US added 600,000 new millionaires in 2023
Next to North America, Asia-Pacific had the strongest millionaire growth, at 4.8%, followed by Europe with 4%, Latin America at 2.7%, the Middle East at 2.1% and Africa down 0.1%.
The United States added 600,000 new millionaires in 2023, far outpacing the rest of the world, according to a new study by Capgemini, a French multinational information technology (IT) services and consulting company.
The world's biggest economy witnessed a 7.3% growth in its millionaire population pushing it to 7.5 million people, found Capgemini, adding that these millionaires' combined fortunes grew to $26.1 trillion, up 7% from 2022, reports CNBC.
Capgemini defines millionaires as those with investible assets of $1 million or more not including primary residence, collectibles or consumer durables.
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While interest rates remain higher, the stock rebound at the end of 2023 combined with trillions of dollars in government spending and stimulus continues to power the US wealth machine, CNBC wrote.
According to Capgemini, number of Americans worth $30 million or more grew 7.5% in 2023, to 100,000, while their fortunes surged to $7.4 trillion.
Globally, ultra-high net worth individuals account for 1% of the millionaire population but now hold 34% of its total wealth, showing the increasing concentration of wealth even among the wealthy.
The number of millionaires worldwide grew 5.1% last year, to 22.8 million, according to the report. Their combined fortunes grew to a record $86.8 trillion.
Next to North America, Asia-Pacific had the strongest millionaire growth, at 4.8%, followed by Europe with 4%, Latin America at 2.7%, the Middle East at 2.1% and Africa down 0.1%.
