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Money Report from Credit Suisse: The number of millionaires in Germany has increased

17:22  22 october  2020
17:22  22 october  2020 Source:   handelsblatt.com

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Despite the corona crisis, private assets have continued to grow. One reason for this was the limited opportunities to spend money.

In Deutschland hätten sich zu den 2,1 Millionen US-Dollar-Millionären von Januar bis Juni 58 000 Millionäre hinzugesellt, schreibt die Schweizer Bank Credit Suisse in ihrem Wohlstandsbericht. © dpa In Germany, the 2.1 million US dollar millionaires from January to June were joined by 58,000 millionaires, writes the Swiss bank Credit Suisse in its prosperity report.

According to a bank analysis, the wealth of private households rose on average this year despite the corona crisis. In Germany would have joined the 2.1 million US dollar millionaires from January to June 58,000 millionaires, writes the Swiss bank Credit Suisse in its prosperity report on Thursday.

The wealth per adult had risen by 1.8 percent in Germany during the period and should rise by 3.9 percent for the year as a whole. In China, the number of millionaires rose from 5.8 million at the end of 2019 by 365,000 by mid-2020.

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Although there was a sharp slump with the store closings from January to March, the recovery was striking, writes Credit Suisse .

At the end of June, the wealth of private households worldwide was around 0.3 percent or one trillion dollars (840 billion euros) higher than at the end of 2019. Last year, the wealth was a total of ten percent or 36.5 trillion dollars to 399.2 trillion grown.

The bank assumes that the income gap has widened further in many countries because workers with low incomes and insecure jobs are the most likely to have lost their jobs or income during the Corona crisis.

In Germany, the wealth difference is particularly pronounced: the one percent of the richest people own 29 percent of the wealth, compared to 22 percent in France and Great Britain. The number of people with more than $ 100,000 in assets is 40 percent, four times the global average.

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The fact that household wealth was higher in June than at the end of 2019 is due, among other things, to the fact that consumption was restricted and that governments with large economic stimulus packages pumped money into the private sector and thus also into households.

The prospects for a further increase in prosperity are not so rosy, among other things, because governments would probably have to recoup their expenditures later through tax increases and because interest rates would rise.

According to the study, at the end of 2019 the Germans had total assets of 14.8 (2018: 14.5) trillion dollars (currently a good 12.5 trillion euros). Worldwide, people's wealth increased by ten percent to around 399.2 trillion dollars within a year.

In contrast to other wealth studies such as Deutsche Bundesbank , which add up cash, bank deposits, securities and claims against insurance companies, Credit Suisse also takes real estate into account in its calculations.

According to Credit Suisse calculations, real assets such as real estate account for 57 percent of the gross wealth of German private households. In recent years the prices for houses and apartments have risen significantly in many regions. Investors also benefited from rising prices on the stock exchanges.

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This is interesting!