The world has never had so many rich people, according to the World Wealth Report. And they are richer than ever, thanks to their investments in the stock market boom.
Last year’s bullish stock markets boosted the fortunes of the world’s richest, adding more members to the club of dollar millionaires, the World Wealth Report says.
The number of people worldwide with investable assets of at least $1 million (“high net worth individuals,” or HNWI) rose by 5.1% last year to an estimated 22.8 million, according to a study by consulting firm Capgemini.
This is the highest level since the first annual study was conducted in 1997. The total wealth of the richest rose 4.7% to a record $86.8 trillion (€79.64 trillion).
Their fortunes have risen as stock markets have soared: New York’s tech-heavy Nasdaq rose 43% in 2023, while the broad-based S&P 500 gained 24%. Meanwhile, the Paris CAC 40 rose 16% and the Frankfurt DAX 20%.
And the blunt fact that “a million dollars” means less & less each year, because of inflaction, isn’t a factor??