Finance

World Wealth Report: Germany's dollar millionaires on the rise

The number of people in Germany with a fortune in excess of $1 million (€882,000) grew rapidly in 2019, according to the World Wealth Report, published on Thursday.

The German economy grew by just 0.6% last year as it narrowly avoided a recession but despite this, the report, conducted by consulting firm Capgemini, showed that the number of dollar millionaires had shot up by more than 100,000. 

The surge brings the total to 1.46 million residents across the country with this kind of fortune and it means that there are now 8.6% more Germans with such riches than there were a year before.

However, with the coronavirus crisis hitting the global economy hard, it is uncertain whether this figure will continue to hold for 2020.

Read more: Can a wealth tax bridge Germany’s divide between rich and poor?

Worldwide increase

According to Capgemini , the number of dollar millionaires worldwide also rose by almost 9% last year, despite trade wars and geopolitical tensions.

Fueled by low interest rates, the prices for real estate have risen sharply around the world, despite the weakening economy last year, meaning home-owners were big winners in 2019. 

This was particularly pronounced in the United States, where tax reforms at the behest of US President Donald Trump relieved companies and corporations of significant taxes.

Read more: Do we need to work less to save the world?

Indeed, the US tops the poll for the largest increase in dollar millionaires with a rise of 11%, or 600,000, taking its total to 5.9 million residents.

In a separate study published earlier this week, researchers at San Diego State University (SDSU) stated our happiness is more dependent on money than ever before.

The study demonstrates the link between indicators such as income and education and happiness has grown stronger over the last few decades.

The findings, which were published in the American Psychological Association journal Emotion, show that, on average, the more income someone makes, the happier they are.



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