A record-breaking number of millionaires worldwide are living in dollar wealth.
Cashing in on the rich: A global overview of dollar millionaires
The world's club of millionaires has grown yet again, thanks to a boom in the stock market. A whopping 23.4 million folks, a 2.6% increase from the previous year, boast investable assets of over a million dollars. That's the highest number since the first survey in 1997, according to Capgemini. This wealth accumulation has reached a record-breaking $90.5 trillion worldwide, representing a 4.2% increase compared to the year before.
Also check out
### NATO's Twist: Boosting Defense Capabilities Amidst USA and Russia Tensions### Electric Paradigm: BYD Unleashes Assault on European Markets### Trump's Tax Law Under Fire: Musk's 'Disgusting Abomination' Rant## Germany holds on to third place
Despite a slight decrease in the number of high-net-worth individuals (HNWI) - dollar millionaires - Germany managed to stay in third place. Approximately 1.605 million HNWIs were reported in 2024 compared to 1.646 million the previous year.
Give it a read
### Million Dollar Incomes: The Wealthy Residents of Stuttgart
The Stuttgart region is economically strong, as demonstrated by the income levels of its residents. The number of Stuttgart residents earning at least a million euros per year was significant. The decrease in the number of millionaires in Germany is primarily ascribed to a drop in real estate prices, according to Capgemini's estimation. The total wealth of the rich in Germany remained relatively unchanged at $6.32 trillion.
USA in first, Japan in second place
The USA holds the top spot with a staggering 7.993 million dollar millionaires, up from 7.431 million in 2023. Japan remains in second place with 3.990 million wealthy individuals. Combined, the USA, Japan, Germany, and China account for nearly two-thirds of the world's millionaires.
It's worth noting that the "World Wealth Report," published annually since 1997, includes stocks, bonds, real estate, cash, and alternative investments like private equity, but excludes art collections, consumer goods, and any assets used for self-consumption.
Another interesting read
### Climate Wake-Up Call: The Wealthy Ones Behind Two-Thirds of Global Warming
Climate change is rearing its ugly head, with the richest 10% of the global population playing a significant role in its progression. A study published in the Nature journal reveals this startling fact. The study covers 71 countries that together represent more than 98% of global GDP and 99% of global stock market capitalization. Additionally, 6,472 dollar millionaires were surveyed about their investment strategies in early January of 2024.
Sources:1. Capgemini. (2024). World Wealth Report 2024.2. The Wall Street Journal. (2024). US Adds 562,000 Millionaires in a Year.3. CNBC. (2023). The U.S. Leads the World in Liquid Private Wealth.4. Bloomberg. (2024). World Millionaire Population Hits Record High.5. Forbes. (2024). Global Wealth Report: The Richer Get Richer.
Personal finance is a significant concern for millionaires worldwide, as they continue to accumulate wealth. In the Stuttgart region, a notable number of residents earn over a million euros per year, contributing to the country's personal-finance landscape.
Businesses and investments in the finance sector could potentially benefit from the increasing number of millionaires, especially in countries like the USA, Japan, and Germany. Our understanding of the financial habits of this demographic group could lead to innovative business strategies and solutions for personal-finance management.
