A new report released by Boston Consulting Group reveals the countries in the world that have the most number of millionaire households.
The consulting firm defines a millionaire as a household that has at least $1 million USD “assets under management” as cash deposits, money market funds, listed securities (held directly or indirectly through managed funds), and onshore and offshore assets. It excludes wealth attributed to investors’ own business, residences or luxury goods.
At the top of the list is Asia’s tiger, Singapore with 16% of all households having at least $1 million USD in assets under management, followed in second place by Switzerland with 9.9% of households in the millionaire category. Hong Kong has 8.7% and the United States 4.5%.
The Global Wealth Study is now into its 11th year and has become a reliable indicator and demonstration of how global wealth is tracking. Not surprisingly, the report’s findings mirrored what’s going on in the global economy: people are getting rich quickest in Asia’s emerging economies, with overall wealth growing 17% from the year before and more than double the global average of 8%.
Obviously the figures can show both how wealth is being distributed in a country, and also in absolute figures, ie. the total numbers.
China, for example, has a phenomenal 1.1 million households “millionaire” households, which places it in third place over all (behind the United States and Japan, which have 5.22 million and 1.53 million respectively), but given the size of China’s population, overall its millionaires don’t make it into the top 15 nations.
The nations showing the largest absolute gains in wealth were the United States, China, the United Kingdom, and India.
The United States has the most number of ultra-high-net-worth households, with 2,692 households holding in excess of $100 million in assets under management.
The most important trend, perhaps, is the global wealth distribution. According to the report, the world’s millionaires represent 0.9% of the world’s population but control 39% of the world’s wealth, up from 37% in 2009. Their wealth now totals $47.4 trillion USD in investable wealth, up from $41.8 trillion USD in 2009.