Number of dollar millionaires in Belgium declines further
The number of dollar millionaires in Belgium fell to 134,600 in 2024, 2.5 per cent less compared to the year before. This marks the third consecutive annual decline, according to data released Wednesday by consultancy firm Capgemini.
To be classified as a dollar millionaire, an individual must hold at least 1 million US dollars (around 878,000 euros) in investable assets, excluding their primary residence. The total includes assets such as shares, investments, cash, and real estate, but excludes art collections, cars, and jewellery.
Last year, Belgium was home to approximately 540 ultra-high-net-worth individuals with assets exceeding 30 million dollars. Around 9,380 Belgians held assets between 5 million and 30 million dollars, while the majority - roughly 124,670 individuals - had between 1 million and 5 million dollars in investable assets.
While the overall number of millionaires declined, the wealth of Belgium's super-rich rose by 9 per cent in 2024. Those in the 5 million-30 million dollar bracket saw a more modest increase of 1.9 per cent in net wealth, whereas those owning assets worth between 1 and 5 million dollars experienced a 2.4 per cent decline.
US fortunes rise
Globally, the number of dollar millionaires rose by 5.1 per cent in 2024, reaching an all-time high of 22.8 million individuals, according to Capgemini’s report. The total wealth of these millionaires also increased, by 4.7 per cent.
Most of the growth was concentrated in North America, fuelled by "a favorable interest rate environment and strong U.S. equity market returns," the report notes. In contrast, regions such as Europe, Latin America, and the Middle East saw a decline in millionaire numbers, largely due to ongoing macroeconomic challenges.
© BELGA PHOTO NICOLAS MAETERLINCK
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