The rich are getting richer: According to a study, the number of millionaires worldwide has increased – as has total wealth. The reason is the development of the stock market.
According to a study, there have never been so many millionaires worldwide and their wealth has never been so great. The number of people who have assets of at least one million dollars after deducting the value of their primary residence rose by 5.1 percent to 22.8 million last year, the French consulting firm Capgemini said on Wednesday. Their total wealth rose by 4.7 percent to 86.8 trillion dollars.
Capgemini has been making these calculations annually since 1997 based on statistical evaluations in 71 countries. Both values are therefore new highs – and this after the richest people in the world had to accept the greatest loss of wealth in ten years in the previous year, 2022.
Rise in stock markets causes money to flow
The increase in assets in 2023 – like the crash last year – is mainly due to developments on the stock markets. The US tech index rose by 43 percent last year, the S&P500 by 24 percent. The DAX rose by 20 percent and the most important French stock index CAC40 by 16 percent.
“Stocks rose along with the tech market, driven by enthusiasm for generative AI and its potential impact on the economy,” the study says. North America recorded the strongest increase in the number of millionaires at 7.1 percent, with their wealth increasing by 7.2 percent.
Demand for a global minimum tax on large assets
The level of wealth and the parallel increase in inequality have repeatedly sparked debates about fairness in taxation in recent years. Brazil and France have called for a global minimum tax on the world’s largest fortunes within the G20 group of states.
Source: Stern
