The Rich Will Keep Getting Richer Even In The Face Of A Recession, Especially In China, Credit Suisse Says

Chloe Taylor, Tristan Bove    Tue, September 20, 2022

Even 2022’s eviscerated global stock markets and historic surge in interest rates worldwide won’t be enough to stop the millionaire mill from churning.

The number of millionaires in the world is set to hit 87 million by 2026, a 40% increase over the 62 million individuals with a net worth above $1 million in 2021, according to Credit Suisse’s annual Global Wealth Report, released on Tuesday, which found that global wealth growth is set to rebound despite a slowdown in 2022.

Emerging markets and middle-income countries will be the primary drivers of global growth over the next four years, the report found. Leading the pack in growth speed—despite years of COVID-related lockdowns and forecasts of a slowing economy—will be China, where the number of millionaires is set to double in the next four years.

The number of Chinese millionaires is set to grow from 6.2 million in 2021 to 12.2 million by 2026, the report said, a nearly 97% increase. While the U.S. is set to retain its throne as the country with the most millionaires in 2026—with 27.7 million—it will only be a 13% increase over 2021.

“We expect household wealth in China to continue to catch up with the United States, advancing the equivalent of 14 U.S. years between 2021 and 2026 to reach $119 trillion in real terms, similar to the United States level in 2019,” the report read.

In fact, the report said millionaires will be growing across the world, but it largely won't feel as good for them, thanks to inflation.

Inflation set to create millions of millionaires

In the Report, Credit Suisse predicted that the number of millionaires worldwide would exceed 87 million in 2026—up from 62.5 million in 2021.

However, analysts noted that millionaire status was becoming easier to achieve due to elevated inflation rates. “While some reversal of the exceptional wealth gains of 2021 is likely in 2022/2023 as several countries face slower growth or even recession, our five-year outlook is for wealth to continue growing,” Nannette Hechler-Fayd’herbe, global head of economics and research at Credit Suisse, said in the report.

The U.S. was still forecast to retain the world’s most millionaires in 2026, with Credit Suisse predicting 27,664 Americans would qualify as millionaires within the next five years.

View this interactive chart on Fortune.com

The number of millionaires calling the U.K., Canada and Japan home was also expected to increase substantially by the end of 2026.

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