Number of millionaires reaches record high

The resurgence of stock markets has boosted the number of dollar millionaires worldwide, according to the latest World Wealth Report. In 2023, there were more than 22.8 million, the highest number since French consultancy Capgemini began publishing its annual report in 1997.

In 2022, the number of dollar millionaires and their wealth experienced the biggest drop in a decade, but that dip was completely erased in 2023. The number of people with investable assets of at least 1 million dollars rose by 5.1 per cent, to just over 22.8 million. Their wealth also recovered, up 4.7 per cent to a total of 86,800 billion USD, another record.

Capgemini points to "resurgent equity markets and an improved macroeconomic environment" in 2023. "Equities rose along with the tech market, fuelled by excitement around generative artificial intelligence (AI) and its potential impact on the economy," it says.

US leads the charts

The number of dollar millionaires rose the most in North America, with an increase of 7.1 per cent. Europe saw a more moderate increase of 4 per cent to 5.8 million. Africa is the only region where the number of dollar millionaires and their wealth fell, "due to falling commodity prices and declining foreign investment".

Globally, the US has the most dollar millionaires, with more than 7.4 million, ahead of Japan, with almost 3.8 million, and Germany, more than 1.6 million, according to the report.

A total of 71 countries were surveyed for the report. When calculating wealth, Capgemini takes into account stocks and other securities, investments, cash and real estate. The family home is not included.

^{© PHOTO INDRANIL MUKHERJEE / AFP}