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General condition of world's dollar millionaires becomes known

12 June 2024 21:22 (UTC+04:00)
General condition of world's dollar millionaires becomes known

By Alimat Aliyeva

The total wealth of all dollar millionaires in the world in 2023 increased by 4.7% and amounted to $86.79 trillion, Azernews reports.

This was facilitated by factors such as a decrease in inflationary pressure and the recovery of global markets. As a result, the indicator reversed the decline by the end of 2022 (by 3.6%) and surpassed the record level of 2021, which amounted to almost $86 trillion.

The average annual growth rate (CAGR) for the period 2016-2023 was 4.6%.

The number of wealthy people (high-net-worth individual, HNWI) increased by 5.1% last year and reached 22.828 million.

The wealth of rich people in North America in 2023 increased by 7.2% (to $27.5 trillion), in Latin America - by 2.3% (to $9.4 trillion), in Europe - by 3.9% (to $18.9 trillion), in the Middle East - by 2.9% (to $3.5 trillion), in Asia - by 4.2% (up to $25.7 trillion). Meanwhile, in Africa, it decreased by 1% (to $1.8 trillion).

The number of HNWIs in North America increased by 7.1% to 7.875 million, below the record high of 7.899 million recorded in 2021.

In Latin America, there were 2.7% more millionaires (642 thousand) over the year, in Europe - by 4% (5.8 million), in the Middle East - by 2.1% (898 thousand), in Asia - by 4.8% (7.39 million). Their number in Africa has hardly changed - 195,000.

In stocks in the first quarter of 2024, 21% of the millionaires' wealth was stored in the world (against 23% a year earlier), in cash and equivalents - 25% (34%), in fixed income assets - 20% (15%), in real estate - 19% (15%), in alternative instruments - 15% (13%).

The Capgemini survey showed that, contrary to popular belief, rich people are just as emotional as other people. Over 65% of wealthy people said that addictions affect their investment decisions, especially during important life events such as marriage, divorce or retirement.

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