Africa: Private wealth rose 7.7% to US$5,808 bln in 2021 (Credit Suisse)
The growth was mainly driven by an 11.9% increase in household financial assets (+306 billion US dollars) while the increase in non-financial assets (real estate properties mainly) grew by only 3.7% (+121 billion US dollars).
In Africa, total private wealth was US$5,808 billion as of the end of 2021, according to the Global Wealth Report published by banking group Crédit Suisse last Tuesday. Year-on-year, that wealth is up by 7.7% (+US$417 billion).
The growth was mainly driven by an 11.9% increase in household financial assets (+306 billion US dollars) while the increase in non-financial assets (real estate properties mainly) grew by only 3.7% (+121 billion US dollars).
During the period, average wealth per adult reached US$8419 on the continent, up 4.7% compared to the previous year. The report also revealed that global wealth stood at US$463.6 trillion at the end of 2021, up 9.8% from 2020 at current exchange rates, and well above the annual average of +6.6% recorded since the beginning of the 21st century.
Exchange rate fluctuations aside, global wealth increased by 12.7%, "the fastest annual rate ever recorded.”
Private wealth increased in every region of the world but China and North America recorded the best increases. “All regions contributed to the rise in global wealth, but North America and China dominated, with North America accounting for a little over half the global total and China adding another quarter. In contrast, Africa, Europe, India, and Latin America together accounted for just 11.1% of global wealth growth. This low figure reflects widespread depreciation against the US dollar in these regions,” the report explains. It notes that the increase in global private wealth was mainly due to positive stock performance and economic support measures taken by central banks.
62.5 million millionaires
Global average wealth per adult rose by 8.4% to US$87,489 in 2021. Exchange rate fluctuations aside, that increase is 11.3%... Read more on Ecofin Agency
Source: Ecofin Agency