-19 Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
second wave and the associated economic disruption.
Comparable unemployment data are not available for
Nigeria.
income, so that the increase in personal saving in 2020
Real private consumption declined by 0.3% in Nigeria seen in many OECD countries does not appear to have
in 2020, but this does not appear to be because of the occurred in South Africa. As elsewhere, public debt rose as
pandemic: it fell 1.0% in 2019 and is forecast by the IMF a percentage of GDP in both Nigeria and South Africa in
to drop 0.8% in 2021. In contrast, real private consumption 2020, and is forecast to do so again in 2021. The increase
fell by 5.4% in 2020 in South Africa, but a 1.2% rise is from 2019 to 2020 was 5.9 percentage points in Nigeria
predicted for 2021. Again, one sees the greater impact and 10.6 percentage points in South Africa. Both of those
of the pandemic at work in South Africa. The decline in increases are relatively small compared to the average 19.3
consumption in South Africa mirrors the drop in national percentage-point increase recorded for the G7 countries.
Africa Nigeria South Africa
Population 1,357 209 60 million
GDP 3,547 4,970 7,519 USD per adult
US dollar millionaires 276 32 58 thousand
Top 10% of global wealthholders 4,628 509 1,103 thousand
Top 1% of global wealthholders 255 30 54 thousand
50
In both Nigeria and South Africa, share prices fell in the Figure 2: Wealth per adult 2000–20 (USD)
first half of 2020 and rose in the second half. At the end
of 2020, share prices were down –0.9% year-on-year in 35,000
South Africa, but up 18.0% in Nigeria.
30,000
Wealth per adult amounted to USD 20,308 in South Africa
25,000
at the end of 2020, which was much higher than the
Nigerian figure of USD 6,451. South Africa is the outlier 20,000
here: the average for Africa as a whole is USD 7,371.
But there has been some convergence over the last two 15,000
decades. In 2007, for example, the corresponding levels
were USD 1,953 in Nigeria and USD 25,185 in South 10,000
Africa, i.e. wealth per adult in South Africa was 13 times
that in Nigeria in 2007, compared to a multiple of about 5,000
three times in 2020.
0
00 02 04 06 08 10 12 14 16 18 20
The current composition of assets in South Africa is similar
to 2000. Financial assets were 68.1% of total assets in Africa Nigeria South Africa
2000 and 64.4% in 2020. But the share of financial assets
fell prior to the global financial crisis, registering 59.8%
in 2008, and then rebounded, reflecting the rise in share
prices. In Nigeria, the share of financial assets has risen
throughout the period: it was 46.9% in 2000, 57.7% in
2008 and 70.3% in 2020. Both countries saw an increase
in debt from 2000 to 2008 and a subsequent fall. The 25,000
debt-to-asset ratio in 2020 in South Africa was 16.2%
versus 15.7% in 2000; in Nigeria the ratio fell from 6.1% 20,000
to 4.5%.
15,000
Over the course of 2020, net worth per adult decreased by 10,000
5.7% in South Africa, mostly attributable to exchange-rate
depreciation of 4.7%. Financial assets fell from 65.5% of 5,000
all assets to 64.4%, while debt also dropped from 16.9%
0
to 16.2% of gross assets. In Nigeria, wealth per adult
fell 7.0%, again reflecting exchange-rate depreciation of -5,000
24.1%. As in South Africa, financial assets dropped slightly
as a percentage of gross assets, from 70.6% to 70.3%. -10,000
Debt also fell slightly from 5.1% to 4.5% of gross assets.
Nigeria South Africa Africa
Wealth inequality has trended upward in Nigeria this
century. It has also risen in South Africa since 2007,
although it was relatively constant before that. At the end
of 2020, the Gini coefficient for wealth was 85.8 in Nigeria
and 88.0 in South Africa, up from 72.0 and 80.5 in 2000, Figure 4: Wealth distribution relative to world (%)
respectively. The share of the top 1% shows a similar story
in Nigeria, increasing from 28.3% to 44.2% over these 100
years. However, the share of the top 1% in South Africa 90
changed little, only increasing from 39.3% to 40.8%. 80
The sharper rise in the Gini coefficient in South Africa is
70
explained by rising wealth inequality lower down in the
distribution: the share of the bottom 90%, for example, fell 60
from 29.7% to 20.1%. The trend toward greater wealth 50
inequality is not representative for the Africa region as a 40
whole, which saw a fall in the Gini coefficient from 88.6 in 30
2000 to 87.1 in 2020, and a drop in the share of the top 20
1% from 46.6% to 43.4%. 10
0
<USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
USD 100,000 USD 1 m
Nigeria South Africa Africa World

