The number of millionaires in the world reached an all-time high in 2023, while Belgian millionaires declined, according to the annual World Wealth Report.
There were around 22.8 million-dollar millionaires last year, according to French consultancy firm Capgemini's annual report. This marks a significant increase (5.1%) from the previous year and is the highest-recorded number since the report was first published in 1997.
Capgemini describes a millionaire as someone with investable assets of at least $1 million, and as it stands, over 22.8 million individuals qualify for the category. Moreover, this subgroup's aggregate wealth rose by 4.7% in 2023, amounting to a collective $86.8 trillion – another record-breaking figure.
The consultancy firm attributes these rising figures to reinvigorated stock markets and an improved macroeconomic environment. Share prices have also risen, partly due to excitement regarding the impact of generative artificial intelligence (AI) and its potential economic implications.
Where is the money?
North America saw the most significant jump in its share of millionaires (up by 7.1%). Meanwhile, Europe's millionaire population increased by 4%, reaching 5.8 million. Africa was the only region to witness a decline in its share of millionaires. Capgemini explains that this drop is caused by falling commodity prices and declining foreign investments.
Country-specific data shows that the US, Japan and Germany are home to the greatest number of millionaires, with 7.4 million, 3.8 million and 1.6 million, respectively.
Belgian millionaires dropped off in the same period, defying the trend in almost every other part of the world. They now make up 0.4% of the population (138,000 people), shrinking by 0.3% in 2023. Their collective wealth fell to $351.8 billion – €323.6 billion – in the same year.
Globally, the top 1% of the super-rich (220,000 people with investable assets of at least $30 million) owned over 34% of the total wealth of all dollar millionaires. More than 70% of the top 1% are "self-made" millionaires, typically amassing their fortunes in the tech sector.
The World Wealth Report took 71 countries into account, with Capgemini's calculation of wealth incorporating shares, securities, investments, cash and property, but not primary residences.
