Household Wealth ‘Unscathed’ Despite Pandemic, Credit Suisse Says
October 28, 2020 by Contributor
While the pandemic has led to a decline in individual fortunes, household wealth has held up.
That’s one of the main findings in Credit Suisse Group AG’s 2020 Global Wealth Report released Thursday. Thanks to government and central-bank actions to mitigate the Covid-19 fallout, global wealth rebounded from an initial slump in the first quarter of the year, adding $1 trillion by June after ending 2019 at $399.2 trillion.
“Given the damage inflicted by Covid-19 on the global economy, it seems remarkable that household wealth has emerged relatively unscathed,” said economist Anthony Shorrocks, one of the report’s authors, adding as a caveat that the findings are based on provisional household balance sheets for the second quarter issued by few countries.
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