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World has never had so many rich people

21:18, June 12

There have never been so many rich people in the world, and their investments in rising stock markets have made them richer than ever, AFP reports.

The number of “high net worth individuals” (HNWIs), defined as people with at least $1 million in liquid assets, rose 5.1% last year to 22.8 million, according to consultancy Capgemini. Their total wealth reached $86.8 trillion in 2023, up 4.7% from the previous year, as per the annual World Wealth Report.

The number of HNWIs and their combined wealth are the highest since Capgemini began this annual survey in 1997.

In 2022, a year of macroeconomic uncertainty and geopolitical tensions, the number of rich people in the world and their wealth fell by more than three percent, the report says.

The fall in their wealth was the sharpest in a decade as stocks fell. “However, 2023 brought economic growth and improvements in key investment sectors, reversing the decline,” the report added. “Despite continued interest rate uncertainty and rising bond yields, stocks rose along with the technology market, driven by enthusiasm for generative artificial intelligence and its potential impact on the economy.”

Rising wealth and inequality around the world are fueling debate about getting the rich to pay their fair share of taxes. Brazil and France are pressuring other G20 countries to set a global minimum tax on the world's richest people.


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