Wealth of world’s millionaires tops $70 trillion for first time

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via UPI:

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.

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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.

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“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.

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