Brazil, which has one of the highest rates of social inequality in the world, will see an 115% expansion in the number of millionaires in the coming years. The estimate comes from Credit Suisse, one of Switzerland’s leading financial institutions that dedicates some of its operation to asset management.
At the end of last year, there were 266,000 millionaires in the country. In 2020, that number was 207,000. In the same period, research from different institutions pointed to an increase in hunger in the country.
The pandemic has worsened hunger in Brazil, according to the 2nd National Survey on Food Insecurity in the Context of the Covid-19 Outbreak in Brazil, conducted by the Brazilian Food and Nutrition Sovereignty and Security Research Network.
In 2022, 33.1 million people are in this lack of food guarantee, with 14 million more Brazilians in food insecurity than in 2020.
The plight of the most vulnerable has not affected the wealthiest of Brazilian society, and Credit Suisse predicts that by 2026 the rate of expansion will be one of the highest in the world. The result will be the assets of 572 thousand Brazilian millionaires.
As the pandemic deepened poverty in dozens of countries around the world, the number of millionaires increased by 5.2 million to reach a total of 62 million people with a net worth exceeding $1 million.
This segment of the world’s population controls 48% of the planet’s GDP. But it only represents 1.2 percent of the population.
Between 2019 and 2021, the bank acknowledges that after years of significant distribution, the world is experiencing a new wave of revenue concentration. China and the African continent also point to a significant upward trend in the number of millionaires, which is expected to double by 2026.
American society remains the place with the highest proportion of the ultra-rich, with 24 million people in this category. 16.7 million in Europe.
However, the income density in Brazil is higher in the hands of this group. Representing the wealthiest 1% of the population, they control 49% of the national wealth in 2021. In 2010 these people control 40% of GDP. Today the rate in the USA is 35%.
The Gini coefficient, which measures income concentration, is “one of the highest in the world”, rising from 84.5 points in 2000 to 89.2 in 2021, according to the bank.
source: Noticias
