The world’s wealthy have benefited from the economic recovery and rising stock prices over the past year, with Germany ranking among the top three countries with the most millionaires. According to a study by Capgemini, the global wealth of the wealthy increased by 8% to $86 trillion in 2021, compared to $82 trillion in 2020. Germany saw a significant increase in the number of dollar millionaires, with almost 100,000 people joining the ranks in 2021, bringing the total to 1.63 million. However, experts predict a more cautious outlook for 2022 due to the impact of inflation and interest rate hikes on stock prices.
The study found that the number of people with investable assets of at least $1 million decreased by about 4% globally from the end of 2021 to April 2022. Despite this, Germany’s dollar millionaires were able to increase their wealth by 7.4% to a total of $6.3 trillion in 2021, thanks to higher stock prices, a real estate boom, and higher savings rates. Germany is among the countries with the most dollar millionaires, ranking third after the United States and Japan. However, the growing wealth gap has led to calls for a fairer tax policy to ensure that the rich contribute more to society.
Stefan Körzell, a board member of the German Trade Union Confederation (DGB), has called for a fundamental overhaul of the inheritance tax and the reintroduction of the wealth tax to prevent social inequality from endangering social cohesion. The study also found that the wealth of the super-rich, those with investable assets of at least $30 million, increased the most in 2021, with their total wealth rising by 8.1%. The number of super-rich people worldwide increased by 9.6% to 220,000. While the number of millionaires may be increasing, the growing wealth gap highlights the need for policies that promote greater economic equality.
