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ARCHIVED - Spain has 1.14 million millionaires and this figure is set to increase by 57 per cent
Despite the coronavirus pandemic, which dealt heavy blows to the economy and labour markets in Spain and much of the world, global wealth has barely been affected.
The number of millionaires in Spain will increase by 57 per cent, from 1.14 million to 1.8 million, between now and 2025, according to the latest annual report on global wealth released this week by Credit Suisse bank.
The projection relates to the estimated 39 per cent increase in global wealth, from 418 trillion dollars at the end of 2020 to 583 trillion dollars in 2025.
Spain is forecast to continue in line with this upward trend in global wealth, which barely felt the impact of the pandemic except during the first quarter of 2020. The density of millionaires in the country rose from 0.5 per cent of the adult population in 2000 to 3 per cent last year, with some fluctuations noted due to the effects of the last financial crisis.
At a global level, wealth increased by 7.4 per cent in 2020 and individual adults' personal wealth broke a new record by growing 6 per cent, reaching an average of 79,952 dollars per capita. That, the bank explains, is due to the quick response to the pandemic by governments and central banks, which managed to reverse the market decline.
Other reasons wealth has increased during the health crisis were continuing stock market growth, which reached record levels at the end of 2020, appreciation of the real estate market, boosted by low interest rates, and unexpected savings made during lockdowns by a portion of the population.
Credit Suisse believes that the upward trend will continue and that the number of millionaires in the world, currently at 56 million, will reach 84 million in 2025 and the number of super-rich millionaires will reach 334,000. The US, China, Germany, the UK and Japan are currently the five countries with the most super-rich millionaires.