Wealth Surge: Why the World’s Richest Keep Getting Richer
The world’s wealthiest individuals have reached unprecedented levels of fortune, driven by substantial gains in stock markets.
Capgemini’s study shows the number of high-net-worth individuals grew by 5.1% in 2023.
Now, 22.8 million people globally have investable assets exceeding one million dollars. Their combined wealth rose by 4.7%, reaching $86.8 trillion.
This surge correlates with significant growth in global stock markets. For example, the Nasdaq rose by 43%, and the S&P 500 increased by 24% in 2023.
European markets also saw substantial gains. Paris’s CAC 40 went up 16%, and Frankfurt’s DAX climbed 20%.
These increases were mainly fueled by the technology sector. The excitement around generative artificial intelligence and its potential economic impacts played a big role.
However, this wealth increase was not uniform across the globe. North America saw the most significant rise in both the number of millionaires and their total wealth.
The number of millionaires increased by 7.1%, and their wealth grew by 7.2%. Meanwhile, the Asia-Pacific region and Europe followed with notable but smaller gains.
The rapid increase in wealth has sparked discussions about economic inequality. Organizations like Oxfam argue for more effective wealth redistribution.
They suggest business reforms that benefit workers rather than concentrating wealth among shareholders.
Oxfam estimates that if just 10% of U.S. companies were worker-owned, it could double the wealth of the poorest half of the population.
Wealth Surge: Why the World’s Richest Keep Getting Richer
In response to these disparities, some countries are advocating for a global minimum tax on the wealthiest individuals.
Brazil and France, for example, support this initiative within the G20.
They propose a tax that could generate an additional $250 billion if billionaires paid at least 2% of their wealth in income tax.
This tax could raise approximately $250 billion. The collected funds would be allocated to the billionaires’ home countries for local use.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 166,191.45 | -0.82% | +8.41% | 167,563.47 | 168,994 | 166,190 | — |
| USD/BRL | 5.50 | +0.82% | +2.00% | 5.46 | 5.51 | 5.42 | — |
| SELIC | 13.75% | — | — | — | — | — | |
| PETR4 | 45.95 | -2.48% | +48.95% | 47.12 | 48.04 | 45.95 | 53,129,700 |
| VALE3 | 62.67 | +0.51% | -4.66% | 62.35 | 63.16 | 62.15 | 23,558,700 |
| ITUB4 | 39.97 | +0.65% | +2.59% | 39.71 | 40.17 | 39.33 | 32,695,300 |
| BBDC4 | 13.77 | -2.06% | -26.72% | 14.06 | 14.15 | 13.73 | 74,922,100 |
| BBAS3 | 16.49 | +0.00% | -27.07% | 16.49 | 16.71 | 16.34 | 33,652,800 |
| B3SA3 | 14.36 | +0.42% | +8.79% | 14.30 | 14.44 | 14.04 | 31,827,900 |
| ABEV3 | 15.48 | +1.51% | +17.45% | 15.25 | 15.49 | 15.13 | 55,478,500 |
| WEGE3 | 48.30 | -3.50% | +11.01% | 50.05 | 49.93 | 47.65 | 15,543,300 |
| PRIO3 | 61.54 | -0.97% | +62.76% | 62.14 | 64.44 | 61.54 | 14,097,000 |
| SUZB3 | 52.29 | -0.11% | +6.93% | 52.35 | 52.47 | 51.15 | 9,554,500 |
| RENT3 | 29.07 | -1.32% | -30.07% | 29.46 | 29.71 | 28.91 | 13,661,700 |
| AZZA3 | 14.06 | +0.64% | -51.65% | 13.97 | 14.62 | 13.92 | 3,237,100 |
| CSNA3 | 4.05 | -0.74% | -53.50% | 4.08 | 4.29 | 4.01 | 22,025,500 |
| GGBR4 | 23.99 | -3.58% | +25.67% | 24.88 | 25.14 | 23.75 | 19,901,600 |
| ENEV3 | 26.32 | +0.19% | +39.26% | 26.27 | 26.76 | 26.01 | 12,224,700 |
This article was drafted with automated assistance and reviewed before publication. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief