Elite 1 per cent hold almost half the world’s wealth

Just 1 per cent of the world’s ­population can call themselves millionaires or richer. But ­together they hold almost half the world’s wealth, and their share is growing, according to a new study.

About 18.5 million households around the world have at least US$1 million worth of assets, for a total of US$78.8 trillion – or about the same size as global annual economic output – Boston Consulting Group’s annual report on global private wealth said.

That also amounts to 47 per cent of total global wealth – based on holdings of cash, financial accounts, and equities, but not real estate – leaving the rest to be ­divided by the other 99 per cent of the world’s population.

The elite 1 per cent have steadily increased their share of ­global wealth from 45 per cent in 2013 to 47 per cent last year, the findings show, supporting worries among economists that ­inequality is growing around the globe.

The United States tops the world’s count of millionaires by far, with eight million at least that wealthy, followed by China with two million and Japan with half that number.