According to international research conducted by consultancy Capgemini and released today, there has never been a higher number of wealthy individuals, nor have their fortunes ever been greater. This surge is attributed to a significant increase in stock prices.
The study, titled “Report on the World Wealth” (World Wealth Report), estimates that the number of wealthy individuals, defined as those with disposable assets exceeding one million dollars excluding their primary residence, grew by 5.1% in 2023, reaching a total of 22.8 million people.
Their collective wealth has also experienced a notable rise, reaching a total of $86.8 trillion, marking a 4.7% increase compared to the previous year. These figures represent record highs since Capgemini began publishing this annual survey in 1997.
Fire in Kryoneri, close to a residential area – Aerial units deployed
The growth in wealth can largely be attributed to the surge in global stock markets. Major indices such as the US Nasdaq and S&P 500 saw substantial increases, with the Nasdaq rising by 43% and the S&P 500 by 24% in 2023. Similar trends were observed in European markets, with the CAC 40 index in Paris increasing by 16% and the DAX in Frankfurt by 20%.
The study attributes this growth to the excitement surrounding advancements in artificial intelligence and its potential economic impact. In 2022, the wealthiest individuals experienced a significant decline in their wealth due to a stock market rally.
North America saw the most substantial growth in both the number of millionaires and their collective wealth, with a 7.1% increase in millionaires and a 7.2% increase in wealth. This growth surpassed that observed in the Asia-Pacific and Europe regions.
The substantial accumulation of wealth and the concurrent rise in inequality have sparked debates regarding the taxation of the wealthiest individuals. In the G20, countries like Brazil and France are advocating for a global minimum tax on large fortunes, which could potentially generate an additional $250 billion if implemented.
