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Global wealth creation is expected to rebound next year as the economy recovers, according to Credit Suisse. The “main outlier” is North America, where the economy is hobbled by the “continued weakness due to the high prevalence of Covid-19” in the United States. The region’s wealth per adult is forecast to drop five percent this year, and remain near that level in 2021.
Credit Suisse said that global wealth per adult slipped to an average $76,984 from $77,309 at the start of the year. Millennials, who also suffered repercussions from the financial crisis, and the next post-Covid generation will have to deal with reduced economic activity and globalization, as well as discouraged travel.
“There is the promise of many more surprises to come,” said Nannette Hechler-Fayd’herbe, Credit Suisse’s chief investment officer for international wealth management and global head of the economics and research unit. “Among the major economies, China is likely to be the clear winner.”
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