Is the increase in wealth out of touch with the economic woes?

On May 29, 2021 local time, Venice, Italy, the Venice Yacht Show was held at the shipyard, and tourists came to visit. People’s Vision Data Map
In 2020, the world economy has been hit hard by the new crown epidemic. While some people’s lives are in trouble, the annual “Global Wealth Report” released by Credit Suisse on June 22 found that the number of global “millionaires” increased by 5.2 million last year, reaching 56.1 million. .

Is the increase in wealth out of touch with the economic woes?

According to a report by the British Broadcasting Corporation (BBC) on June 23, according to a report by Credit Suisse, a “millionaire” is defined as having assets of more than US$1 million (about 6.48 million yuan). In 2020, more than 1% of adults worldwide will become millionaires for the first time. Among these 5.2 million new millionaires, the United States has 1.73 million, accounting for nearly one-third. As a result, the total number of millionaires in the United States has reached 22 million. Germany followed closely with an increase of 633,000, followed by countries such as Australia, Japan, France, and the United Kingdom.

According to reports, the rise in the stock market and house prices has boosted the wealth of these people. Researchers believe that the sharp interest rate cuts and stimulus policies of various governments have boosted the prosperity of the stock market and housing prices, which is an important reason for the disconnection between the growth of wealth and the economic dilemma.

Anthony Shorrocks, an economist and author of the Global Wealth Report, said that last year’s epidemic did “have a serious short-term impact on the global market”, but this impact “has basically been reversed by the end of June 2020. come”.

Sholocks pointed out: “In the face of turbulence, global wealth not only remained stable, but also increased rapidly in the second half of (last year).”

However, due to the relatively low financial asset ownership rate of the lower wealth class, the economic slowdown has made this group of people more likely to experience unemployment and income decline, and the wealth of these people in 2020 will often stagnate or even regress. . The British “Guardian” reported on June 22 that the unequal distribution of global wealth last year also reached the largest level since 2016.

Sholocks said that if the Credit Suisse study excludes asset price increases such as houses, “global household wealth is likely to fall”. Over time, “interest rates will start to rise again at some point, which will Restrain asset prices”.

Credit Suisse’s research report also shows that since the beginning of the 21st century, the population with assets of US$10,000 to US$100,000 (approximately RMB 64,800 to RMB 648,000) has more than tripled, from 507 million in 2000 to 2020. 1.7 billion in mid-year. And this growth reflects “the growing prosperity of emerging economies, especially China, and the expansion of the middle class in developing countries.”