A report by Credit Suisse showed that at least 5.2 million people became millionaires, bringing the global total to 56.1 million due to the pandemic, while many others sunk into poverty.
According to a statement in the report, wealth creation was completely detached from the economic woes of the pandemic.
Of course there were the major gains in the technology industry, where video calling and interactive apps took centre stage. Remember TikTok?
But others were also quite fortunate, those with stocks and in the real estate sector benefitted a great deal from from lower interest rates and government support policies that led to a huge wealth transfer.
The number of ultra-rich individuals grew by 24% in 2020 alone, its fastest since 2003.
Switzerland, Australia, and Sweden led with the biggest gains while Hong Kong, the UAE, and Saudi Arabia were the worst losers, probably due to a large dependence on Crude Oil which was heavily hit during the pandemic.