Brazil, Chile
and Mexico
Latin America is the world region hit hardest by COVID-19 Figure 1: Weekly COVID-19 deaths per million
health impacts. Brazil and Mexico have its largest February 2020 – May 2021
economies and are the most populous countries in the
region. Chile has a smaller economy, but has been one of 120
the most dynamic in Latin America in recent decades. All
100
three countries suffered badly during the first wave of the
pandemic in the spring and summer of 2020, with infection 80
rates above the average for Latin America and much above
the world average. During the second and third waves 60
that began in late 2020, Brazil and Mexico stood out even
40
more, compared with both their region and the rest of the
world. Chile, on the other hand, has been less severely 20
affected than Latin America as a whole from the summer
of 2020 onward. Economic impacts have been severe in all 0
three countries.
Mar
May
Oct
Nov
Aug
Sep
Mar
May
Apr
Dec
Jan
Apr
Feb
Jun
July
Feb
Brazil Chile Mexico
In the first half of 2020, real GDP fell by 11.0% in both South America World
Brazil and Chile, while Mexico, similarly affected in health
terms, saw a larger drop of 18.1%. GDP rose in all three Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
countries in the last half of 2020, but by varying amounts.
For 2020 as a whole, real GDP was down 4.1% in Brazil,
5.8% in Chile and 8.2% in Mexico. The IMF expects Chile
to grow most in 2021 by 6.2%, followed by Mexico at Personal disposable income dropped by an average
5.0% and Brazil at 3.7%. Unemployment rose significantly of 1.6% in the three countries during 2020. Private
in each country from an average rate of 7.5% at the end of consumption fell 2.4%, implying that any rise in personal
2019 to 10.7% in 2021 Q3, after which it edged down to saving was modest, unlike the experience in many
10.0% in Q4 2020. advanced economies. Public debt has risen in Latin
America as elsewhere. On average, across the three
countries, public debt rose from 56.4% of GDP in 2019
to 64.0% in 2020. Further small increases are expected
Brazil Chile Mexico
GDP 8,938 17,215 12,203 USD per adult
US dollar millionaires 207 64 264 thousand
Top 10% of global wealthholders 3,206 985 5,417 thousand
Top 1% of global wealthholders 193 60 243 thousand
52
in 2021. Brazil went into the pandemic with the largest Figure 2: Wealth per adult 2000–20 (USD)
public debt – 87.7% of GDP in 2019 – and saw the largest
increase in 2020 to 98.9% – a rise of 11.2 percentage 70,000
points. In contrast, the ratio rose by 7.3 percentage points
in Mexico and by just 4.3 percentage points in Chile. 60,000
Part of the explanation is that, despite having a skeptical
50,000
president, Brazil provided sizeable relief payments to low-
income people, pushing its pandemic-related spending to 40,000
7% of GDP.
30,000
In all three countries, share prices fell in the first half of
2020 and rose in the second half. At the end of 2020, 20,000
year-on-year share prices were up 1.3% in Brazil and
10,000
3.1% in Mexico, but down 14.9% in Chile. In the first four
months of 2021, they rose 1.7% in Brazil, 9.7% in Chile 0
and 10.0% in Mexico. 00 02 04 06 08 10 12 14 16 18 20
At the end of 2020, wealth per adult was USD 18,272 in Brazil Chile Mexico
Brazil, USD 42,689 in Mexico and USD 53,591 in Chile.
The corresponding figure for Latin America as a whole is
USD 33,475. Since 2000, wealth per adult has risen at
an average annual rate of 4.6% in Chile, 5.1% in Mexico
and 5.8% in Brazil. These figures are broadly in line with
the average growth rate of 5.1% recorded for the Latin
American region.
60,000
Financial assets have become relatively more important in 50,000

