The rich are not getting richer

Wealth of the super-rich worldwide declines for first time in seven years. Germany is one of the countries with the most millionaires.

The rich are not getting richer
dpa

Frankfurt, Germany (dpa) - For the first time in seven years the wealth of the super-rich worldwide has declined, according to a report published by consultancy firm Capgemini on Monday.

The wealth of millionaires went down by almost 3 per cent to 68.1 billion dollars compared with 2017. This is the first time their wealth has gone down since 2011.

At the same time, the number of millionaires went down for the first time since the 2008 financial crisis.

In Germany, the number of people with more than one million dollars in wealth was reduced to 1.35 million people, which is 1.1 per cent of Germany's population.

Capgemini believes the reasons for this trend are international trade conflicts and insecurity stemming from Brexit, as well as losses on the stock market.

According to the German Central Bank, the slump on the stock market in 2018 has left its mark. For the first time in three years the wealth of private households in Germany went down, and investors saw their worst losses since 2008.

Despite the economic slump, Germany is still one of the countries with the most millionaires worldwide. The US tops the list, with Japan, Germany and China following. According to the report, these four countries represent 61.2 per cent of the world's wealthiest people.

The report says there are 18 million millionaires in the world, which is 0.3 per cent less than in 2017.

The biggest losses, however, were incurred by the super-rich - those with more than 30 million dollars in wealth. Their total wealth went down by around six per cent.

Capgemini takes into account shares, fixed-income securities, alternative investments such as natural resources or hedge funds, hard cash and real estate for their annual World Wealth Report.