According to the “2017 World Wealth Report”, which was compiled by French IT consulting firm Capgemini and the Royal Bank of Canada Wealth Management, the number of millionaires in Brazil rose from 148,500 in 2015 to 164,500 in 2016, above the global average of 7.5 percent.

Among the 25 countries included in the report, Brazil had the fourth highest increase in the number of millionaires, after Russia (20 percent), Sweden (13 percent) and China’s Taiwan (12 percent).

Millionaires in the report are people who have over one million U.S. dollars in easily saleable assets, not counting their homes, collection items and durable goods.

According to the report, the total wealth of Brazilian millionaires increased from 3.7 trillion U.S. dollars in 2015 to 4.2 trillion U.S. dollars in 2016.

The figures registered in Brazil ended a downward trend in the previous two years. In 2015, Brazil had registered the sharpest fall in the number of millionaires among all the countries in the study, dropping 7.8 percent.

It is also worth noting that the number of millionaires in Brazil grew significantly in 2016 despite the country’s poor economic situation.

Brazil has been facing a recession in the past few years, and only now seems to be recovering, albeit slowly. In 2016, the country’s GDP fell 3.6 percent, and in 2015 it fell 3.8 percent.

However, according to the report Brazil’s stock market registered considerable gains in 2016, helping to boost the number of millionaires.

The Sao Paulo Stock Exchange’s Ibovespa indicator rose 66.46 percent in 2016.