Quantcast
Connect with us

World’s millionaire ranks seen soaring through 2020

Published

on

NEW YORK (Reuters) – The rich keep getting richer, both here in the United Statesand especially in the world’s emerging markets.

Public and private investments controlled by the richest families are expected to more than double in value to $202 trillion by 2020, from $92 trillion this year, according to survey of millionaires in 25 countries byDeloitte LLP.

ADVERTISEMENT

Meanwhile the ranks of families with more than a million dollars will also increase, by two-thirds to 55.5 million in the developed world. They will more than double to 10 million in emerging markets such as China, India and Brazil.

Still, Deloitte predicts the bulk of the world’s wealthiest families will continue to be found in the United States andEurope, despite the wealth management industry’s obsession with emerging markets.

“There’s no question these markets are of fundamental importance over the long term, but wealth managers can’t overlook the value of their home base,” said Andrew Freeman, executive director of the Deloitte Center for Financial Services.

Deloitte notes that China, Brazil, Russia and other emerging markets are minting new millionaires at a faster rate than established markets, powered by economic expansion, commodity prices and development.

ADVERTISEMENT

Across 10 emerging markets, millionaire household wealth is seen tripling to $25 trillion from $7 trillion this year. By 2020 China will likely join the ranks of the top 10 richest economies with $3.6 trillion of wealth.

India’s average millionaire would be wealthier than the average American millionaire

Among emerging markets, Deloitte expects China to continue to be the driving force in the growth of millionaire wealth, followed by Brazil and Russia. In the developed markets, Australia and Singapore will have the fastest growth rate of

ADVERTISEMENT

millionaire households.

Millionaires in Singapore, a hub for wealth management in the Far East, may surpassSwitzerland as the world’s highest per millionaire wealth by 2015 with $4.5 million, according to the study, conducted by Oxford Economics.

That said, the United States is likely to remain home to the most millionaires, doubling to 20 million households by 2020 from this year. The total wealth among U.S. millionaires will reach $87 trillion by 2020, an annual growth rate of 9 percent.

ADVERTISEMENT

As a result, Deloitte’s Freeman said banks, brokers and trusts have plenty of growth opportunities in states like California, Florida and New Jersey, which has the greatest density of U.S. millionaires.

Wealth in the study includes financial assets (stocks, bonds, and other investments) and nonfinancial assets including primary residence, durables, business equity and other assets.

(Editing by Steve Orlofsky)

ADVERTISEMENT

ource: Reuters Life! Online Report


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Why you should sell your house now — and not wait for the climate to change

Published

on

Cities across the United States are already seeing the impacts of climate change. Sea levels are on the rise in Miami, Florida, where ocean waters creep into the streets, even when it isn't raining. Massive wildfires have taken out whole neighborhoods in California and in Alaska, about 2.5 million acres have burned since July 3. Wildfires there are getting worse, according to experts.

The problem of climate change has reached a dangerous level for some homeowners in areas that are no longer insurable. In Miami, for example, the "street-level" is now considered the basement and insurers are dropping coverage for basements. According to the Daily Beast, at least 340,000 California homeowners lost their property insurance coverage between 2015 and 2018 because the wildfires are getting worse and companies don't want to pay out when homes are destroyed.

Continue Reading

Breaking Banner

GOP lawmakers working behind the scenes with Democrats to curb Trump’s tariff madness

Published

on

According to a report from Wall Street Journal, Republican lawmakers are working behind the scenes to rein in Donald Trump's penchant for declaring tariffs willy-nilly depending on how he feels about other countries and their leaders at any given time.

As the president trade war rages on -- impacting manufacturers, farmers and consumers alike -- Republicans looking at the 2020 election are desperate to turn around a U.S. economy that looks headed for a recession.

Continue Reading
 

Breaking Banner

Beto O’Rourke doubles down on gun buybacks

Published

on

Former Rep. Beto O'Rourke, a Texas Democrat who is running for president in 2020, told NBC's "Meet the Press" on Sunday that he believes assault weapons are "instruments of terror" and the government should implement a mandatory buyback policy.

I was asked about @SenToomey saying mandatory buybacks are "awful."

I said the priorities in D.C. are screwed up.

What's awful is a 17 month-old baby shot in the face with an AR-15 in Odessa. What's awful is 22 people killed in a Walmart buying school supplies in El Paso. pic.twitter.com/JAN1xfrQYS

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1. Go ad-free.
close-image