The number of super-rich people is exploding—and it's raising the bar for what's considered ‘wealthy' [Fortune]
CAPGEMINI SE UNSP/ADR (CGEMY)
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Source: Fortune
That's because the number of individuals with more than $30 million in assets—the generally accepted threshold for the “ultra-high-net-worth individuals”— grew from 157,000 in 2016 to 220,000 in 2023, according to data from Capgemini . That's a jump of nearly 28% in just seven years. Now, with so many more multimillionaires milling around, outbidding one another on priceless art and decked-out yachts, the actual bar for what's considered “wealthy” is creeping ever upward, rapidly tacking on extra zeroes. Many of the new self-made UHNWIs of today “built their wealth primarily through entrepreneurship or executive roles in the technology sector,” Elias Ghanem, the global head of Capgemini's Research Institute for Financial Services, told Fortune. How does that increased baseline for what's considered “wealthy” change behavior, habits or desires among the ultra-rich? UHNWIs are “primarily focused on wealth growth,” Ghanem said. “In contrast, the primary objective for the rest of t
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