Household wealth is hitting record heights, and not just in the United States. There are more millionaire households on the planet than ever before, particularly in Europe and in China, where growth rates are highest.
The number of world millionaire households -- those with assets of $1 million or more -- grew by 14% in 2006 to 9.6 million. These represent the richest 0.7% of all households and own $33.2 trillion, or about a third of the world's wealth, according to a study by Boston Consulting Group.
The United States had by far the highest number of millionaire households, with nearly 4.6 million, and the highest number of $100-million-plus households, with 2,300. The number of millionaire households increased by a steady 10%, while $100-million-plus households grew by 7%, joining the ranks of
Microsoft (
MSFT,
news,
msgs) Chairman Bill Gates and
Berkshire Hathaway (
BRK.A,
news,
msgs) Chief Executive Warren Buffett.
Japan, Britain, Germany and China round out the top five countries with the most millionaire households, in that order. The number of millionaire households increased the most last year in China (up 39%), Spain (up 32%) and Britain (up 30%).
In Europe, the number of millionaire households grew by 26.4% in 2006, the highest of any region in the study, helped by its strong currency against the weakening dollar. In North America, millionaire households grew by just 9% in 2006.
Japan, Britain, Germany and Italy have the most households in the $100-million-plus bracket, and in terms of growth, China (up 74%), Brazil (up 27%) and Russia (up 26%) saw the highest rates last year.
"China is a force to be reckoned with," says report co-author Bruce Holley, who noted that the country's total assets under management have grown at an annualized rate of 23% over the past five years. China's newest billionaire residents will find themselves in the company of powerful businessmen like Shi Zhengron of
Suntech Power Holdings (
STP,
news,
msgs), who lives in Wuxi.
http://articles.moneycentral.msn.com/Investing/Extra/WhereTheMillionairesAreNow.aspx