Millionaires own a record 45 per cent of the world’s wealth — and their share is growing

The U.S. has the most millionaires, with over even million millionaire households.

PUBLISHED : Thursday, 15 June, 2017, 4:46pm
UPDATED : Thursday, 15 June, 2017, 4:50pm

By Robert Frank

The world’s millionaires, who represent the top one per cent of the population, now own a record 45 per cent of the global wealth and their share is growing, according to a new report.
There are now 17.9 million households in the world, up eight per cent from 16.6 million last year, according to a report from The Boston Consulting Group. The U.S. has the most millionaires, with over seven million millionaire households, with China ranking second with 2.1 million.
The world’s millionaires own over US$75 trillion in wealth, or 45 per cent of the US$167 trillion in total personal wealth in the world, according to the report. Their share is up from 44 per cent in 2015.
By 2021, the world’s millionaires will control US$115 trillion in wealth, or 51 per cent of the world total, according to the report.
“An increasing share of wealth is being held by millionaire households,” according to the report.

Multimillionaires will see the strongest growth. Those worth US$20 million to US$100 million will see their wealth grow 8.4 per cent a year through 2021, according to the report. Those worth more than US$20 million will own more than a fifth of the world’s wealth.

Read the original article at CNBC