June 2021 Research Institute - Credit Suisse
June 2021
Research
Institute
Global wealth report 2021
Thought leadership from Credit Suisse and the world¡¯s foremost experts
Introduction
Now in its twelfth year, I am proud to present to
you the 2021 edition of the Credit Suisse Global
Wealth Report.
This report delivers a comprehensive analysis on
available global household wealth, underpinned
by unique insights from leading academics in the
field, Anthony Shorrocks and James Davies.
This year¡¯s edition digs deeper into the impact
of the COVID-19 pandemic and the response
of policymakers on global wealth and its
distribution. Mindful of the important wealth
differences that have built over the last year,
our report also offers perspectives and, indeed,
encouraging prospects, for wealth accumulation
throughout the global wealth pyramid as we look
to a world beyond the pandemic.
I hope you find the insights of this edition of the
Global Wealth Report to be of particular value in
what remain unprecedented times.
Ant¨®nio Horta-Os¨®rio
Chairman of the Board of Directors
Credit Suisse Group AG
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Editorial
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Global wealth levels 2020
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Global wealth distribution 2020
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Wealth outlook for 2020¨C25
35
Country experiences
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38
40
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Canada and the United States
China and India
France and the United Kingdom
Germany, Austria and Switzerland
Denmark, Finland, Norway and Sweden
Japan, Korea, Singapore and
Taiwan (Chinese Taipei)
Australia and New Zealand
Nigeria and South Africa
Brazil, Chile and Mexico
Greece, Italy and Spain
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About the authors
57
General disclaimer / important information
Cover photo: Getty Images, Onfokus; photo right: Getty Images, Niccolo Guasti
For more information, contact:
Richard Kersley
Head Global Thematic Research, Global Markets
Credit Suisse International
richard.kersley@credit-
Nannette Hechler-Fayd¡¯herbe
Chief Investment Officer International Wealth Management
and Global Head of Economics & Research
Credit Suisse AG
nannette.hechler-fayd¡¯herbe@credit-
Credit Suisse Research Institute
research.institute@credit-
researchinstitute
Global wealth report 2021
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Photo: GettyImages, Steve Strike
Global wealth levels 2020
Anthony Shorrocks, James Davies and Rodrigo Lluberas
Now in its twelfth edition, the Credit Suisse Global Wealth Report is the
most comprehensive and up-to-date source of information on global
household wealth. Wealth creation in 2020 was largely immune to the
challenges facing the world due to the actions taken by governments and
central banks to mitigate the economic impact of COVID-19. Total global
wealth grew by 7.4% and wealth per adult rose by 6% to reach another
record high of USD 79,952. Overall, the countries most affected by the
pandemic have not fared worse in terms of wealth creation.
Uncertain times
The short-term consequences of the COVID-19
pandemic for household wealth are now much
clearer than they were last summer. They
confound expectations. The widespread negative
impact on gross domestic product (GDP) was
recognized early in 2020, and since reductions
in the level of economic activity are typically
associated with reductions in household wealth,
financial markets responded in a predictable way
and share prices dived in February and March.
No region was immune. By the second half of
March, the S&P 500 had fallen by 34%, the
FTSE100 by 35%, the DAX by 39%, and the
Nikkei by 31%. China was more resilient, but
this did not prevent the Shanghai index from
also falling, albeit by a more modest 13%. As
a result, we estimate that USD 17.5 trillion was
lost from total global household wealth between
January and March 2020, equivalent to a fall of
4.4%. Global wealth per adult declined by 4.7%.
Reassured by the prompt action of governments
and central banks, financial markets regained
confidence and the losses in equity markets were
largely reversed by the end of June. That much
was understandable. But what happened in the
second half of 2020 was unforeseen. Share
prices continued on an upward path, reaching
record levels by the end of the year. After initially
pausing to take stock, housing markets were
also infected by the prevailing optimism, and
house prices rose at rates not seen for many
years. These asset price increases have led to
major gains in household wealth throughout the
world. The net result was that USD 28.7 trillion
was added to global household wealth during the
year. At the end of 2020, it totaled USD 418.3
trillion, up 7.4%. Wealth per adult rose 6.0% to
a new record high of USD 79,952. Depreciation
of the US dollar flatters these gains: adjusting for
exchange rate changes, total wealth would have
risen by 4.1% and wealth per adult by 2.7%.
Nevertheless, bearing in mind the widespread
economic disruption, household wealth and
macroeconomic indicators seem to be on
different trajectories. Stranger still, countries
most affected by the COVID-19 pandemic have
often been those recording the greatest gains
in wealth per adult. The contrast between what
has happened to household wealth and what is
happening in the wider economy can never have
been more stark.
Global wealth report 2021
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