Thanks to the Stock Market Boom... The Number of Billionaires Worldwide Hits an All-Time High

The number of wealthy individuals worldwide has reached an all-time high due to a booming stock market and other factors.

On the 5th (local time), according to major foreign media, the French consulting firm Capgemini released the "World Wealth Report 2024" containing this information.

[Image source=Yonhap News]

The report stated that the number of "high-net-worth individuals" with liquid assets exceeding $1 million (1.37 billion KRW) increased by 5.1% from the previous year to 228 million last year. Their total assets were estimated at $86.8 trillion (11,900 quadrillion KRW), up 4.7% from the previous year.

This is the highest number and asset size of wealthy individuals since Capgemini began its annual survey in 1997.

The significant increase in their assets is attributed to the sharp rise in stocks. The report analyzed that a robust economic recovery, easing inflationary pressures, and soaring stock markets drove the growth in wealthy individuals.

Last year, the Nasdaq index in the New York stock market rose by 43%, and the S&P 500 index increased by 24%.

The report explained that in 2022, global wealthy individuals' assets experienced the steepest decline due to falling stocks, but last year, economic growth and improvements in key investment sectors reversed the downward trend.

It added, "Despite interest rate instability and rising bond yields, stocks rose led by the technology sector, fueled by enthusiasm for generative artificial intelligence (AI) and the potential impact AI could have on the economy."

This content was produced with the assistance of AI translation services.