The world’s richest increased their wealth by 8% in 2021 and added 7.8% more members to their cohort as bullish stock markets generated healthy returns, according to Capgemini’s World Wealth Report (WWR). published on Tuesday.
North America continued its growth trajectory, posting the largest increase in population and high net worth (HNWI) wealth, at 13.2% and 13.8% respectively, according to the report.
In the Middle East region, the number of rich increased by 5.5% while their wealth increased by 6.3%. The growth, driven mainly by the United Arab Emirates and Israel, was due to an increased focus on the technology industry and the recovery in oil prices.
The Asia-Pacific region, which had led the growth of HNWIs over the past decade, slipped back to third place as the ranks of the wealthy rose just 4.2%, behind Europe.
In 2021, the top four positions of the HNWI population by market were retained by the United States, Japan, Germany and China respectively, representing 63.6% of the global HNWI population, an increase of 0, 7% compared to 2020.
In the UK, the HNWI population grew by 6.3% and wealth by 7.4% last year, compared to -3% and -1.1% the previous year.
In India, the HNWI population grew by 10.5% and wealth by 11.6%, as wealth grew thanks to central bank liquidity support programs, national policies and vaccination campaigns.
(Reporting by Brinda Darasha; editing by Seban Scaria)