The richest 1% have more than $40 trillion in a decade

2024-07-25 05:42:06

The wealth of the world’s rich is at an all-time high, a study shows

Thanks to rising stock prices, there have never been more wealthy people, nor have their wealth ever been higher, according to an international study released on Wednesday by Capgemini, a consultancy.

Illustration – Richard Villalon – stock.adobe.com

Par Sudinfo avec Belgium

Posted on 05/06/2024 09:00

The number of wealthy individuals worldwide will grow by 5.1% year-on-year to 22.8 million by 2023, Capgemini calculated in its study titled “People with more than $1 million of disposable funds outside their primary residence”, World Wealth Report. Their wealth has also increased, with an estimated total wealth of $86.8 trillion, up 4.7% from the previous year.

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In terms of follower numbers and wealth, these are both records since Capgemini began publishing this annual study in 1997.

This growth in wealth is mainly due to the rise in global stock markets: the US Nasdaq index soared 43% in 2023, the S&P 500 index soared 24%, while the Paris CAC 40 rose 16% and the German DAX rose 16% in Frankfurt 20%.

“Stocks have risen along with the tech sector, driven by enthusiasm for generative AI and its potential impact on the economy,” the firm noted in the study, which evaluated 71 countries.

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Last year, North America saw the strongest growth in the number of millionaires and wealth, up 7.1% and 7.2% respectively, ahead of Asia Pacific and Europe.

The parallel rise in wealth levels and inequality in recent years has sparked much debate about how best to make the top assets contribute to taxation.

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