America Gained 2.5 Million New Millionaires Last Year
September 21, 2022
The ranks of the world’s millionaires grew at a rapid pace last year, as strong gains in the stock market and surging home prices built wealth.
There were 5.2 million newly minted millionaires across the globe last year, and nearly half, 2.5 million, came from the U.S., according to Credit Suisse’s latest annual wealth report. The report notes that this is the largest annual increase in the number of millionaires that any single country has created this century.
Globally, Credit Suisse estimates that the total number of millionaires stood at 62.5 million at the end of 2021. The report also found that the total aggregate global wealth rose to $463.6 trillion last year, an increase of nearly 10% from the year before. When the impact of the dollar’s strength and exchange rate movements are accounted for, aggregate global wealth grew by 12.7% in 2021, which is the fastest annual rate ever recorded.
The United States generated far and away the most wealth last year, adding $19.5 trillion in household wealth. The world’s second-largest economy, China, added $11.2 trillion, followed distantly by Canada ($1.8 trillion), India ($1.5 trillion), and Australia ($1.4 trillion).