Russia Has the Fastest Growing Number of Millionaires in the World

Mae Love
October 1, 2017

According to the World Wealth Report published by global consultancy firm Capgemini, Canada has over 356,900 high net worth individuals (HNWI), which is an increase of 11.3% from previous year.

A new report by global consultancy Capgemini found wealth among millionaires grew by a record 8 percent previous year to $63.5 trillion.

The report defines a dollar millionaire as a person who has more than $1 million (around 8.2 million kronor) in investible assets, which also does not include for example an art collection or consumer goods. Almost 4.9 million live in the U.S., 2.9 million in Japan, and over a million in both Germany and China, which, predictably has been rapidly rising up the rankings as its economy has expanded.

The Asia-Pacific, Europe and North America contributed equally to the rise in wealth, with Russia, Brazil and Canada reversing course from declines a year ago, the report showed.

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Technology companies could use "their agility, their speed to market, their ability to leverage data, to personalise, to drive transparency", areas where traditional wealth management firms are lacking, said Brian Sullivan, global head of financial services market intelligence at Capgemini.

Alternative investments, such as hedge funds, derivatives, foreign currency, commodities and private equity, fell to 9.7% from 15.7%.

Internationally, the community of dollar millionaires grew by 7.4 percent previous year, mainly thanks to real estate prices and confident stock markets around the world, reaching 14.9 million millionaires.

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