The combined wealth of the world's millionaires rose for a sixth straight year and topped $70 trillion for the first time ever in 2017 thanks to an improving global economy and strong stock market performance, according to a new report released Tuesday.
The number of high net worth individuals (HNWI) - which Capgemini defines as those having investable assets of $1 million or more (excluding primary residence, collectibles, consumables and consumer durables) - grew almost 10 percent, or 1.6 million, to 18.1 million in 2017.
"High net worth individuals around the world enjoyed investment returns above 20 percent for the second year in a row," Anirban Bose, head of Capgemini's financial services global strategic business unit, said in a statement. The report's analysis confirms that "global HNWI wealth would exceed $100 trillion by 2025,' Bose wrote.
The United States, Japan, Germany and China are the four largest markets for millionaires, accounting for 61 percent of the world's high net worth individuals.
The U.S. leads the pack with 5.3 million HNWIs, a 10 percent increase from 2016.
But the Asia-Pacific region has the most HNWI millionaires overall as Japan saw a 9 percent increase (3.2 million), China 11 percent (1.3 million) and India 20 percent (263,000).
The report researches trends among the wealthy through market research, data analysis and a survey of more than 2,600 HNWIs across 19 countries.
Other interesting highlights from the report :
• Wealth is becoming even more concentrated as the ultra-wealthy, those with $30 million or more in investable assets, saw the greatest growth. The wealth of a mere 1 percent of the 18.1 HNWIs, or 174,800 individuals, grew 12 percent in 2017 and represented about 35 percent of total HNWI wealth.
• Enthusiasm for digital currency is growing. 29 percent of HNWIs say they have a high degree of interest in holding cryptocurrencies and another 27 percent were somewhat interested.
The Encinitas Planning Commission on Thursday will vote on the next phase of a contentious project meant to improve access to Beacon’s Beach.
Comic-Con International, again expected to draw a wide array of fans of the popular arts, conducts its annual preview night at the San Diego Convention Center Wednesday night.
Goat yoga may be all the rage, but the San Diego Humane Society is giving people the change to stretch out with adorable furry critters – cats!
Over 130,000 pop culture devotees will come to San Diego's Gaslamp District for the annual four-day comic book convention Comic-Con, the big, bright and very heavily branded confab of costumed superfans and the corporate sponsors vying for their attention — and dollars.
There is a renewed call for protective barriers along the State Route 56 bike path where, in some sections, only a chain-link fence separates bike riders from freeway traffic.
Some tennis experts say San Diego native, Taylor Fritz is the best hope to be America's next great tennis star.
A citywide wellness program is in the works to offer San Diegans free health-related classes. Dozens of workshops will be held each year at libraries and recreation centers, according to the City of San Diego.
Major traffic is expected to start Wednesday evening as Comic-Con kicks off with preview night in Downtown San Diego. MTS officials are encouraging attendees to use public transportation and got into the SDCC spirit with an homage to the "Stranger Things."
A 28-year-old man died Wednesday after he was found shot in a car in San Diego's University Heights neighborhood, police said.
Dogs can be a man's best friend, but also a criminal's worst nightmare. In Wednesday's Zevely Zone, Jeff is in Miramar at the sheriff's K-9 training academy with the new recruits.