The United States added about 500,000 new millionaires to its list of millionaires in 2023, bringing the total to 7.4 million, up from 6.9 million in 2022.
This remarkable growth exceeds any growth in any other country, according to a recent report issued by Capgemini and quoted by the Business Insider platform.
Capgemini attributes much of this increase to stock market gains in the latter part of the year.
“Despite persistent uncertainty in interest rates 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,” the report said.
The fourth quarter of 2023 was particularly strong, playing a large role in increasing the number of millionaires.
Government spending…a catalyst for wealth
Government spending also contributed through legislation such as the CHIPS Act, a US federal law aimed at promoting domestic semiconductor manufacturing and research to enhance economic competitiveness and national security.
The “Reducing Inflation” law, which focuses on reducing inflation through investments in clean energy, health care, and tax reforms to stimulate economic growth and price stability, will greatly contribute to this growth, according to the report.
These laws led to increased spending in sectors such as semiconductors and construction, further boosting economic activity and wealth generation.
Concentration of wealth
Despite the rise in the number of millionaires, wealth is still highly concentrated. According to the report, 1% of high-net-worth individuals own 34% of global wealth.
This focus emphasizes the unequal distribution of wealth even in light of overall growth.
While the absolute increase in the number of millionaires was highest in the United States, other countries saw higher growth.
Although Australia, India and Italy have fewer millionaires, each has seen a faster percentage increase in their numbers of millionaires.
Looking to the future, Capgemini expects continued growth in the number of high-net-worth individuals, driven by continued innovations in technology and sustainable economic policies.
Billionaires, most of them American
Last April, the American magazine Forbes website published a list of the names of the richest people in the world for the year 2024, and it counted an unprecedented number of billionaires around the world, amounting to 2,781 billionaires in the list of the world’s billionaires for this year, an increase of 141 more than was the case last year, and it reaches Their combined wealth is $14.2 trillion, an increase of about $2 trillion from 2023.
It was noted in the list that most of these billionaires belong to the United States, which now includes a record number of 813 billionaires whose combined wealth amounts to $5.7 trillion.
