100 million millionaires: China ahead of U.S.Christian Fernsby ▼ | October 22, 2019
Global wealth grew during the past year 2.6% to USD 360tn and wealth per adult reached a new record high of USD 70,850, 1.2% above the level of mid-2018.
- Viewed in terms of wealth per adult, Switzerland tops
- The main loser was Australia
- North America dominates the regional breakdown
World US, China and Europe contributed the most towards global wealth growth
Topics: Millionaires China U.S.
Viewed in terms of wealth per adult, Switzerland tops (up USD 17,790) followed the United States (USD 11,980), Japan (USD 9,180) and the Netherlands (USD 9,160).
The main loser was Australia (down USD 28,670) largely down to exchange rate effects, with other significant losses in Norway (down USD 7,520), Turkey (down USD 5,230) and Belgium (down USD 4,330).
Estimates for mid-2019 show 46.8 million millionaires worldwide, up 1.1million on 2018.
The United States added more than half of this number 675,000 new millionaires to its sizeable stock.
The decline in average wealth in Australia resulted in 124,000 fewer millionaires, but losses were relatively modest elsewhere, e.g. 27,000 in the United Kingdom and 24,000 in Turkey.
Among the UHNW group in mid-2019, the report estimates that 55,920 adults are worth at least USD 100 million, and 4,830 have net assets above USD 500 million.
North America dominates the regional breakdown, with 84,050 members (50%), while Europe has 33,550 (20%), and 22,660 (14%) live in Asia-Pacific countries, excluding China and India.
This year, for the first time, China recorded more members of the global top 10% (100 million) than the United States (99 million).
Wealth inequality declined within most of the countries during the early years of the century.
Today, the share of the bottom 90% accounts for 18% of global wealth, compared to 11% in the year 2000.
While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future. ■