Study: More Dollar Millionaires: Got Richer and Richer

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More Dollar Millionaires: Getting richer and richer

The club of millionaires around the world has grown significantly in the second year of Corona.

Photo: DPA

The rich all over the world have significantly increased their wealth in the second year of Corona. Rising share prices also contributed to this. Whether it will continue this year is questionable.

Updated on: 06/14/2022 10:24 am

Frankfurt am Main. Over the past year, following the 2020 coronavirus crisis, high stock prices and an economic recovery have benefited the rich around the world.

According to calculations by the consulting firm Capgemini, his wealth rose by 8 percent year-on-year to a record high of $86 trillion. At the same time, the club of dollar millionaires grew, including Germany, one of the three richest countries. “However, our forecast for 2022 is much more cautious,” Capgemini expert Claus-Georg Meyer comments on the overall growth prospects.

Interest rate hikes by the central banks in the fight against high inflation affect the mood on the stock markets and lead to falling share prices. Capgemini estimates that from the end of last year to the end of April 2022, the wealth of people with at least $1 million in invested assets worldwide fell by about 4 percent.

$22.5 million millionaires worldwide

According to calculations, the club of global dollar millionaires grew again last year by 7.8 percent to 22.5 million members. In Germany, around 100,000 people or 6.4 percent were added. The country had a total of 1.63 million members. “If we look back at the past few years, things are getting better and better,” said Meyer.

According to calculations, the total assets of dollar millionaires in Germany rose by 7.4 percent to around 6.3 trillion dollars (around 6 trillion euros). In addition to the increase in share prices, a higher savings rate and a real estate boom also contributed to this.

For comparison: According to the Bundesbank, the financial assets of private households in Germany were around 7.61 trillion euros at the end of last year. Cash and bank balances, securities such as shares and funds, and receivables from insurance companies are taken into account, but not real estate.

Germany at the top

According to Capgemini, Germany is still one of the countries with the most millions of dollars. At the top are the USA (7.46 million), followed by Japan (3.65 million). China follows Germany in fourth place with 1.54 million wealthy people. “It’s only a matter of time before China overtakes Germany,” Meyer suspects. Overall, 63.6 percent of all dollar millionaires worldwide are concentrated in these four countries.

Stefan Korzel, board member of the German Trade Union Confederation (DGB), demanded: “The federal government should finally take countermeasures and introduce a fair tax policy so that the rich and super-rich can ultimately contribute more to the common good.” In order not to endanger the social cohesion of society, “the strong shoulders are carried much more”. Korzel spoke out in favor of the reintroduction of the inheritance tax and a radical revision of the inheritance tax.

Globally, the strongest growth last year was among soup-rich people with at least $30 million in investable assets. Total assets grew by 8.1 percent. The number of the super-rich rose by 9.6 percent to around 220,000.

Recently published studies on the subject come to a similar conclusion, although the numbers may differ due to methodological differences. Capgemini’s annual World Wealth Report includes alternative investments such as stocks, fixed income, private equity, cash and real estate when not used by the company. Collection or consumer goods are not included.

© dpa-infocom, dpa:220614-99-654749/3

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