COVID-19 created more millionaires, unlocked greater wealth: Report

Washington: Even as COVID-19 continues to ravage countries around the world, the number of millionaires grew by 9.5% in 2019, to 290,720 individuals worldwide, a World Ultra Wealth Report by Wealth X said. In addition, the combined net worth of the ultra-high net worth (UNHW) population mirrored this growth, increasing by 9.7% to $35.4 trillion.

The report found that Asia consolidated its position ahead of Europe as the second-largest UHNW region, with its population rising by 10.2% to 83,310 individuals. This was a strong turnaround from a decline in 2018, driven by double-digit population growth in the region’s largest wealth markets of Mainland China, Japan, Hong Kong, and India. Cumulative net worth in Asia expanded by 10%, to $10.4trn, equivalent to 29% of global UHNW wealth.

The report also revealed a significant decline in wealth from this population in early 2020 due to the impact of the COVID-19 pandemic.  However, by the end of August the UHNW population and their collective wealth had shown significant recovery, rebounding toward end-2019 levels.

While the US remains far and away from the largest wealth market in the world, Mainland China continues to cement the second-placed position it assumed over Japan in 2014. Also notably, India entered the top 10 country ranking for the first time.