In simple terms the higher the resolution, the more bits are required.
At CD standard, one stereo minute is, roughly 10 megabytes, one minute of a file at 24/96 standard is about 33 megabytes.
Any musical file that has a bit rate in excess of CD standard is usually considered hi-res, do not be taken in by some streaming companies that offer hi-res streaming, this is bullsh!t and simply refers to the files being higher resolution than low bitrate mp3 streaming.
Tidal, for example, refers to it's premium offerings as hi-res because they are higher resolution than their standard output which is 256 or 390 kb/s mp3. At best it is CD standard.
As a reference, vinyl records are limited by their noise performance (and other factors) to about 10-11 bits, budget digital systems (CD, downloads, streaming) in a home environment might struggle to resolve 16bits.