The number of millionaires in the world is growing every year. Last year was another good year for millionaires. The Boston Consulting Group has released a report on the matter which reveals that the number of millionaire households in the world grew by 12.2% in 2010, to 12.5 million. BCG considers only those households millionaires who have $1 million or more in investible assets. In absolute numbers the US is way ahead of others with 5.2 million millionaire households. Japan is next but way behind at 1.5 million millionaire households. China with 1.1 million and the U.K. with 570,000 are the other countries with large number of millionaire households.
Singapore, however, leads in terms of ‘millionaire density’. 15.5% of their population are now part of millionaire households. Another major point that the report highlights is the global wealth distribution. It is skewed too much in favor of the millionaires at the moment. The world’s millionaires represent 0.9% of the world’s population but control 39% of the world’s wealth. This has gone up from 37% in 2009. This is a dangerous trend of concentrating all the wealth with a few rich families.
The wealth of the millionaire households of the world grew by over 12% from $41.8 trillion in 2009 to $47.4 trillion now. The concentration of wealth at the top increased. Those with $5 million or more, who represent 0.1% of the population, controlled 22% of the world’s wealth, up from 20 percent in 2009. Another trend or fact that emerges out of the report is that the emerging markets are throwing up more millionaire households every year but the distribution of wealth is more inequitable in these economies. The winner takes all or almost all is not a healthy trend for global society as a whole. Only the growth which is inclusive is sustainable and good for the health of the global economy.