The combined wealth of all the world’s millionaires rose in 2017 for the sixth straight year, and topped the $70 trillion-mark for the first time on record.
The World Wealth Report from Capgemini, released Tuesday, credits the rise to an improving global economy and strong stock market performance.
The 11 percent year-to-year increase was the second-fastest since 2011, the report said. The wealth of all millionaires by 2025 is expected to exceed $100 trillion.
Those who are part of the study are called high net worth individuals, or people who have investment assets of $1 million or more.
“High net worth individuals around the world enjoyed investment returns above 20 percent for the second year in a row,” said Anirban Bose, head of Capgemini’s financial services global strategic business unit.