Global Ranks of Millionaires Swelled in 2009

According to the BCG, the U.S. had unusually strong growth. With the number of millionaire households climbing to 4.7 million, the U.S. remains at the top of the world wealth totem with the largest aggregate number of millionaire households. That means that approximately 4% of American households qualify as millionaire households (millionaire households are defined by the BCG as having at least $1 million in assets). 

Global growth among the affluent has been driven by last summer’s rebound in financial markets. This marked improvement stands in stark contrast to the continued suffering at the middle and bottom of the economic ladder. As a result, inequality around the world has widened.

The BCG study claims 83% of the world’s households own 13% of the wealth, down from 14% the previous year. The top 0.5% of households (those with $5 million or more) owned 21%, or $23 trillion, of the world’s wealth. That is up from 19% in 2008.

Around the World:

• Singapore saw the highest growth in millionaire households, up 35%, followed by 33% for Malaysia, 32% for Slovakia, and 31% for China.
• Switzerland had the highest concentration of millionaire households in Europe and the third-highest overall at 8.4%.
• Three of the six densest millionaire populations were in the Middle East – in Kuwait, Qatar, and the United Arab Emirates.
• The United States had the seventh-highest density of millionaire households at 4.1%.
• North America posted the largest cumulative gain in wealth at $4.6 trillion (15%), but the largest percentage gain occurred in Asia-Pacific (not including Japan), where wealth increased by 22%, or $3.1 trillion - nearly double the global rate.
• Latin America had the second-highest growth rate at 16%.
• Europe remained the wealthiest region. Its $37.1 trillion in assets uner management (AuM) represented one-third of the world’s wealth. It was one of several regions where wealth surpassed its precrisis year-end peak.
• North America accounted for about 40% of the $11.5 trillion increase in global wealth in 2009. Its wealth increased to $35.1 trillion.
• Offshore wealth (defined as assets booked in a country where the investor has no legal residence or tax domicile) grew to $7.4 trillion in 2009, up from $6.8 trillion in 2008, largely driven by the market recovery.

Conclusion: The rich were never in crisis.

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