The number of United States millionaires grew by around 500,000 last year, outpacing other countries in the process, according to a new study.
The U.S. population of “high-net-worth individuals” grew by 7.3 percent and now sits with over 7.4 million, according to a recent report from Capgemini. In 2022, there were 6.9 million.
Capgemini, a French multinational IT firm, defines a millionaire as someone with $1 million of investable assets “excluding their primary residence, collectibles, consumables, and consumer durables.”
The 2023 numbers were bounce-back for the wealthy compared to 2022 during which their net worth dropped, according to Capgemini.
The firm noted that despite higher interest rates, big-ticket legislation like the Inflation Reduction Act and CHIPS Act and the stock market recovering in late 2023 were some of the keys to wealth bumps recorded in the study.
Ultra-high-net-worth individuals are just one percent of the millionaire group, but they hold 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 over wealth expanded by 4.7 percent to $86.8 trillion. Besides North America, the second strongest bump in millionaires was in the Asia-Pacific with 4.8 percent. Europe’s was 4 percent, Latin America was at 2,7 percent, Middle East got 2.1 percent. Africa was the only region where it fell 0.1 percent, according to the report.