Last year's bullish stock markets boosted the fortunes of the world's richest, adding more members to the club of dollar millionaires, the World Wealth Report says.

The number of people worldwide with investable assets of at least $1 million ("high net worth individuals," or HNWI) rose by 5.1% last year to an estimated 22.8 million, according to a study by consulting firm Capgemini.

This is the highest level since the first annual study was conducted in 1997. The total wealth of the richest rose 4.7% to a record $86.8 trillion (€79.64 trillion).

Their fortunes have risen as stock markets have soared: New York's tech-heavy Nasdaq rose 43% in 2023, while the broad-based S&P 500 gained 24%. Meanwhile, the Paris CAC 40 rose 16% and the Frankfurt DAX 20%.

Germany retains third place

Despite below-average economic growth, records were also set in Germany, where the wealth of the richest increased by 2.2% to $6.28 trillion while the club of dollar millionaires grew by 34,000 (2.1%) to 1.65 million members.

The wealth of the world's richest as well as the number of global millionaires declined in 2022 amid economic and political uncertainty.

"However, 2023 brought economic growth and improved fortunes for major investment sectors to reverse the falloff," the report said.

"Despite ongoing interest rate uncertainty and rising bond yields, equities surged along with the tech market, fueled by enthusiasm for generative AI and its potential impact on the economy."

According to the study, Germany remains in third place. The US still leads with 7.431 million millionaires, ahead of Japan with 3.777 million. China is in fourth place with just over 1.5 million HNWIs.

The strongest growth was recorded in North America. Thanks to a robust economy, easing inflation and the booming stock markets, the wealth of the richest in North America increased by 7.2% to $26.1 trillion while the number of millionaires rose by 7.1% to 7.431 million.

The trend is similar in most regions, although to a lesser extent, the study found.

Rising inequality has been considered a major driver of social unrest.

dh/ab (AFP, dpa)