More numerous and with greater wealth than ever, the rich are doing well, thank you.

Good news for Bill Gates and Jeff Bezos alike. The number of wealthy individuals and their wealth has never been higher, according to an international study conducted by the consulting firm Capgemini, published this Wednesday, June 4. This record was achieved thanks to rising stock prices and the craze surrounding artificial intelligence (AI).

According to the French multinational's "World Wealth Report," the number of high-net-worth individuals worldwide, defined as those with disposable income outside their primary residence exceeding $1 million, increased by 2.6% year-on-year to 23.4 million people in 2024. This growth is primarily driven by the increase in the number of "ultra-high-net-worth" individuals, those with $30 million or more, up 6.2% year-on-year. The wealth of the richest also increased, with total assets estimated at $90.5 trillion, up 4.2% year-on-year. In terms of the number of individuals concerned and wealth, these are both records since Capgemini began publishing this annual study in 1997.

The United States recorded the strongest growth, with 562,000 additional millionaires, an increase of 7.6%. The country now has 7.9 million. The increase in wealth was mainly driven by rising stock prices. In 2024, the American Nasdaq, Dow Jones, and S&P 500 indices shattered their records on Wall Street. "US stocks continued their upward cycle thanks to stronger-than-expected economic growth and sustained enthusiasm for AI and technology stocks," the firm notes in the study, which evaluated 71 countries and uses a statistical census system and a graphical representation called the Lorenz curve as its methodology.

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In contrast, the number of high-net-worth individuals in Europe declined by 2.1%, largely due to economic stagnation in its major economies: France lost 21,000 millionaires. However, the number of ultra-high-net-worth individuals increased by 3.5% in Europe, reflecting an increased concentration of wealth. Asia-Pacific recorded a 2.7% increase in the number of high-net-worth individuals, with significant disparities across countries. China saw a 1% decline, while Japan and India posted growth of 5.6%.

In 2022, the wealthiest individuals saw their assets decline by the largest amount in a decade, this time due to a decline in stock prices. The study also highlights the imminent transfer of wealth, as $83.5 trillion will change hands over the next two decades, giving rise to a new generation of wealthy individuals. Wealth levels and the parallel rise in inequality have led to numerous debates in recent years about how to better tax the highest net worth individuals.