The number of rich people worldwide has reached a historic high, with their wealth soaring to unprecedented levels, driven by surging stock market values and the buzz surrounding artificial intelligence, as revealed in a recent study conducted by Capgemini, released on Wednesday.
According to the “World Wealth Report” by Capgemini, the tally of affluent individuals, defined as those with disposable income exceeding one million dollars apart from their primary residence, surged by 2.6 percent to reach 23.4 million in 2024.
Notably, the surge in “ultra-wealthy” individuals, those with $30 million or more, witnessed a remarkable 6.2 percent jump within a year. The combined wealth of the wealthiest cohort also ballooned to a staggering $90.5 trillion, marking a 4.2 percent increase from the previous year.
According to Capgemini, in terms of the number of wealthy people and the vastness of their wealth, these are two notable records since the particular annual study began being published in 1997.
US leads the pack of rich people worldwide
The United States emerged as the forerunner in this wealth surge, adding 562,000 new millionaires, signifying a remarkable 7.6 percent increase. The country currently boasts 7.9 million millionaires, with the bullish stock market playing a pivotal role in this wealth accumulation.
In 2024, Wall Street indices such as Nasdaq, Dow Jones, and S&P 500 shattered their previous records, propelled by robust economic growth and the ongoing frenzy surrounding technology and artificial intelligence stocks.
In the study, which incorporated data on 71 countries and utilized a statistical recording and graphical representation system known as the Lorenz curve as its methodology,“US stocks continued their upward trend thanks to stronger-than-expected economic growth and also thanks to the continued excitement generated by artificial intelligence and technology stocks,” a Capgemini spokesperson said.
Europe dips
Conversely, Europe witnessed a 2.1 percent dip in the number of wealthy individuals, primarily attributed to economic stagnation in key economies such as France, which saw a loss of 21,000 millionaires. However, the count of ultra-rich individuals in Europe surged by 3.5 percent, indicating a growing wealth concentration trend.
The Asia-Pacific region reported a 2.7 percent uptick in the number of affluent individuals, with varying growth rates across countries. While China experienced a slight decline of one percent, Japan and India saw a robust 5.6 percent increase.
The study also hints at an impending wealth transfer trend, as $83.5 trillion is poised to change hands in the near future, underscoring a significant shift in global wealth dynamics. The combined wealth of the wealthiest cohort also ballooned to a staggering $90.5 trillion, marking a 4.2 percent increase from the previous year.
Billionaires
Forbes magazine has been maintaining a record of billionaires since 1987, when there were only 140 people worldwide that had amassed such fortune. In their latest list, which was published on April 1st, the magazine says there are now 3,028 entrepreneurs, investors, and heirs who are billionaires.
The United States remains the country with the most billionaires, at 902, followed by China with 516, and India with 205. Among the world’s billionaires are also nine Greeks, primarily from the shipping industry.
Related: The Ultra-Rich Are Creating Their Own World on Earth
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