According to the 2023 Global Wealth Report, released by Credit Suisse and UBS, Brazil recorded worldwide the most significant increase in the number of millionaires from 2021 to 2022.
The count of individuals with a net worth of over US$ 1 million rose from 293,000 in 2021 to 413,000 in 2022.
“Wealth” is determined by the sum of an individual’s financial and real assets (mainly real estate), minus their liabilities.
While Brazil tops the chart, Iran, Norway, Mexico, and Russia also witnessed a significant rise in millionaires during this timeframe.
Worldwide, the narrative was different, with the U.S. seeing its first drop in millionaires since 2008.
By the end of 2022, there were approximately 59.4 million millionaires worldwide, a decrease of 3.5 million from the previous year.
This total counts 4.4 million “inflation millionaires”, who would fall out of the category if adjusted for inflation.
In numeric terms, the net private wealth decreased by US$11.3 trillion (-2.4%) to reach US$ 454.4 trillion by the end of the year.
The number of ultra-wealthy individuals with assets over US$50 million also declined.
By the close of 2022, were 243,060 individuals in this category, a drop of 22,500 from the prior year.
“Wealth growth remained robust during COVID-19, reaching a record pace in 2021. However, factors such as inflation, rising interest rates, and currency depreciation led to a downturn in 2022,” the report stated.
Future projections suggest global wealth might grow by 38% over the next five years, touching US$ 629 trillion by 2027.
The increase is anticipated to be primarily driven by middle-income countries.
By the same year, the global count of millionaires is expected to hit 86 million, while ultra-wealthy individuals could rise to 372,000.