The wealthiest people on earth have never been richer.
On Wednesday, June 5th,2024 research released, that there have never been so many wealthiest people on earth, and their investments in rising markets for shares have made them richer than ever before. As reported by consultancy company Capgemini, the number of high-net-worth individuals (HNWI) increased by (5.1% to 22.8 million) the year before. high net worth individuals (HNWI) are classified as those who have assets with liquidity of a minimum of 1 million dollars.
The annual World Wealth Report states that in the year 2023, the sum of their wealth increased to ($86.8 trillion), a 4.7% gain over the year before. Since Capgemini started the yearly survey in the year 1997, the number of high net worth individuals (HNWI) and their overall wealth are at an all-time high. Their wealth has increased in parallel with the rise in financial markets: in the year 2023, the broad-based S&P 500 rose 24%, while New York’s tech-heavy Nasdaq jumped 43%. The Frankfurt DAX increased by 20%, whereas the Paris CAC 40 increased by only 16%.
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As a result of world politics and financial instability in the year 2022, the number of HNWI and their wealth had decreased by more than 3%, according to the research. As stocks dropped, their wealth declined at the fastest rate in ten years. The research stated that in the year 2023, economic growth and better outcomes for significant investment sectors helped to reverse the decline.
Moreover “Excitement about artificial intelligence (AI) and its possible effect on the economy inspired shares higher along with the tech industry, ignoring ongoing interest rate instability and increasing bond rates.”Arguments for ensuring the wealthy pay their proper share of taxes have gained support as global inequality, as well as wealth, have increased. France and Brazil have put pressure on other G20 nations to impose a worldwide minimum tax on the richest individuals on the planet.
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