Germany has snagged third place in a ranking showing the ultra rich of the world, while the number of millionaires has also gone up despite the pandemic.
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How has private wealth grown in Germany?
Private financial wealth hit new record highs during the pandemic. Globally, this individually held wealth reached $250 trillion an increase of 8% over 2019.
In Germany, wealth held in cash, savings, shares, pension plans and life insurance amounted to $9 trillion by 2020. When tangible assets such as real estates were factored in, the amount reached $20 trillion. German traditionally rather invest in real estate, BCG partner and report author Anna Zakrewski said. At the same time, investors in Germany are saving at an above-average rate.
Despite most people staying home for months on end in 2020, the number of dollar millionaires in Germany grew by 35,000 to a total of 542,000. Globally this group reached a total of 26.6 million individuals, an increase of 1.8 million from the previous year.