An improved economic landscape has helped to add 1.76 million people to the global High Net Worth Individual (HNWI) population of 13.7 million in 2013.
This is according to the World Wealth Report 2014 (WWR) released by Capgemini and RBC Wealth Management.
HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.
The report noted that a 15% increase in HNWI population in 2013 is the second-largest since 2000, surpassed only by immediate post-crisis catch-up growth of 17% in 2009.
The report found that the investable wealth of HNWIs grew by nearly 14% to reach a record high of US$52.62 trillion.
The US contains the most millionaires, at 4 million, followed by Japan (2.3 million), Germany (1.1 million), and China (758,000). The top four countries account for 60% of the world’s wealthy.
In Africa, the size of the HNWI population increased by 3.7% in 2013 to 100,000, while wealth witnessed an increase by 7.3% to US$1.3 trillion.
Looking ahead, global HNWI wealth is forecast to reach a new high of US$64.3 trillion by 2016, representing 22% growth from 2013 levels and approximately US$12 trillion in new wealth.