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New Zealanders’ wealth jump leads the world: Report & More Breaking News

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New Zealand’s wealth per adult increased from US$114,000 in 2020, to US $472,153 in 2021.

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New Zealand’s wealth per adult increased from US$114,000 in 2020, to US $472,153 in 2021.

New Zealand had the biggest jump in average adult wealth of anywhere in the world in 2021, according to a report by investor bank Credit Suisse.

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New Zealand’s wealth per adult increased from US$114,000 (NZ$193,248) in 2020, to US $472,153 in 2021.

Credit Suisse’s Global Wealth Report found that “the recovery of macroeconomic activity in a low-interest environment produced exceptionally favourable conditions for household wealth growth during 2021”.

Economics professor and an author of the report Anthony Shorrocks said the 2020 to 2021 lift was the highest wealth increase Credit Suisse had probably ever recorded.

On a country-by-country basis, the United States added the most household wealth in 2021 in US dollar terms, followed by China, Canada, India and Australia.

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But New Zealand had the highest percentage wealth increase in the world, with rapidly rising house prices combined with an appreciating currency helping wealth per adult to increase by 32% year-on-year.

In 2021 there were 347,000 people in New Zealand with more than US$1m to their name.

Ella Bates-Hermans/STUFF

The overall inflation rate gives a good measure of the bigger picture, but it’s just an average.

The ranks of the global “ultra high net worth” (UHNW) individuals, with assets of more than US$50m, swelled by 46,000 last year to a record 218,200, during the recovery from the pandemic.

Their numbers increased as the super-rich benefited from soaring house prices and booming stock markets, the report said. The number of people in the UHNW bracket had increased by more than 50% over the past two years.

The report also predicted the number of millionaires globablly would increase by 40% in the next five years.

By 2026, there would be more than 87.5m people with at least US$1m in wealth, up from 62.5m last year.

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