Report: Corona killed 10 millionaires in Mexico

The Corona virus crisis has wiped out 10 millionaires in Mexico, out of 274 individuals who received at least one million dollars in 2019, and there were 264 individuals at the end of 2020.

With this decline, the country entered the list of the first 10 countries with the largest losses for millionaires, led by Brazil, India, Russia and Hong Kong, economies whose exchange rate against the US dollar was the main cause of losses, according to the Global Wealth Report 2021 issued by the Credit Suisse Research Institute.

Mexico’s behavior was contrary to the global trend, which achieved a 10.2% rebound to a total world population of 56.1 million affluent, as global wealth grew by 7.4% to reach $418.3 billion, according to the Mexican newspaper Expantheon.

In addition, forecasts indicate that the growing trend will continue, with an increase of 39% in the next five years to reach $583 billion in 2025, according to the report.

“The countries that saw the worst declines in GDP were also the worst in terms of wealth,” said Anthony Shoroux, economist and author of the report during the hypothetical presentation of the Americas Report.

Not only was global wealth stable in the face of turmoil, it actually increased rapidly in the second half of the year. Indeed, wealth creation in 2020 appears to be completely decoupled from the economic woes caused by the coronavirus, Shoroux said, during the hypothetical presentation of the Americas report.

“The pandemic had a severe short-term impact on global markets, but this was largely reversed in late June 2020,” he said.

In the global wealth growth of 7.4%, 3.3% of the expansion is attributed to changes in the exchange rate of different currencies against the US dollar.

Wealth creation in 2020 has shown great resilience to the challenges the world is facing due to the actions taken by governments and central banks to mitigate the economic impact of the coronavirus. Global wealth grew by 7.4% and wealth per adult increased by 6% to reach an all-time high of $79,952.

The report said that the countries most affected by the epidemic in general did not do worse in terms of wealth creation, and the regions that added the largest wealth were North America with 12.4 trillion dollars and Europe with 9.2 trillion dollars, which were the largest additions.

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