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What next for the world’s rich? They have managed to maintain or even enhance their fortunes during the pandemic. Will they do well in the recovery too?
Credit Suisse thinks so. The Swiss bank’s 2021 global wealth report forecasts that the world’s wealth stocks — including financial and non-financial assets, such as property — will grow by 39 per cent over the next five years, reaching $583tn by 2025.
The number of millionaires is predicted to grow even faster, by 50 per cent, from 56.1m at the end of last year to 84m. And the number of super-millionaires — ultra-high net worth individuals with $50m or more to their name — will jump from 215,000 to 344,000, a rise of 60 per cent.
These predictions are based on the widely held assumption, shared by the IMF, that the global economy is set for robust post-pandemic…