Business

Record number of 16.5m millionaires worldwide

HONG KONG The number of millionaires in the world rose by nearly 8 per cent last year to an all-time high of around 16.5 million people, with a record total wealth of US$63.5 trillion (S$86.2 trillion), according to a report by global consultancy firm Capgemini.

The wealth of high-net-worth individuals (HNWI) - which Capgemini defines as those with investable assets of US$1 million or more, excluding primary residence, collectibles and consumables - rose 8.2 per cent on the year in 2016 and is on track to surpass US$100 trillion by 2025.

Some 1.15 million people became millionaires last year, the report said. The United States, Japan, Germany and China boast the highest numbers and together make up for almost two-thirds of the total.

France overtook Britain in the top five in terms of the number of millionaires, while Sweden knocked Singapore out of the top 25. - REUTERS

WealthRich PeopleSingapore