SWITZERLAND - World Gained 5.2m Millionaires During Pandemic

Arno Froese

The global wealth gap widened during the Covid pandemic, swelling the ranks of the world’s millionaires by 5.2 million as the rich cashed in on surging stock and house prices.

The figures, detailed in the annual Credit Suisse Global Wealth Report, capture how emergency interest rate cuts and government stimulus measures often benefited those least in need of state support, helping their assets grow in value despite the economic downturn.

“The rise in wealth inequality was likely not caused by the pandemic itself, nor its direct economic impacts, but was instead a consequence of actions undertaken to mitigate its impact, primarily lower interest rates,” the report’s authors said.

Meanwhile, the wealthiest, already sitting on large holdings of stocks and properties, were relatively unaffected by the economic downturn. Share prices, which collapsed in the first half of 2020, recovered in the later months of the year, increasing the wealth of men, middle-aged people and wealthier individuals in general.

Homeowners in most markets also benefited from rising house prices, which increased by an average of 5.6% in 2020, according to a separate report by the Knight Frank global house price index which tracks prices across 56 countries. That was the fastest pace of growth for three years.

Global wealth is expected to rise a further 39% over the next five years to reach $583tn by 2025, while the number of millionaires is forecast to jump by nearly 50% to 84 million individuals. The group rich enough to be counted as ultra-high net worth is also expected to expand by nearly 60% to reach 344,000 people.

-www.theguardian.com, 22 June 2021

Arno's Commentary

Prognosticators warned of great catastrophe, economic collapse, hunger, and starvation. It did not happen. While the pandemic has caused economic harm, not to mention the loss of millions of lives, the global economy—particularly in the industrialized world—grew by an amazing 7.4%. The future too looks quite promising. One news article from Canada highlighted, “Canadians have billions in their pockets saved during the pandemic, ready to spend.”

Why do we highlight these things? Answer: pride comes before the fall. The prophet Ezekiel proclaims: “Behold, this was the iniquity of thy sister Sodom, pride, fulness of bread, and abundance of idleness was in her and in her daughters, neither did she strengthen the hand of the poor and needy” (Ezekiel 16:49).

In the New Testament, we read of the church of Laodicea: “Because thou sayest, I am rich, and increased with goods, and have need of nothing; and knowest not that thou art wretched, and miserable, and poor, and blind, and naked” (Revelation 3:17).

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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