Wealth and Population
OVERVIEW
The past few years have been particularly unique ones for the world’s economies, peppered with soaring highs and surprising lows, much of it due to the lockdowns of the COVID-19 pandemic and geopolitical tensions. Inflation, rising interest rates, and volatility in stock markets have also injected some uncertainty into the global wealth picture. But as we ease into 2023, conditions are starting to normalize again – with less volatility and an overall more consistent outlook on the horizon.
“ E XPECT INCONSISTENCIES TO REVEAL DIFFERING SETS OF PRIORITIES AND VALUES IN 2023.” In 2021, the number of consumers with $5 million+ in net worth hit a record high of 4.2 million, according to Wealth-X. Data from Credit Suisse also shows wealth made its biggest jump ever that year – climbing nearly 13%.1 Though 2022 saw a slip to four million from these soaring figures, the number of wealthy individuals worldwide is still up considerably over 2020. The numbers have also improved compared to mid-2022, when worldwide wealth dipped by 6.4% (again, compared to historic highs). Things are likely to continue on this upswing as we move into 2023 and beyond. In fact, Credit Suisse estimates that the number of worldwide millionaires will surge by 40% by 2026 – a mere three years down the road. By that point, an estimated one in seven adults will have a net worth of at least $1 million. See page 108 for a full list of resources