Brazil and Chile since 2000, but less important in Mexico. 40,000
As a share of gross assets, they have risen from 41.4%
to 50.2% in Brazil, and from 47.4% to 54.4% in Chile. 30,000
The decline in Mexico was from 43.7% to 36.9%. These 20,000
trends imply, of course, that non-financial assets, principally
10,000
houses, have fallen in relative importance in Brazil and
Chile, but have risen in Mexico. The ratio of household debt 0
to gross assets has declined in Brazil and Mexico – from
-10,000
24.6% in 2000 to 16.6% in 2020 in Brazil, and from 3.2%
to 2.5% in Mexico. The opposite has happened in Chile, -20,000
where debt rose as a share of gross assets from 8.0% in Financial Real Debts Net worth
2000 to 13.9% in 2020. Brazil Chile Mexico
Wealth inequality is high in Latin America, especially

in Brazil, which has one of the highest levels of wealth
inequality in the world. Its wealth Gini coefficient in 2020
was 89.0, up from 84.7 in 2000. The wealth share of Figure 4: Wealth distribution relative to world (%)
the top 1% is now 49.6% versus 44.2% in 2000. This
century, overall wealth inequality has changed little in Chile 90
or Mexico, where Gini values in both 2000 and 2020 round 80
off to 80 in Chile and 81 in Mexico. However, the share of
70
the top 1% has fallen in both countries since 2000 – from
40.1% to 33.6% in Chile and from 42.8% to 31.0% in 60
Mexico. In these two countries, wealth inequality has risen 50
among the bottom 90% of the population, offsetting a
40
decline in inequality at the top.
30
20
10
0
<USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
USD 100,000 USD 1 m
Brazil Chile Mexico World

Greece, Italy
and Spain
Southern European countries have been among those Figure 1: Weekly COVID-19 deaths per million
hardest hit by the pandemic. Italy was the first country after February 2020 – May 2021
China to suffer a critically serious outbreak of COVID-19,
beginning in March 2020. Spain was also severely affected 140
shortly afterward. Greece initially had relatively few cases 120
of the disease but all three countries have had very trying
100
periods since late 2020. They have also all experienced
major economic impacts, including those due to reduced 80
tourist flows from northern Europe.
60
Real GDP declined in Greece, Italy and Spain in 2020 by 40

an average of 9.4% and within a relatively narrow range: 20
Greece saw a drop of 8.3%, Italy 8.9% and Spain 11.0%.
As elsewhere in Europe, the effects on unemployment were 0
Mar
May
Oct
Nov
Aug
Sep
Mar
May
Apr
Dec
Jan
Apr
Feb
Jun
July
Feb
relatively small, with the average unemployment rate rising
from 13.4% at the end of 2019 to 14.1% in Q3 2020. Greece Italy Southern Europe
Unemployment grew most in Spain, where the rate rose from Spain World
13.8% to 16.6% in 2020 before easing back slightly in Q4
2020. Among these countries, the IMF expects real GDP Source: James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse
growth to average 4.8% in 2021 and 4.4% in 2022, before
falling to 1.2% in 2025. For 2021–22, the average annual
GDP growth rate is forecast to be 3.9% in Italy, 4.4% in
Greece and 5.5% in Spain. These increases reflect the fact that, while personal
disposable income fell by 2.2.% on average in 2020
In Italy, gross household saving averaged 17.6% of GDP across the three countries, private consumption fell even
during the first three quarters of 2020, compared to 10.3% more, by 8.9%. However, consumption is expected to rise
at the end of 2019. In Spain, the rise was from 6.3% to 6.8% in 2021, outstripping growth in disposable income
16.6% (fully comparable data are not available for Greece). by 2.8%. Hence the 2020 rise in personal saving may
well be short-lived.
Greece Italy Spain
GDP 22,473 37,192 32,985 USD per adult
US dollar millionaires 72 1,480 1,147 thousand
Top 1% of global wealthholders 66 1,358 1,055 thousand
54
The rise in public debt, on the other hand, is likely to persist. Figure 2: Wealth per adult 2000–20 (USD)
The ratio of public debt to GDP rose in Greece, Italy and
Spain from an average of 138.3% in 2019 to 161.9% in 300,000
2020 – a larger increase than seen, for example, in France,
Germany or the UK. The biggest rise was in Greece from 250,000
184.9% to 213.1%. The IMF expects a small decline in the
debt ratio over 2021–25 in all three countries. 200,000
Share prices fell in the first half of 2020 by 17.8% in 150,000

