While the total number of millionaires only account for roughly 1 percent of the world’s population, they now claim 45 percent of the global wealth and not showing any signs of slowing down, according to a new annual global wealth report.
The Boston Consulting Group (BCC) released its latest report, “Global Wealth 2017: Transforming the Client Experience,” showing that the global population increased from 16.6 million to 17.9 million households last year (8 percent gain).
Out of that total number, the United States ranks #1 for the greatest number of millionaire households at just over 7 million, with China coming in second at 2.1 million households.
The findings outlined in the annual wealth report coincide with Wall Street’s record-breaking stock market numbers. As such, it comes as no surprise that as the number of millionaires around the world continues to surge, so does the value of their holdings.
While economic growth may have slowed for the rest of the population, the report is further proof that millionaires and the mega-wealthy have managed to cash in on a larger slice of the global wealth distribution.
According to BCC, the world’s millionaires boast over $75 trillion in wealth, equating to an estimated 45 percent of the $167 trillion in total global personal wealth, which is up from 44 percent in 2015.
It is also estimated by wealth experts that the world’s millionaires could accumulate at least $115 trillion in wealth by 2021, claiming as much as 51 percent of the total global wealth, says the report.
Multimillionaires are expected to experience the largest spike in wealth growth over the next 5 years, especially those with a net worth of $20 million to $100 million, who could see a wealth increase of 8.4 percent per year through 2021.
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