The wealth of millionaires surged more than 8 percent last year, to $63.5 trillion, a report from global consultancy group Capgemini showed Thursday.
The number of millionaires, which is defined as those who own a minimum of investible assets of $1 million (excluding primary residence, collectibles and consumables) also expanded in 2016 at a rate of 7.5 percent on the year. In 2015, there had been a 4.9 percent growth.
"We confirm that global HNWI (high net worth individuals) wealth expansion is on track as projected, with faster growth in North America and Europe helping to offset a deceleration in Asia-Pacific. This is just one of many positive factors giving lift to the wealth management industry today," Anirban Bose, head of banking and capital markets at Capgemini said in the report.