A record 920,000 people have become millionaires this year, making it the sixth consecutive year that rising stock prices have facilitated an increase in individual wealth.
The number of high net worth individuals, or people worth $1 million or more, has now hit a record 14.1 million people, according to a report by Capgemini and RBC Wealth Management. More than a third of new millionaires come from the U.S.
In total, the wealth held by millionaires globally is now nearing $56 trillion.
The wealthiest millionaires with over $30 million in net worth represent merely one percent of total high net worth individuals. These same individuals hold nearly 35 percent of the total wealth.
Although the new study suggests that more people are becoming wealthy, the rate of increase is actually slowing down. The rise in the number of millionaires is nearly seven percent this year, calculating to roughly half the rate of the previous year, according to a report by Yahoo Finance.
India, however, is seeing a 26 percent increase in millionaires in the country, making it the biggest percentage increase of high net worth individuals in the world, according to the World Wealth Report.
The U.S. continues to rank as home to the most millionaires in the world, with nearly 4.4 million in residence. China, the world’s second largest economy, ranks fourth on the list, containing only 890,000 millionaires.