Research Explores Various Aspects of a Subject - Worldwide, a record-breaking number of 22.8 million millionaires have appeared.
A recent study shows there are more millionaires worldwide than ever before, and their collective wealth is at an all-time high. The number of individuals possessing assets worth at least $1 million (excluding their primary residence) climbed 5.1% last year to 22.8 million, as reported by Capgemini. This led to a 4.7% boost in their total assets, now valued at $86.8 trillion.
Capgemini's statistics are drawn from annual evaluations in 71 countries since 1997. The recently published figures mark new records, following billions of the world's richest people experiencing the steepest wealth losses in a decade the previous year.
Gains in wealth From the stock market boom
The surge in wealth this year can be attributed to robust stock market performances. The US tech index soared 43%, the S&P500 rose 24%, the DAX went up 20%, and the key French stock index CAC40 climbed 16%.
"Stocks rose alongside the tech market, fueled by excitement over generative AI and its potential to benefit the economy," the study notes. The most impressive growth was seen in North America, with a 7.1% increase in the number of millionaires and billionaires, accompanied by a 7.2% increase in their assets.
Calls for a global minimum tax on vast fortunes
The escalating levels of wealth and widening inequality have provoked discussions on fair taxation. Brazil and France have pushed for a global minimum tax on the largest fortunes across the globe in the context of the G20 group of nations.
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In light of Capgemini's latest findings, it's no surprise that some of the wealthiest individuals are now categorized as wealthy at the highest level. The record-breaking number of 22.8 million millionaires worldwide, collectively holding $86.8 trillion in assets, is a testament to this.
Following the stock market boom, wealthy individuals have seen significant gains, particularly in North America, where the number of millionaires and billionaires increased by 7.1%, and their assets grew by an identical 7.2%.
