More than 1 million
people entered the global ranks of the wealthy last year as booming stock markets increased the number of individuals with free assets of more than $1m to a record 16.5 million. Research by Capgemini found that the world’s high net worth individuals (HNWI) collectively hold a $63.5tn fortune. In order to qualify as an HNWI, a person’s assets – excluding their primary residence and its contents – must be worth at least $1m. Cliff Evans, one of Capgemini’s researchers, said the report showed that the already rich were getting richer at a much faster rate than the wider population. “For people with a lot of money the service they’re getting from investment managers is proving its worth,” he said.