The world is becoming wealthier. According to a new report from The Boston Consulting Group, global wealth grew by about 8% in 2010 to $121.8 trillion. By the end of 2015 that amount is expected to increase to about $162 trillion. Despite this, most people will not see large increases in their personal fortunes anytime soon. This is because of the the gap between the rich and poor is increasing.
24/7 Wall St. looked at The Boston Consulting Group report “Shaping A New Tomorrow: How To Capitalize on the Momentum of Change” to identify the ten nations with the highest total number of millionaire households. These countries were then compared to countries with the highest numbers of households with more than $100 million in AuM, as well as each country’s GDP. The probable causes for individual financial success were also considered, including tax laws, industry and economic conditions.
The countries with the most millionaires have a number of things in common. They all have high GDPs, with only a few falling outside of the top ten for all nations. Most have also embraced market-driven economies. Each country also leads in at least one, and frequently multiple, industries in which successful entrepreneurs benefit.
While China and the United States both have among the greatest number of millionaire households, they have among the highest rates of income inequality, according to the United Nations. Millionaire households, or households with $1 million or more in total AuM (assets under management), represented just 0.9% of all households in 2010. These households own 39% of the total wealth, however. This is an increase from 37% in 2009. As wealth increases, the amount that is owned by millionaires increases dramatically.
This is 24/7 Wall St.’s Countries With The Most Millionaires.