World's richest have never been so wealthy: study

Credit: Engin Akyurt

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" (HNWI) -- defined as people with liquid assets of at least $1 million -- rose by 5.1 percent last year to 22.8 million, according to consulting firm Capgemini.

Their total wealth reached $86.8 trillion in 2023, a 4.7 percent increase from the previous year, according to the annual World Wealth Report.

The number of HNWI and their total wealth are the highest since Capgemini began the annual study in 1997.