Growing Number of Millionaires Around the World
Recently, CNNMoney reported that although the “Great Recession” still appears to have a strong grip around the world, the number of millionaires in the U.S. and across the world will actually grow rapidly over the next decade.
This amazing fact is contrary to the $15.5 trillion in household wealth that was eliminated just in the United States.
A report by the Deloitte Center for Financial Services concludes that by 2020, the total number U.S. families with a net worth of over $1 million (that includes real estate) is forecasted to double.
It may surprise many that China will be the leader in millionaire growth, followed by Brazil, then Russia. Despite this, the U.S. and Europe still hold the greatest concentrations of wealth around the world.
By 2020, both China and South Korea will hold spots in the top 10 of countries with the greatest total number of families worth more than a million dollars.
The U.S. is clearly the leader today in number of millionaire households – about 10.5 million in total. The forecast is the U.S. will reach approximately 20.6 million by 2020.
By 2020, the U.S. will have a total of 43% of the world’s wealth held by millionaire households.
Japan ranks second but there is a significant gap between number 1 and 2. By 2020, Japan is forecasted to have 8.6 million millionaire households or 9% of the world’s wealth.
Although China gets a lot of attention regarding its booming economy, it will still only rank No. 7, with 2.5 million millionaire households in 2020 and 4% of the world’s wealth.