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%. 

The report adds that the wealth of the global top 1% has increased for the second year in a row to 45.6% in 2021, against 43.9% in 2019. Meanwhile, the number of private actors whose wealth is over US$1 million rose by 9% (+5.2 million individuals) to 62.5 million people worldwide. The number of ultra-high-net-worth individuals (UHNWI) jumped by 21%.

Credit Suisse explains that the “wealth gains of 2021 are likely in 2022/2023 as several countries face slower growth or even recession.”

“Worldwide inflation and the Russia-Ukraine war are likely to hamper real wealth creation over the next few years,” the report adds. It nevertheless indicates that global wealth should rise by 36%, to  US$169 trillion by 2026, thanks in part to the momentum of low- and middle-income countries. Low- and middle-income countries currently account for 24% of global wealth, but they are expected to account for 42% of wealth growth over the next five years.

 Wealth per adult is expected to grow by 28% by 2026 and cross the US$100,000 threshold in 2026. The number of millionaires is expected to increase to 87 million and the number of ultra-high-net-worth individuals to 385,000.