The Number of Wealthy Individuals in Brazil and India Sharply Declines Due to the Pandemic

According to the Credit Suisse report titled "Global Wealth Report 2021," the number of millionaires or high-net-worth individuals worldwide reached an estimated 56.1 million by the end of 2020. This represents an increase of 5.2 million compared to the end of 2019.

The rise in the number of wealthy individuals indicates that the value of their assets was unaffected by the economic turmoil caused by the Covid-19 pandemic. Millionaires are defined as individuals with assets exceeding US$1 million or Rp 14.5 billion (at an exchange rate of Rp 14,500/US$).

However, some countries experienced a decrease in the number of wealthy individuals. Brazil saw the largest decline, with a 34.3% reduction or 108,000 fewer millionaires, falling from 315,000 in 2019 to 207,000 in 2020.

India ranked second, losing 66,000 wealthy individuals in 2020. This represents a decrease of 1.2%, from 764,000 millionaires to 698,000, an 8.6% drop year-on-year.

Currency depreciation is one of the factors contributing to the decline in the number of global millionaires in several countries. The proportion of high-net-worth individuals among the lower classes, such as in India and Russia, is also relatively low, with only about one millionaire per thousand people.