During the same period, the HNWI population increased by 5.1% to 22.8 million globally.
North America and the Middle East Lead in Growth
In the methodology used by the report, a millionaire is defined as a person with liquid investable wealth of $1 million (USD) or more.
North America and the Middle East have both experienced the largest percentage increase in the number of millionaires since 2016, at +52% and +50% respectively.
According to Capgemini, factors like solid economic resilience, cooling inflationary pressures, and strong performance in the U.S. equity market contributed to North America’s growth.
| Region | 2016 (total millionaires) | 2023 | % Change |
|---|---|---|---|
| North America | 5.2M | 7.9M | 52% |
| Asia-Pacific | 5.5M | 7.4M | 35% |
| Europe | 4.5M | 5.8M | 29% |
| Middle East | 600K | 900K | 50% |
| Latin America | 600K | 600K | 0% |
| Africa | 200K | 200K | 0% |
North America also leads in absolute numbers, having added 2.7 million millionaires over the past seven years.
Meanwhile, Latin America and Africa have seen no change in the number of millionaires.
