Millions of Millionaires

CA - 2016-1-2-Millionaires graphicHere’s a quick factoid quiz: which country around the world has the most millionaires? How many total millionaires are there in the world today?

According to the 6th annual Credit Suisse Global Wealth Index, measured in dollar terms, there are 33.7 million households worldwide with $1 million or more in total net worth—a 146% rise since 2000. More than 46% of these favored households are located in the United States—15.7 million millionaire households overall. The United Kingdom and Japan are far behind on the list, with 7% (2.3 million households) and 6.3% (2.1 million) shares of millionaire households respectively. They are closely followed by France and Germany (5%; 1.5 million) and China (4%; 1.3 million).

The trends are positive for the U.S., which saw 900,000 new households reach the millionaire club in the past year, and China, which added 150,000. Japan, meanwhile, had 680,000 households fall out of millionaire status, and Europe overall lost the most members of the club, shedding 2 million, primarily from France, Germany, Italy and Sweden.

Which countries are left out of the millionaire club? All of Africa and India combined make up just 1.3% of the total millionaire households.

Perhaps the most interesting insight from the survey is the fact that having a million dollars in assets is no longer an exclusive club. And it’s becoming less so. Credit Suisse estimates that the number of millionaires will grow more than 35% over the next ten years.

Sources:

https://publications.credit-suisse.com/tasks/render/file/?fileID=F2425415-DCA7-80B8-EAD989AF9341D47E

https://www.credit-suisse.com/de/en/about-us/responsibility/news-stories/articles/news-and-expertise/2015/10/en/global-wealth-in-2015-underlying-trends-remain-positive.html

 

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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