The world saw a record high of 23.4 million millionaires, up 2.6% from 2023. Together, these individuals held approximately $90.47 trillion in wealth, designating a 4.2% increase despite economies facing volatility. This information comes from Capgemini’s global high-net-worth report.

The United States led the way, adding 562,000 new millionaires, a 7.6% jump—thanks largely to strong performance in American equity markets. Investor excitement around artificial intelligence developments, along with a series of rate cuts, fueled gains on Wall Street.

The biggest surge was among ultra-high-net-worth individuals (those with at least $30 million in investable assets), whose combined wealth in the U.S. climbed by nearly 12%.

In the Asia-Pacific region, India and Japan both saw solid growth. India added roughly 20,000 millionaires (a 5.6% rise), while Japan added about 210,000 (also 5.6%). By contrast, China’s count of high-net-worth residents actually fell by 1%.

READ ALSO:

Africa remains a small but growing share of the global millionaire population.

In short, Africa accounts for less than 1% of the global total of millionaires today, but its wealthiest segment is expanding rapidly. Economic growth in Nigeria, South Africa, Kenya, and Egypt, coupled with rising fintech and real estate sectors, helps drive this regional increase.