The world has never seen such an abundance of wealthy individuals, with their investments in booming stock markets propelling their fortunes to unprecedented levels, according to a study released on Wednesday.

The number of "high net worth individuals" (HNWI) – defined as those with liquid assets of at least $1 million – increased by 5.1 percent last year, reaching a total of 22.8 million, as reported by consulting firm Capgemini in its annual World Wealth Report.

These HNWIs saw their collective wealth climb to $86.8 trillion in 2023, marking a 4.7 percent rise from the previous year. Both the number of HNWIs and their total wealth are the highest since Capgemini began conducting the study in 1997.

The surge in fortunes correlates with a remarkable year for stock markets. New York's tech-heavy Nasdaq skyrocketed by 43 percent in 2023, while the broad-based S&P 500 increased by 24 percent. In Europe, the Paris CAC 40 and the Frankfurt DAX grew by 16 percent and 20 percent, respectively.

This growth comes after a challenging 2022, when the number of HNWIs and their total wealth each dropped by over three percent due to macroeconomic uncertainties and geopolitical tensions. The previous year's decline was the steepest in a decade, driven by falling equity markets.

"However, 2023 brought economic growth and improved fortunes for major investment sectors to reverse the falloff," the report noted. "Despite ongoing interest rate uncertainty and rising bond yields, equities surged along with the tech market, fueled by enthusiasm for generative AI and its potential impact on the economy."

The escalating wealth of the world's richest has sparked renewed debates over tax fairness. Countries like Brazil and France are advocating for a global minimum tax on the wealthiest individuals within the G20 framework.

As wealth and inequality continue to rise, these discussions are likely to intensify, highlighting the broader implications of global economic trends on social and fiscal policies.