The Unstoppable Growth of the Super Rich: Breaking Records Worldwide
Prosperity of the affluent hits new records
You gotta admit, the rich are getting richer! A recent study by Capgemini, a leading consulting firm, shows a whopping 4.2% increase in the total wealth of the rich b*stards within a year. And no, this isn't a temporary spike - it's a full-on, long-term trend.
The study defines the rich as those individuals who have more than a million dimes at their disposal, excluding the price of their McMansions. And guess what? The number of these money-droppers has never been higher, rising by 2.6% to an astounding 23.4 million in 2024.
The surge in wealth doesn't stop there - it's the ultra-rich, those with over 30 moolah, who are really making headlines. The World Prosperity Report states that their combined wealth has ballooned to a mind-boggling 90.5 trillion bucks. Think about that for a second. That's a lotta dough!
The United States has been at the forefront of this wealth-packed parade, with an additional 562,000 millionaires - a 7.6% raise. The US is now home to a staggering 8 million millionaires, mostly due to a boom in stock prices, according to the report.
On the flip side, Europe has seen a slight dip in the number of wealthy folks, dropping by 2.1%. This can be attributed to economic stagnation in major econo-powers like France, which lost about 21,000 millionaires in one year. However, the number of ultra-wealthy individuals in Europe has grown by 3.5%, suggesting a worrying concentration of wealth.
Unfortunately, Germany hasn't been immune to this wealth-shifting storm. The nation has experienced a decrease in dollar millionaires, which Capgemini attributes to a drop in real estate prices. But don't worry, the total wealth of the rich in Germany has remained practically unchanged at a cool 6.32 trillion bucks.
Capgemini's "World Wealth Report," published annually since 1997, considers stocks, bonds, alternative investments, cash, and real estate (excluding the main residence) when calculating total wealth. Art collections, fancy cars, and bling are not taken into account. The study covers 71 countries, representing over 98% of the global GDP and 99% of the global market cap. Plus, they surveyed 6,472 dollar millionaires about their investment strategies in early January.
The increasing wealth divide has sparked discussions about how the super rich should be taxed more effectively. But hey, if you gotta ask us, that's a topic for another day!
Source: ntv.de, gho/dpa/AFP
(Enrichment Insights: Although the total wealth of the rich has increased significantly, income inequality has also risen within countries. Economic policies, investment opportunities, and global trends such as globalization have contributed to this wealth concentration. The United States, with over 30% of investment migration applications, has been a key player in global wealth growth. However, other regions like Sub-Saharan Africa face challenges such as high poverty rates and debt crises.)
In light of the increasing wealth of the super rich, it might be time for community and employment policies to address the growing wealth divide, potentially including discussions about more effective taxation on the wealthy. Furthermore, understanding the investment strategies of the rich, as revealed in Capgemini's annual "World Wealth Report," could offer insights for businesses and finance sectors aiming to attract investments and foster economic growth.
