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- House prices rose at rates not seen for many years. This has led to major gains in household wealth throughout the world. The net result was that $7.4 trillion was added to global household wealth during the year. At the end of 2020, it totalled $418.3 trillion, up 7.4%.<\/li>\n<\/ul>\n
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- Wealth per adult rose 6% to a new record high of $79,952 (R1.13 million).<\/li>\n<\/ul>\n
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- 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%.<\/li>\n<\/ul>\n
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<\/a><\/p>\nSouth Africa<\/strong><\/p>\n
While this is positive news at the global level, the report shows that wealth in South Africa was not as fortunate in avoiding the impact of the pandemic.<\/p>\n
Credit Suisse estimates that there are 58,142 dollar millionaires in South Africa<\/strong>.<\/p>\n
While this is above estimates made by other groups such as New World Wealth<\/a><\/strong>, it is approximately 3,000 fewer millionaires than reported by Credit Suisse in the previous year (2019: 61,000).<\/p>\n
Wealth per adult amounted to $20,308 (R289,300) in South Africa at the end of 2020, and the country remains the outlier on the continent as the average for Africa as a whole is $7,371 (R105,004).<\/p>\n
- 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%.<\/li>\n<\/ul>\n
- Wealth per adult rose 6% to a new record high of $79,952 (R1.13 million).<\/li>\n<\/ul>\n