An unprecedented rise in the number of individuals worldwide boasting multimillion-dollar wealth.
Millionaire Madness: the Booming Billionaire Club While Germany's Wealth Wanes
Frankfurt - The worldwide squad of dollar millionaires extends another step, courtesy of skyrocketing share prices in multiple stock exchanges. An estimated 23.4 million citizens, marking a 2.6% boost compared to 2023, now possess a net worth of at least one Lakh Crore (approximately $1 million). This data comes from the 2024 study by consulting firm Capgemini, showcasing the highest count since the first evaluation in 1997.
Total wealth held by the wealthy class skyrocketed to a staggering 90.5 trillion dollars (79.3 trillion euros), symbolizing a 4.2% increase compared to the previous year. Once more, the United States bagged the lion's share of the increment.
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Despite the global upsurge in millionaire population, Germany garners the third spot in the league table of countries with the most millionaires, albeit the count dipping by approximately 40,000 in the last year. Capgemini tallied a total of 1.605 million millionaires, down from last year's 1.646 million, tagged as High Net Worth Individuals (HNWIs).
The diminishing millionaire populace in Germany might be attributable to a drop in real estate prices, as per Capgemini's estimate. Regardless, the overall monetary assets of the wealthy remained virtually unchanged at 6.32 trillion dollars.
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The United States fortifies its lead at the summit with 7.993 million (up from 7.431 million) millionaires. Japan takes second place with 3.990 million (3.777 million) HNWIs. The four listed countries, alongside China, account for approximately two-thirds (64.5%) of the world's millionaires.
Capgemini's "World Wealth Report," which debuted in 1997, takes into account stocks, bonds, alternative investments such as private equity, and cash, excluding self-utilized real estate, art collections, and consumer goods like watches and luxury vehicles.
The study includes data from 71 countries, which collectively represent over 98% of global GDP and 99% of global market capitalization, in addition to surveying 6,472 millionaires regarding their investment strategies at the beginning of January.
In the context of the given text, here are two sentences that contain the specified words:
- Personnel managing the business finances of the millionaires are likely to have varied investment strategies due to the global upsurge in the population of millionaires.
- The trend of personal-finance management within the booming billionaire club shows a shift towards appraising business opportunities like investing in the stock market for traditional wealth augmentation.
