The number of US millionaires grew by 500,000 last year: report

The number of American millionaires grew by about 500,000 last year, surpassing other countries, according to a new study.

The US population of “high net worth individuals” grew by 7.3 percent and now stands at over 7.4 million, according to a recent report from Capgemini. In 2022 there were 6.9 million.

Capgemini, a French multinational IT company, defines a millionaire as someone with $1 million in investable assets “excluding their primary residence, collectibles, consumables and consumer durables.”

According to Capgemini, the 2023 figures for the wealthy were a recovery from 2022, when their wealth fell.

The company noted that despite higher interest rates, major legislation such as the Inflation Reduction Act and CHIPS Act and the recovery of the stock market in late 2023 were some of the keys to wealth gains recorded in the survey.

Ultra-high-net-worth individuals make up just one percent of the millionaire group, but own 34 percent of the wealth, according to Capgemini.

On a global scale, the number of millionaires increased by 5.1 percent to 22.8 million and their net worth by 4.7 percent to $86.8 trillion. Besides North America, the second strongest increase in the number of millionaires was in the Asia-Pacific region, at 4.8 percent. Europe was 4 percent, Latin America 2.7 percent and the Middle East 2.1 percent. Africa was the only region where the economy fell by 0.1 percent, according to the report.

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