France had the fifth most 'cash' millionaires in the world in 2023, according to a report by French data consultancy firm Capgemini on the number of people globally with over $1 million in liquid assets.
The annual report, which studies high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) with liquid assets over $1 million (€934k) and $30 million, showed that the numbers of both categories had grown significantly in 2023.
This growth was largely driven by stocks, with the US S&P 500 ending the year up 24% and the Nasdaq nearly 43%.
The French CAC 40 stock exchange ended 2023 up 17%, spurred on by strong growth in the country’s luxury goods sector.
In comparison, the UK’s domestic focussed FTSE 250 exchange only gained 4.5% over the year.
In addition to the sluggish performance of UK stocks, a report by citizenship advisory firm Henley & Partners said that 3,200 HNWIs left the UK in 2023, making it the third-biggest source of millionaire migration globally after China (13,500) and India (6,500).
However a study by German data company Statistica in February 2024 placed the UK above France in fifth place, with 905,227 HNWIs in 2023, indicating that these figures are by no means absolute.
In terms of UHNWIs, France is fifth (24,941), and the UK sixth (23,072) according to figures in the 2024 Knight Frank's Wealth Report. The leading country for these individuals with over $30million in liquid assets is the USA (225,077)
