Event features the participation of 2,900 companies from 59 countries, attracting over 137,000 visitors
business2 days ago
The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.
The number of 'high net worth individuals' (HNWIs) -- defined as people with liquid assets of at least $1 million -- rose by 5.1 per cent last year to 22.8 million, according to consulting firm Capgemini.
Their total wealth reached $86.8 trillion in 2023, a 4.7 per cent increase from the previous year, according to the annual World Wealth Report.
The number of HNWIs and their total wealth are the highest since Capgemini began the annual study in 1997.
Their fortunes have risen as stock markets have surged: New York's tech-heavy Nasdaq soared 43 per cent in 2023 while the broad-based S&P 500 gained 24 per cent.
The Paris CAC 40 grew 16 per cent while the Frankfurt DAX advanced by 20 per cent.
The number of HNWIs and their wealth had each fallen by more than three per cent in 2022, a year of macroeconomic uncertainty and geopolitical tensions, the report said.
The decline in their wealth was the steepest in a decade as equities fell.
"However, 2023 brought economic growth and improved fortunes for major investment sectors to reverse the falloff," the report said.
"Despite ongoing interest rate uncertainty and rising bond yields, equities surged along with the tech market, fuelled by enthusiasm for generative AI and its potential impact on the economy."
Rising wealth and inequality in the world have fuelled debates on making the rich pay their fair share of taxes.
Brazil and France have pressed fellow G20 countries to set a global minimum tax on the world's wealthiest people.
Event features the participation of 2,900 companies from 59 countries, attracting over 137,000 visitors
business2 days ago
Gross paid claims of all types of insurance plans rose 34% year on year
business2 days ago
Event attracted representation from more than 60 countries
business2 days ago
Renewed brand identity centres around the belief that “Food is a Blessing”
business2 days ago
Dubai, Abu Dhabi, and Sharjah are among the top 10 startup ecosystems in the region
business3 days ago
Brokers licensed in financial free zones for reinsurance businesses are exempt from these changes as a regulatory regime will apply to them
business3 days ago
Measures are aimed at preserving the integrity and sustainability of the nation's financial and economic system
business3 days ago
Several Indian and foreign companies setting up facilities in India
business3 days ago