Rich get richer as booming stock markets swell ranks of the ultra-wealthy

Stronger global growth and booming stock markets have been great for the super rich.

The number of people with more than $50 million of net assets rose 10 percent last year, the fastest pace in at least five years in 2017, according to a report published Wednesday by broker Knight Frank LLP. The increase, to a total of almost 130,000, came as each of the world’s major economies began to grow at the same time.

Asia leapfrogged Europe as the region with the second highest number of ultra wealthy, while North America retained top spot, according to the data compiled by Wealth-X. New York was ranked top in the broker’s city wealth index, followed by London, San Francisco and Los Angeles.

Rising stock markets, a long overdue recovery in Europe and the relative weakness of the dollar, which flattered fortunes held outside the U.S., all helped boost the figures, according to Knight Frank global head of research Liam Bailey.