Italy, 21.9% in Spain and 27.8% in Greece. They partially
rebounded in the second half of 2020, but, at the end 100,000
of 2020, they were still down year-on-year by 7.1% in
Italy, 11.4% in Spain and 13.4% in Greece. The rebound 50,000
continued in the first five months of 2021, with the main
stock market indexes of Spain and Italy both recording 0
increases of 13.3% at the end of May and Greece having a 00 02 04 06 08 10 12 14 16 18 20
10.6% rise. Greece Italy Spain
At the end of 2020, wealth per adult stood at USD 104,603

in Greece, USD 239,244 in Italy and USD 227,122 in
Spain. From 2000 to 2020, wealth per adult rose at an
average annual rate of 2.0% in Greece, 3.5% in Italy and
5.6% in Spain, thus increasing the wealth gaps among the
three countries.
300,000
The period 2000–20 saw the composition of assets in
Greece, Italy and Spain shift to some extent from financial 250,000
assets to non-financial assets. Financial assets averaged
200,000
37.7% of gross assets in 2000, but 35.4% in 2020. The
ratio of debt to gross assets rose in Greece and Italy from 150,000
an average of 5.3% in 2000 to 10.6% in 2019, but fell in
Spain from 11.3% to 9.8%. These debt ratios are low to 100,000
moderate by international standards. 50,000
Although wealth inequality is relatively low in these three 0

southern European countries, the wealth Gini coefficient
-50,000
has risen in Italy from 60.1 in 2000 to 66.5 in 2020, and Financial Real Debts Net worth
in Spain from 65.6 to 69.2. In contrast, the wealth share
of the top 1% has changed little in these two countries: Greece Italy Spain
the wealth share of the top 1% was 22.1% in Italy in 2000
versus 22.2% in 2020, and 24.2% in Spain in 2000 versus
23.0% in 2020. The conjunction of a rising Gini value and
a constant share for the top 1% indicates that the rise in
overall inequality occurred lower down in the distribution. The Figure 4: Wealth distribution relative to world (%)
trend in Greece was different. The Gini value fell from 69.6
in 2000 to 65.7 in 2020, and the share of the top 1% also 60
declined from 25.3% to 20.4%. Falling wealth inequality
in Greece reflects the long-drawn-out crisis of the Greek 50
economy in the aftermath of the global financial crisis. This
reduced the value of shares and businesses of most kinds, 40
inflicting large capital losses on higher net worth individuals.
30
20
10
0
<USD 10,000 USD 10,000 - USD 100,000 - >USD 1 m
USD 100,000 USD 1 m
Greece Italy Spain World

