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According to Credit Suisse’s global wealth report, “At the top of the wealth pyramid, the United States continues to rank highest with over 140,000 ultra-high-net-worth individuals (with wealth above USD 50 million) followed by China with 32,710 individuals. Worldwide, we estimate that there were 62.5 million millionaires at the end of 2021, 5.2 million more than the year before”. “This is the largest increase in millionaire numbers recorded for any country in any year this century,” it said.

Much of the increase was attributed to rise in stocks and real estate values.

It further stated...