More than five million people became millionaires across the world in 2020 despite economic damage from the Covid-19 pandemic.

Credit Suisse researchers have found that while many poor people became poorer, the number of millionaires increased by 5.2 million to 56.1 million globally.

In 2020 more than 1 percent of adults worldwide were millionaires for the first time.

Recovering stock markets and soaring house prices helped boost their wealth.

The researchers say wealth creation appeared to be “completely detached” from the economic woes of the pandemic.