First, the bad news – the global economy may not recover to its glory time anytime soon as the U.S. economy is getting really choppy with stubborn unemployment, not to mention the risk of another round of recession. The good news – the global wealth increased by 8% last year to reach a record of $121.8 trillion, at least that was what Boston Consulting Group says. Amazingly, the number of millionaire households grew by 12.2% in 2010, to 12.5 million worldwide. The U.S. still ranks as the country with the most millionaires per capita but lags behind other countries in terms of the proportion of millionaire households by market.
Millionaire households were counted based on assets under management, including cash deposits, money market funds, listed securities held directly or indirectly through managed investments together with onshore and offshore assets. However, it excludes wealth attributed to investors’ own businesses, residences, and luxury goods. Millionaire households accounted for 39% of global wealth in 2010, up from 37% in 2009 and 36% in 2008. Here’re the top 20 countries with the highest proportion of millionaires and you’ll never guess which top the chart.
No. 20 on the Chart: Canada
Millionaire households as a share of country’s total households: 1.4%
Number of millionaires households: 180,000
No. 19 on the Chart: Australia
Millionaire households as a share of country’s total households: 1.6%
Number of millionaires households: 130,000
No. 18 on the Chart: Denmark
Millionaire households as a share of country’s total households: 1.7%
Number of millionaires households: 40,000
No. 17 on the Chart: Saudi Arabia
Millionaire households as a share of country’s total households: 2.0%
Number of millionaires households: 90,000
No. 16 on the Chart: Oman
Millionaire households as a share of country’s total households: 2.1%
Number of millionaires households: 9,000
No. 15 on the Chart: United Kingdom
Millionaire households as a share of country’s total households: 2.2%
Number of millionaires households: 570,000
No. 14 on the Chart: Netherlands
Millionaire households as a share of country’s total households: 2.3%
Number of millionaires households: 170,000
No. 13 on the Chart: Ireland
Millionaire households as a share of country’s total households: 2.3%
Number of millionaires households: 30,000
No. 12 on the Chart: Bahrain
Millionaire households as a share of country’s total households: 2.6%
Number of millionaires households: 6,000
No. 11 on the Chart: Japan
Millionaire households as a share of country’s total households: 3.0%
Number of millionaires households: 1,530,000
No. 10 on the Chart: Belgium
Millionaire households as a share of country’s total households: 3.1%
Number of millionaires households: 140,000
No. 9 on the Chart: Israel
Millionaire households as a share of country’s total households: 3.4%
Number of millionaires households: 80,000
No. 8 on the Chart: Taiwan
Millionaire households as a share of country’s total households: 3.6%
Number of millionaires households: 280,000
No. 7 on the Chart: United States
Millionaire households as a share of country’s total households: 4.5%
Number of millionaires households: 5,220,000
No. 6 on the Chart: United Arab Emirates
Millionaire households as a share of country’s total households: 5.0%
Number of millionaires households: 50,000
No. 5 on the Chart: Kuwait
Millionaire households as a share of country’s total households: 8.5%
Number of millionaires households: 40,000
No. 4 on the Chart: Hong Kong
Millionaire households as a share of country’s total households: 8.6%
Number of millionaires households: 200,000
No. 3 on the Chart: Qatar
Millionaire households as a share of country’s total households: 8.9%
Number of millionaires households: 30,000
No. 2 on the Chart: Switzerland
Millionaire households as a share of country’s total households: 9.9%
Number of millionaires households: 330,000
No. 1 on the Chart: Singapore
Millionaire households as a share of country’s total households: 15.5%
Number of millionaires households: 170,000
After declining in 2008, the U.S. millionaire population grew in 2009 and continued to rebound in 2010. Although its economy is crawling, the U.S. still has by far the most millionaire households (more than 5 million) of any country, as well as the largest number of ultra-high-net-worth households (those with more than $100 million in assets under management). Hmm, not bad for a country whose government has debt of a mind-boggling US$14.3 trillion.
Japan has 1.53 million millionaire households, second only to the U.S. Its share of regional wealth has been declining though. Japan accounted for more than half of all wealth in the Asia-Pacific region as recently as 2008 but by 2010, its share accounted for about 44% only. The United Kingdom has 570,000 millionaire households, the fourth-highest number, after the U.S., Japan and China. However, as a share of total households in the country, at 2.2%, the U.K. ranks 15th.
Qatar is the world’s fastest-growing economy, as well as one of the richest. It’s annual GDP growth is estimated at 19.4% in 2010, with per capita GDP at $145,300. The country has the world’s third-largest reserves of natural gas, with oil and gas accounting for more than half of GDP, 85% of export earnings, and 70% of government revenues.
With nearly one in 10 households in Switzerland a millionaire household, the country is one of the world’s most expensive. Hence, being a Swiss you shouldn’t complain of paying about 20% more for services & accommodation and 45% more for food as compared to other Western European cities. At least I won’t mind. And guess which country has the highest concentration of millionaire households?
It’s none other than Singapore. That’s right – Singapore, the country that its northern neighbour, Malaysia, always ridicule for being just a tiny dot and not even considered a country is home to the world’s greatest concentration of millionaire households. Deloitte expects that by 2015, Singapore may surpass Switzerland in per capita wealth among millionaire households. Already, Singapore is Asia’s eighth-most-expensive location.
Reference: http://www.financetwitter.com/2011/06/top-twenty-countries-with-highest-proportion-of-millionaires.html
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