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Number of millionaires in Belgium up by more than 8%

12:30 18/06/2015

In 2014 there were 102,100 millionaires in Belgium, or people with assets worth more than 1 million USD (€890,000). That is 7,600, or 8.1% more millionaires than the previous year, according to the 19th World Wealth Report by Capgemini consultancy and RBC Wealth Management. The "high net worth individuals”, according to the report, are defined as wealthy individuals with “investable assets of $1 million or more”, not including their primary home, collections and consumer goods.

With a growth of more than 8%, Belgium last year had a higher number of new millionaires than in neighbouring countries, Germany (+1%), the UK (+4%) and France (+5%). Yet these countries continue to have a greater total number of millionaires.

In all of Europe last year there were 4 million millionaires, an increase of 4% compared to 2013. Worldwide, meanwhile, the high number of rebounding economies and growth of the equity markets led to the creation of some 920,000 new millionaires, an increase of about 7%.

"2014 is the sixth consecutive year in which the number of millionaires and their assets has grown, thanks to the substantial income from shares and the improving economies worldwide," said George Lewis, head of RBC Wealth Management and RBC Insurance. “Looking ahead, we expect that Europe will be a powerful engine behind the capital of millionaires in the next few years thanks to the economic recovery there."

Written by Robyn Boyle