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One percent holds 39 percent of global wealth

By Agence France-Presse
Tuesday, May 31, 2011 18:28 EDT
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WASHINGTON — Around one percent of households have 39 percent of the globe’s wealth according to a study published Tuesday, pointing to increased inequalities in the wake of the global downturn.

The number of millionaire households across the globe increased 12 percent in 2010, according to The Boston Consulting Group report, increasing millionaires’ share of wealth from 37 percent in 2009.

Despite being at the epicenter of the global financial meltdown, the United States had by far the most millionaires last year, with 5,220 millionaire households, and increase of 1.3 percent from the previous year.

Japan was second with 1,530 and China third with 1,110.

But it is emerging markets in Asia that can expect to see the biggest growth, increasing their share of wealth by 2.9 percentage points in 2010.

Tiny Asian economic powerhouse Singapore boosted the highest number of households with more than a million dollars under management.

Over 15 percent of households in the city state have over a million dollars in assets under management, well ahead of the Switzerland and the oil-rich Arabian Gulf states.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
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