Posthaste: The world's really rich are getting richer again — including Canadians
The wealth of the world’s rich is hitting record levels again, with North America leading the way, says a report out this week.
Globally the wealth of high-net-worth individuals grew 4.7 per cent last year to reach $86.8 trillion and their numbers grew 5.1 per cent to almost 23 million, according to consulting firm Capgemini’s 28th annual World Wealth Report.
That’s a big change from 2022, when both their wealth and numbers dropped.
Those 23 million include “the 1%” — the small group of people who hold 34 per cent of the world’s wealth. But it also takes in mid-tier millionaires with assets worth $5 to $30 million and “millionaires next door” whose fortunes range from just $1 million to $5 million.
Join us for a live Q&A on the Bank of Canada’s rate decision today at noon. Register here
North America’s rich saw the biggest gains, with their wealth growing 7.2 per cent, and the population of the wealthy growing 7.1 per cent.
The United States accounted for most of that, thanks in part to the extraordinary performance of the so-called Magnificent Seven tech stocks. An economy that was in better shape than most in the world also helped.
The S&P 500 posted gains of more than 24 per cent in 2023, up 11 per cent in the fourth quarter alone, said the report.
But Canadians’ fortunes grew as well, with high-net-worth individuals gaining 3.8 per cent more wealth and the population of the wealthy increasing 3.6 per cent.
After a rough 2022, the TSX posted an 8 per cent return in 2023, led by the tech sector which soared almost 57 per cent, the report said. Yet cyclical industries were a drag on the index compared to the S&P 500, including the materials sector which dropped nearly 3 per cent.
The global wealth turnaround has led
Read more on financialpost.com