About the authors
Professor Anthony Shorrocks is an Honorary editor of the academic journal Canadian Public
Professorial Research Fellow at the University of Policy. He has authored two books and over
Manchester, a Senior Research Fellow at the World 70 articles and chapters in books on topics
Institute for Development Economics Research ranging from tax policy to household saving and
UNU-WIDER) in Helsinki, and Director of Global the distribution of wealth. Publications include a
Economic Perspectives Ltd. After receiving his PhD number of articles and chapters on the distribution
from the London School of Economics (LSE), he of wealth authored jointly with Anthony Shorrocks
taught at the LSE until 1983, when he became and others, including “Estimating the Level and
Professor of Economics at Essex University, serving Distribution of Global Wealth, 2000–2014” (co-
also as Head of Department and Director of authored with Anthony Shorrocks and Rodrigo
Economic Research for the British Household Panel Lluberas, Review of Income and Wealth, 2017).
Study. From 2001 to 2009, he was Director of Jim has also written a series of articles on wealth
UNU-WIDER in Helsinki. He has published widely in Canada, including “Long Run Canadian Wealth
on income and wealth distribution, inequality, poverty Inequality in International Context” (co-authored
and mobility, and was elected a Fellow of the with Professor Livio Di Matteo, Review of Income
Econometric Society in 1996. Publications include and Wealth, 2021). In addition, he was the editor
“The age-wealth relationship: A cross section of the volume, “Personal Wealth from a Global
and cohort analysis” (Review of Economics and Perspective” (Oxford University Press 2008) and
Statistics 1975), “The portfolio composition of asset of “The Economics of the Distribution of Wealth,”
holdings in the United Kingdom” (Economic Journal (Edward Elgar Publishers, 2013). Recently he
1982), and, with Jim Davies and others, “Assessing wrote “Economic inequality and COVID-19 death
the quantitative importance of inheritance in the rates in the first wave: A cross-country analysis”
distribution of wealth” (Oxford Economic Papers (Covid Economics, March 2021).
1978), “The distribution of wealth” (Handbook of
Income Distribution 2000), “The world distribution Dr. Rodrigo Lluberas is an Analyst at the
of household wealth” in Personal Wealth from a Research department of Uruguay Central Bank.
Global Perspective (Oxford University Press 2008), He received his PhD in Economics from Royal
“The global pattern of household wealth” (Journal of Holloway College, University of London and his
International Development 2009), “The Level and MSc in Economics from University College
Distribution of Global Household Wealth” (Economic London. He has been a visiting scholar at the
Journal 2011), “Estimating the Level and Institute for Fiscal Studies and an Economist at
Distribution of Global Wealth, 2000–2014” (Review Towers Watson in London. Prior to undertaking
of Income and Wealth, 2017), and "Comparing his MSc, he worked for three years as an
Global Inequality of Income and Wealth", chapter economic analyst at Watson Wyatt Global
3 of Inequality in the Developing World (Oxford Research Services and more recently as a
University Press, 2021). research assistant at NESTA. His main areas of
expertise are pensions, consumption and wealth.
Professor James Davies has been a member Rodrigo is a co-author of “Estimating the Level
of the Department of Economics at the University and Distribution of Global Wealth, 2000–2014”
of Western Ontario in Canada since 1977 (Review of Income and Wealth, 2017).
and served as chair of that department from
1992 to 2001. He received his PhD from the
London School of Economics in 1979. Jim was Acknowledgments:
the director of the Economic Policy Research The authors would like to thank Kyle Boutilier,
Institute at UWO from 2001 to 2012. In 2010, University of Western Ontario, for his research
he completed a five-year term as managing assistance.
56
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June 2021

Now in its twelfth year, I am proud to present to

This report delivers a comprehensive analysis on

This year’s edition digs deeper into the impact

I hope you find the insights of this edition of the

05 Global wealth levels 2020

17 Global wealth distribution 2020

27 Wealth outlook for 2020–25

36 Canada and the United States

56 About the authors

For more information, contact:

Head Global Thematic Research, Global Markets

Credit Suisse Research Institute

Global wealth report 2021 3

Anthony Shorrocks, James Davies and Rodrigo Lluberas

Uncertain times was understandable. But what happened in the

Global wealth report 2021 5

Figure 1 places the performance of household

The lowering of interest rates by central banks -6

Table 1: Change in household wealth 2020, by region

Total Change in total Wealth Change Change in Change in non- Change in

Global wealth report 2021 7

Asset prices and exchange rates China

Russia The evidence so far has documented the fact

Global wealth report 2021 9

The most surprising feature of Figure 4 is the

Countries facing United Kingdom provide the main support

the biggest worst-affected countries, with an average GDP

economic wealth gains averaging 7.7% net of exchange

challenges have gain exceeded the magnitude of the GDP loss.

achieved higher- States providing a counterexample: the 9.9%

than-average reduction in GDP. But even if it is not accepted

wealth gains higher wealth gains, there is compelling evidence

since household wealth tends to grow a

Figure 5: World wealth map 2020

Wealth levels (USD)

Global wealth report 2021 11

2020 2020 Change 2019–20 2020 Change 2019–20

1 Switzerland 673,960 70,730 Australia 238,070 32,280

Global wealth report 2021 13

Household wealth in times of emergency

Wealth is a key component of the

Notes on concepts and methods

Net worth, or “wealth,” is defined as the value

both nations and Valuations are usually expressed in terms of US

For convenience, we disregard the relatively

Global wealth report 2021 15

Anthony Shorrocks, James Davies and Rodrigo Lluberas

Wealth differences between adults widened in 2020 for the world as

The great variation in average wealth levels

Global wealth report 2021 17

2020 marks the

year when, for the

first time, more

global adults are

Membership of the layers of the wealth pyramid

Global wealth report 2021 19

Country 2019 2020 Change Country 2019 2020 Change

United States 20,222 21,951 1,730 Brazil 315 207 –108