The mega rich are getting richer.

Last year, there were a record-breaking 12 million people around the world who were millionaires, with the US experiencing the biggest jump in super-rich residents.



According to the annual World Wealth Report, the number of high net worth individuals – those with an investable fortune of US $1-million or more – rose by 9.2 per cent. The news came amid recovery in stock markets and property values.

Although less than two per cent of the adult population in developed countries made it into the ranks of the world’s wealthiest individuals, the lucky ones saw their pots of cash grow by 10 per cent. Together, they are worth $46.2 trillion.

The report, produced by Cap Gemini consultants and Royal Bank of Canada, forecasts that high net worth individuals’ (HNWI) wealth will grow 6.5 per cent annually to $55.8 trillion by 2015.

North America overtook the Asia / Pacific region in terms of HNWI numbers with 3.73 million of them last year – a rise of 11.5 per cent.

A breakdown of the figures relating to population shows that 1.5 per cent of US adults were millionaires last year, and one per cent in neighboring Canada.

Although China boasted a 14.3 per cent rise in the number of HNWI’s, they made up just 0.006 per cent of its billion-strong adult population.

Japan boasted 1.9 million – nearly 1.8 per cent of the population. Australia was home to 200,000, which was more than one per cent of the population.

In Europe, the wealth hot spot was Switzerland, with 282,000 millionaires making up nearly four per cent of its adult population.

That compares to Germany, where 1.4 per cent are super-rich and the UK, where just one per cent enjoy the privilege.

A separate report, from Boston Consulting Group, forecast that new world regions, such as Africa and Asia, would account for nearly 70 per cent of the growth of global private wealth within the next five years.

The company said wealth is moving on shore, due to the pressures tax authorities are exerting on offshore centers around the world.

Photo credit: New Indian Express

Via Telegraph