BAKU, Azerbaijan, June 26
By Sadraddin Aghjayev - Trend:
The US and Europe outstripped all regions of the world in terms of growth in the population welfare in 2020 (a pandemic year), Trend reports citing the Global Wealth Report 2021 of the Credit Suisse Research Institute.
Reportedly, the well-being of the population of North America amounted to $12.4 trillion, and that of European states - $9.2 trillion.
“The US and Europe are followed by the countries of the Asia-Pacific region with an indicator of $4.2 trillion and China - $4.7 trillion. In India, the welfare of the population fell by $594 billion, in Latin America - by $1.2 trillion,” the report said.
“At the same time, the total world debt increased by 7.5 percent. The value could have been higher, the researchers said, if households were not constrained by the constraints on spending due to the COVID-19 pandemic. Indebtedness rose the most in China and Europe, and declined in Africa and Latin America,” the report said.
“Those participants who have a higher share of shares in assets were in an advantageous position. Also, an increase in welfare was recorded among homeowners, as the cost of housing increased. At the same time, working women were the hardest hit by the COVID-19 pandemic, as many of them are employed in service industries,” added the report.
"Moreover, the difference in the level of well-being among adults has increased. The number of dollar-based (USD) millionaires increased by 5.2 million (total 56.1 million people). Because of this, in order to enter 1 percent of the richest people on the planet, an adult must now have more than $1 million (in 2019 – $988,100)," the report reads.
In 2020, the well-being of the world's population grew by $28.7 trillion - to $418.3 trillion. At the current USD exchange rate, the growth was 7.4 percent, and in 2019 the USD growth rate was 4.1 percent.
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