Global Wealth Reaches New Heights with Combined Wealth of HNWIs Hitting $86.8 Trillion

A recent study reveals an unprecedented increase in global wealth, driven by booming stock markets. The number of “high net worth individuals” (HNWIs), defined as those with liquid assets of at least $1 million, rose by 5.1% to 22.8 million in the past year, according to consulting firm Capgemini.

The annual World Wealth Report highlights that the combined wealth of HNWIs hit $86.8 trillion in 2023, marking a 4.7% rise from the previous year. These figures represent the highest levels of both the number of HNWIs and their total wealth since the inception of the study in 1997.

The surge in wealth aligns with significant gains in major stock markets. In 2023, the tech-heavy Nasdaq in New York jumped 43%, while the broad-based S&P 500 climbed 24%. Europe’s markets also saw robust growth, with the Paris CAC 40 up 16% and the Frankfurt DAX rising 20%.

The report contrasts this with 2022, when the number and wealth of HNWIs each declined by over 3% due to macroeconomic instability and geopolitical tensions, marking the steepest drop in a decade.

However, 2023 saw a reversal of fortunes, spurred by economic growth and revitalized investment sectors. Despite concerns over interest rates and rising bond yields, equities surged, particularly in the tech sector, driven by enthusiasm for generative AI and its potential economic impact.

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