Rich Families Getting Richer
The numbers of millionaire households globally grew by 14%in 2006 from 2005 and now control a third of the estimated $100 trillion in wealth, a new study by Boston Consulting Group released. These 9.6 million families, comprising 0.7% of world’s households, now control some $33.2 trillion, the BCG study found. About half are located in the United States and Canada, a quarter in Europe and a fifth in the Asia-Pacific region.
The study, seventh in a series, found that assets held by non-wealthy households - defined as those with less than $100,000 in financial assets - declined slightly from 2001 to 2006. But assets held by households with more than $100,000 climbed from $51.4 trillion to $84.5 trillion during the same period. The study attributed wealth gains mainly to two factors: increased savings and market gains for stocks, bonds and cash, reflecting wealth managers’ long-held view that market investments are a key factor in building wealth. The study found that overall global wealth grew 7.5% in 2006 to nearly $100 trillion, the fifth consecutive year of expanding wealth.
