PARIS: The world has never witnessed so many rich individuals and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.
According to consulting firm Capgemini, the number of “high net worth individuals” (HNWI), individuals with liquid assets exceeding $1 million, increased by 5.1 percent in 2023, reaching a staggering 22.8 million.
This surge propelled their collective wealth to $86.8 trillion, marking a significant 4.7 percent rise from the previous year, as detailed in the annual World Wealth Report. These figures represent the highest count of HNWI and their total wealth since Capgemini initiated its annual study in 1997.
The remarkable growth in fortunes is closely tied to the impressive performance of global stock markets, with New York’s Nasdaq soaring 43 percent and the S&P 500 gaining 24 percent in 2023.
Similarly, the Paris CAC 40 and the Frankfurt DAX experienced notable increases of 16 percent and 20 percent, respectively. This resurgence in wealth follows a decline in 2022, attributed to macroeconomic uncertainties and geopolitical tensions, particularly impacting equity markets.
However, the economic rebound in 2023, driven by growth across major investment sectors, reversed this trend, signaling a renewed era of prosperity. Despite ongoing debates surrounding wealth inequality and taxation, the surge in global wealth underscores the need for comprehensive strategies to address the growing wealth gap and ensure fair contributions from the world’s wealthiest individuals.
