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Millionaires Hold 39% of Global Wealth: Study
June 01, 2011

Despite being at the epicenter of the global financial meltdown, the US had by far the most millionaires last year. (AFP Photo) Despite being at the epicenter of the global financial meltdown, the US had by far the most millionaires last year. (AFP Photo)
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Around one percent of households have 39 percent of the globe's wealth according to a study published, pointing to increased inequalities in the wake of the global downturn.

The number of millionaire households across the globe increased 12 percent in 2010, according to The Boston Consulting Group report, increasing millionaires' share of wealth from 37 percent in 2009.

Despite being at the epicenter of the global financial meltdown, the United States had by far the most millionaires last year, with 5.2 million millionaire households, and increase of 1.3 percent from the previous year.

Japan was second with 1.53 million and China third with 1.11 million.

But it is emerging markets in Asia that can expect to see the biggest growth, increasing their share of wealth by 2.9 percentage points in 2010.

Tiny Asian economic powerhouse Singapore boosted the highest number of households with more than a million dollars under management.

Over 15 percent of households in the city state have over a million dollars in assets under management, well ahead of the Switzerland and the oil-rich Arabian Gulf states.

AFP