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Laxman Pai, Opalesque Asia: 2019 was an exceptional year for wealth creation, with total global wealth rising by USD36.3 trillion. The onset of the pandemic, however, resulted in a USD17.5 trillion drop in household wealth between January to March, said Credit Suisse Research Institute.
The annual Global Wealth Report revealed that from March onward, stock-markets have rebounded and house prices have risen. Estimates for Q2 2020 suggest that total household wealth is slightly up on the level at the end of last year, while wealth per adult is slightly down.
Without the pandemic, the best estimate of global wealth per adult would have risen from USD 77,309 at the start of the year to USD 78,376 at the end-June 2020. Instead, the pandemic has caused average wealth to drop to USD 76,984.
Last year, total global wealth rose by USD 36.3 trillion and wealth per adult reached USD 77,309, up 8.5% versus 2018. As a consequence, the world has been better placed to absorb any losses from COVID-19 during 2020.
For the world as a whole, the report estimates that the total mid-year global household wealth was USD 1 trillion above the January level, a rise of 0.25%. This is less than the rise in adult numbers over the same period, so average global wealth fell by 0.4% to USD 76,984. In comparison to what would have been expected before the COVID-19 outbreak, global wealth fell by USD 7.2 trillion, or USD 1,391 per adult worldwide.
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