Global Wealth Gap Widens

New data show that the number of millionaire households in the world soared by 14% last year, and that those households control at least a third of the world’s wealth. According to a study to be released tomorrow by Boston Consulting Group, the world’s wealth grew by 7.5% in 2006, reaching $97.9 trillion. The study also showed that the wealth gap between the haves and the have-nots continued to widen over the past five years, with much of the global wealth gains going to the wealthy. Millionaire households (those with $1 million or more in assets under management) represented 0.7% of the world’s total and owned $33.2 trillion — or about a third of the world’s total. Households worth less than $100,000 saw a slight decline in their assets, from $13.5 trillion to $13.4 trillion. The U.S. is still king when it comes to the number of millionaire households. It has 8.6 million households, or nearly half the world’s total. Europe is second, with 2.36 million, followed by Asia with 1.85 million and Latin America with 340 thousands. The Middle East and Africa had 320 thousands millionaires.


The Middle East and Switzerland, however, rule when it comes to the highest concentration of millionaire households. Millionaires represent 6.1% of the population in the United Arab Emirates and 6.1% of the poulation of Switzerland. In the U.S. they represent 4% of the population.

The study also predicts more wealth in the coming years. Total U.S. wealth is expected to grow from $56 trillion in 2006 to $65 trillion in 2011. And if recent history is any guide, the largest share will go to the wealthy, who will grow in numbers and in wealth.