More than 600,000 Americans became millionaires in 2023.
According to Capgemini, there are now 7.5 million American millionaires with combined fortunes of up to $26.1 trillion, 7% higher than the cumulative total in 2022.
Capgemini’s study defines millionaires as individuals whose investible assets are worth more than $1 million.
While the United States is going through a rough time economically, those at the top of the wealth ladder are finding their fortunes growing faster than ever. However, despite this positive development, many experts still express caution about how long this can keep going.
The past decade saw more people become richer than ever due to several factors involved, including but not limited to artificial intelligence and, believe it or not, the COVID-19 pandemic.
The worst-case scenario is that the current growth rate stops because of the elections, high interest rates, and conflicts that are taking place around the globe.
The situation could get worse before it becomes better, but this is a welcome sign.
Aside from North America, several other territories also experienced growth at the top. Millionaire growth was particularly strong in Asia-Pacific (4.8%), Europe (4%), and Latin America (2.7%).
A pattern noticed by experts among those who are getting wealthier is their risk appetite. They’re putting their money to work by investing in aggressive growth assets.
As more millionaires join the club, experts believe that wealth management firms that can offer comprehensive services that include everything from lending to lifestyle advice and health care solutions as well as educating the next generation will all thrive.