The 'US Wealth Machine' Got a Big Boost in 2023

New Capgemini report says the US added 600K millionaires to its ranks in 2023
By Jenn Gidman,  Newser Staff
Posted Jun 7, 2024 11:12 AM CDT
The 'US Wealth Machine' Got a Big Boost in 2023
Stock photo.   (Getty Images/Tom Merton)

The United States welcomed a whole lot of affluence into its midst in 2023—600,000 new millionaires, give or take. That's per Capgemini's latest "World Wealth Report," which CNBC notes shows the US "far [outpacing] the rest of the world in minting millionaires last year." More from the study:

  • Stats: There are now 7.5 million people who can call themselves millionaires in the US (a 7.3% increase from 2022), which, according to Capgemini's parameters, means anyone holding investible assets of $1 million or more, not including one's primary home, collectibles, or consumer assets that last over the long haul. The combined fortunes of the newly minted wealthy amounted to $26.1 trillion last year.

  • Richest of the rich: Those worth at least $30 million did particularly well, growing 7.5% from 2022. There are about 100,000 Americans now worth that much, with a combined fortune of $7.4 trillion.
  • Drivers: The recuperation of the stock market at the end of last year, trillions of dollars in government spending (including pandemic stimulus efforts), and even artificial intelligence all contributed to fueling what CNBC calls "the US wealth machine."
  • India: The Capgemini study notes that the South Asia nation now has nearly 360,000 millionaires, or almost double what it had a decade ago. In 2023, the country added 40,000 new millionaires—or basically one every 15 minutes, per Morningstar. That was a 12% increase over 2022, giving it the fastest growth rate of the nations studied.
(More millionaires stories.)

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