India, China get richer as virus drags on US, Credit Suisse says
By Venus Feng and Ben Steverman
The pandemic that’s led to more than 1 million deaths globally has also led to a decline in individual wealth, yet household wealth largely held up and even increased in China and India.
That’s one of the main findings in Credit Suisse Group AG’s 2020 Global Wealth Report released Thursday. Thanks to go nment 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.
Global wealth creation is expected to rebound next year as the economy recovers. The “main outlier” is North America, the report says, where the economy is hobbled by the “continued weakness due to the high prevalence of Covid-19” in the U.S. The region’s wealth per adult is projected to drop 5% this year, and remain near that level in 2021.
Only China and India saw gains in household wealth in the first half of the year, growing by 4.4% and 1.6%, respectively. Latin America suffered the most, with a 13% plunge, as currency devaluations aggravated losses in gross domestic product.
“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.”
瑞士信贷国际财富管理首席投资官、经济与研究部门全球主管Nannette Hechler-Fayd 'herbe表示，"预计还会有更多惊喜出现。在主要经济体中，中国很可能是明显的赢家。”
译文来源：三泰虎 http://www.santaihu.com/p/51149.html 译者：Jessica.Wu
India has gone from zero production to the second highest manufacturer of PPE suites in the world. India really stepped up in the crisis. Vaccine production, PPE production, defence profuction due to the stand-off with China, banning cheap Chinese goods among other things. India will rebound stronger after the pandemic subsides.
Pradeep Kumar Mittal
Increase in wealth may be due to less expenditure during the last six-year.
false repesentation of the truth, ask the persons who suffered from Covid-19 physically...how much money they spent for diagnosis, treatment etc as also crores of people lost their jobs during lockdown and subsequently.....even people at lower level of starta and small and middle level shopkeepers, hawkers are still not able to earn livlihood to substantiate daily needs of their families
They are talking about population as a whole and not about individuals... How many people needed hospitalization due to covid as a percentage of population? Not even 0.001%...
Covid caused $ dilema. Zero interest rate and 40 percent $ depreciation are pinching untaxed Indian earning and loot stashed abroad as$.
India generally benefited from this pandemic compared to the west. Government reaction was very good. India has emerged ahead with between this and the standoff with China.
huge worldwide depression here till 2030. India will do ok. earn well. spend less.
let's send desis worldwide to work as servants. no special training needed. earn lotsa money
pandemic is huge boon. let's wfh. stop spending. save money. be rich
Due to the TARP VER 2 Rel 1 (negative interest) of the US & Developed Countries will pay less than what they borrowed from developing countries! Ultimately the rich as a group will benefit the most across the globe!!!
If the Developed Countries default on payments due non payment by the working class in the developed countries, the effect will directly send shockwaves to the Developing countries financial sector. The Developed Countries may take protective measures which will definitely affect the Developing countries. Next Ten Years will show who benefitted and who lost eventually.
Ask poor migrant people if they have become richer and we have created a new class of urban poor during the lockdown period.
Economy is in terrible condition even before pandemic, it has dismayed the people, industry and go nment alike.
Impact of reduced expenses due to covid… I agree to the report..
Dear centrist,$ has actually depreciated 40 percent against inert gold. Gold price is up from 1300 to 1900 $ per Troy oz. US is desperate to protect it's oil and conventional energy interest at the cost of solar and wind. But it is now left alone. Golden days of America may not come back . Before sinking $ is trying to catch the hand of INR.
The data seems to be for rich and ultra rich. Let them study Indian middle class who us paying all time high price for Petrol for commuting to their work place. Neither govt nor opposition is bothered about it.