According to a report from Credit Suisse, more than five million people became millionaires for the first time across the world in 2020 despite the ravages of the COVID-19 pandemic on the global economy.

The report notes that while many poor people became poorer, the number of millionaires increased by 5.2 million to 56.1 million globally.

Recovering stock markets and soaring house prices partly contributed to the growth in wealth of the new rich.

Total global wealth grew by 7.4% over the last year.

Readers Bureau, Contributor

Edited by Jesus Chan

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