The Credit Suisse Research Institute publishes the Global Wealth Report annually, which is the most complete and up-to-date source of information on the global wealth of families.
The 2019 it was a record year for wealth creation, with an increase of the total global assets equal to 36.300 miliardi di dollari. With the arrival of the pandemic, household wealth, however, fell by between January and March 17.500 miliardi di dollari.
Since March, there has been a rebound in the stock markets and a rise in house prices. According to estimates for the second quarter 2020, total household wealth slightly increased, returning to last year's level, while wealth per adult is slightly lower.
Here is the comment of Nannette Hechler-Fayd’herbe, Chief Investment Officer International Wealth Management e Global Head of Economics & Research, Swiss credit:
“After a year characterized by intense wealth creation, the COVID-19 pandemic reminded us of how dangerous exogenous shocks are on the global economy.
Unlike the financial crisis of the 2007-2008, we can be optimistic, as the global financial sector is much healthier today than it was then.
In addition, governments and central banks have understood the importance of credit facilities and quantitative easing during a severe crisis. So far, the impact of the pandemic on household assets has been minimal.
However, the temporary slowdown in economic growth, together with the changed behavior of companies and consumers, it can lead to productivity losses, redundant structures and sectoral changes that could hinder the accumulation of household wealth for some time.
Such shocks on the world economy lead us to believe that the wealth of families, at best, will slowly grow back after the pandemic throughout the 2021.
The situation is changing rapidly within the various countries, and we will have many other surprises. Among the major economies, China is likely to emerge as the clear winner.”
The Global Wealth Report 2020 is available at:
https://www.credit-suisse.com/ch/en/about-us/research/research-institute.html
Enjoy the reading!
Alex Gaetani
Source: Credit Suisse press release