Despite hundreds of billions of dollars being deleted from the fortunes of the world’s richest people in the past few weeks and ongoing geopolitical uncertainty, global wealth accumulation will continue unabated, with the number of millionaires expected to exceed 87.5 million by 2026, according to a recent report.
That would be up from 62.5 million in 2021, representing a 40% jump, Bloomberg writes, citing Credit Suisse Group’s Global Wealth Report 2022, released Tuesday.
Moreover, the number of people with a net worth of $50 million or more will reach 385,000 by 2026, according to the Credit Suisse report.
During the first half of the year, plummeting markets drained $1.4 trillion from the pockets of the world’s 500 wealthiest individuals, Bloomberg writes.
But the Swiss-based bank believes we’re due for a rapid recovery, particularly in developing markets, according to the news service.
“Despite the inflation and Russia-Ukraine war setbacks, we believe that total global wealth will continue to grow,” the report said, according to Bloomberg. “We expect household wealth in China to continue to catch up with the United States, advancing the equivalent of 14 U.S. years between 2021 and 2026.”
Private fortunes will rise to $169 trillion by 2026, Credit Suisse says, according to the news service. And wealth per adult will climb 28% by 2026, Credit Suisse predicts, with the average adult surpassing $100,000 in just two years, according to the news service.
There may be significant disparities geographically as far as the average net worth, of course.
In the U.S., the average millennial already had an average net worth of $278,000 last year, while an average Gen Xer was worth $978,964, according to a recent Cerulli Associates report.