MADISON, Wis.—Credit union membership globally now exceeds 400 million, according to the World Council of Credit Unions’ (WOCCU) newly released 2022 Statistical Report.
As of December 31, 2022, there were 403,976,049 credit union members in 98 countries, WOCCU said, noting that marks a 3% increase over 2021. Of that total, the U.S. represents 136.5 million members, according to the report.
While “membership growth was modest across all continents,” the World Council reported several countries with “dynamic credit union systems still saw substantial membership growth,” including:
- Brazil +25%
- Philippines +19%
- Ireland +17%.
Doubled Over Decade
According to WOCCU, over the past decade (2013-2022), global credit union membership has more than doubled.
“Asia has seen the greatest growth over that span, with membership skyrocketing by more than 250%,” WOCCU reported. “Latin America and Africa saw credit union membership more than double during the decade, while European membership remained relatively flat.”
In addition, the new statistical report shows global credit union assets also gained 3% year-to-year, but more than doubled over the last decade as well, jumping to $3.6-trillion from $1.7 trillion. Again, Asia was responsible for the largest growth, with credit union assets more than tripling across the continent over those 10 years, WOCCU said.
Total credit union assets in the U.S. represent $2.19 trillion of the global total, as of year-end 2022.
‘Much Faster Rate’
“What we see is that growth in countries with well-established credit union and cooperative movements continues to accelerate at a much faster rate than anywhere else,” Thomas Belekevich, WOCCU director of member services, said in a statement. “World Council of Credit Unions will continue to work to improve conditions for the credit union sectors in those countries with the greatest potential to grow our movement to more than 500 million members over the next decade.”
About the Data
The World Council said it reports data based on country responses to its annual survey and does not make estimates for non-reporting countries. For the 2022 Statistical Report, World Council said it chose to omit 22 countries that had been featured in past reports, because they have not submitted new credit union sector data within the last two years.
The Statistical Report provides the most comprehensive data on the global credit union movement available and is cited widely by governments, international institutions and analysts as an expert resource.
The full report can be viewed here.