World’s Wealthy Swell to Record Numbers on Stock Market and AI Boom, Capgemini Says
A new report shows the number of millionaires and their total fortune hit an all-time high, fueled by a surge in U.S. markets.
The ranks of the world’s wealthy swelled to a record high last year, with their collective fortune hitting an unprecedented $90.5 trillion, fueled by a roaring stock market and excitement over artificial intelligence, according to a new report from consulting firm Capgemini.
The number of high-net-worth individuals—defined as those with investable assets of $1 million or more, excluding their primary residence—grew by 2.6% to 23.4 million in 2024, the firm’s annual World Wealth Report found. Their total wealth climbed 4.2% from the previous year.
Both the number of affluent individuals and the size of their fortune are the highest recorded since Capgemini began publishing the annual study in 1997. The gains mark a sharp reversal from 2022, when the world’s wealthy experienced their steepest drop in fortune in a decade amid a broad market downturn.
Growth was most pronounced among the “ultra-wealthy,” or those with assets of $30 million or more. This top-tier segment expanded by 6.2% in just one year.
U.S. Leads the Surge
The United States saw the largest increase, adding 562,000 new millionaires for a total of 7.9 million, a 7.6% jump. The wealth expansion was largely attributed to the performance of its stock markets, as the S&P 500, Dow Jones, and Nasdaq all shattered records on Wall Street in 2024.
“U.S. equities continued their upward trajectory thanks to stronger-than-expected economic growth and also thanks to the continued enthusiasm generated by artificial intelligence and technology stocks,” the report stated. The study evaluated 71 countries, using a statistical methodology that includes the Lorenz curve model.
In contrast, Europe’s millionaire population declined by 2.1%, weighed down by economic stagnation in its major economies. France alone lost 21,000 millionaires. However, the number of ultra-wealthy individuals in Europe still grew by 3.5%, signaling a greater concentration of wealth at the top.
The Asia-Pacific region recorded a 2.7% increase in its wealthy population, though performance varied widely by country. While China saw a 1% decline, Japan and India both posted gains of 5.6%.
A Generational Wealth Transfer
The study also highlighted an impending shift in wealth, projecting that $83.5 trillion will be passed down to the next generation over the coming two decades, creating a new class of affluent individuals.
The rising levels of wealth and the parallel increase in inequality have sparked numerous debates in recent years about how the largest fortunes could contribute more through taxation.
