Market Conditions Help Mint 600K New Millionaires in 2023 To Beat 2021 Record
The future of fortune suggests that all you need to join the millionaire club is artificial intelligence (AI). Last year, the US welcomed 600K new millionaires, bringing the total to 7.5M and surpassing the rest of the world. This growth is attributed to a strong rebound in the stock market at the end of 2023, increased government spending, and the rise of AI.
- America’s millionaires now hold a whopping $26.1T — marking a 7% jump from the previous year — and also account for 30% of global millionaire wealth.
- Despite rising interest rates, many are turning to more aggressive growth assets — with two out of three high-net-worth individuals planning to invest more in private equity in 2024.
Rich and richer: As the ultra-wealthy get wealthier, competition intensifies among firms managing these fortunes — pushing them to focus on personalized services such as succession planning, tax advice, and concierge services to cater to the unique needs of their high-net-worth clients. The number of Americans worth $30M or more rose 7.5% in 2023, reaching 100K individuals, and their combined wealth soared to $7.4T. However, Elias Ghanem from Capgemini Research Institute warns that inflation, a potential recession, geopolitical issues, and elections could slow down the pace of wealth creation (CNBC).
