The number of dollar millionaires in Belgium fell to 134,600 in 2024, 2.5% less compared to the year before. This marks the third consecutive annual decline, according to data released by consultancy firm Capgemini on Wednesday.
To be classified as a dollar millionaire, an individual must hold at least 1 million US dollars (around €878,000) in investable assets, excluding their primary residence. The total includes assets such as shares, investments, cash and real estate, but excludes art collections, cars and jewellery.
Last year, Belgium was home to approximately 540 ultra-high-net-worth individuals (HNWI) with assets exceeding $30 million. Around 9,380 Belgians held assets between $5 million and $30 million, while the majority – roughly 124,670 individuals – had between $1 million and $5 million in investable assets.
While the overall number of millionaires declined, the wealth of Belgium's super-rich rose by 9% in 2024. Those in the $5 million-30 million bracket saw a more modest increase of 1.9% in net wealth, whereas those owning assets worth between $1 million-5 million experienced a 2.4% decline.
How did Belgium's neighbours fare?
In France, HWNI wealth saw no growth in 2024, while population declined by 2.6%. French markets experienced volatility due to significant political events during the year, according to the report. French luxury stocks also suffered significantly due to a slump in demand in China. Political uncertainty and a weak performance from luxury stocks negatively affected the CAC 40 index, which fell by 2.2%.
While Germany's HNWI wealth increased marginally by 0.5% in 2024, Germany's HNWI population declined by 2.5%. Even as wealth growth was limited, its equity markets showed surprising resilience: Germany's DAX index gained 18.6% in 2024, bolstered by strong performances from companies including SAP, Rheinmetall, and Siemens Energy. Germany's equity market also benefited from the significant international exposure of its firms.
Across the Channel in the United Kingdom, HNWI wealth grew 0.5%, while population declined by 2.4% in 2024. The UK's FTSE 100 index gained only 5.7%, with signals from the Bank of England that the country's monetary policy would remain tighter for longer. Elections and tax hikes from the new budget also put pressure on corporate earnings for UK-based firms.
What's the global picture?
Globally, the world's dollar millionaires club has grown once again. The number of dollar millionaires rose by 5.1% in 2024, reaching 22.8 million individuals, according to Capgemini's report. The total wealth of these millionaires also increased by 4.7%. According to Capgemini, this is the highest number since the consultancy firm started its annual World Wealth Report in 1997.
Most of the growth was concentrated in North America, fuelled by "a favourable interest rate environment and strong US equity market returns," the report noted. In contrast, Europe, Latin America and the Middle East saw a decline in millionaire numbers, largely due to ongoing macroeconomic challenges.
Last year, some 23.4 million people had financial assets of at least $1 million, representing an increase of 2.6% compared to 2023. The total wealth of these wealthy individuals also increased, rising 4.2% year-on-year to $90.5 trillion (€79.5 trillion).
The US still has by far the largest number of dollar millionaires, with 7.993 million people recorded in 2024 (compared to 7.431 million in 2023). Japan follows with 3.990 million wealthy individuals (compared to 3.777 million in 2023).
To compile its report, Capgemini analysed 71 countries representing 98% of global GDP and 99% of global market capitalisation.
