The world’s wealthiest look poised to get even richer.
A new report by global consultancy Capgemini found wealth among millionaires grew by a record 8 percent last year to $63.5 trillion. Much of that growth was driven by ultra-high net worth individuals, those with $30 million or more in investable assets.
The report is the latest research underlining the idea that the wealthiest households in the world are increasingly capturing a larger share of global wealth.
A June report from The Boston Consulting Group (BCG) found there were 17.9 million households with at least $1 million in investable assets in 2016. Those millionaires, accounting for 1 percent of households in the world, own 45 percent of total private global wealth.
Anna Zakrzewski, a partner at BCG, said the share of wealth held by millionaires is growing. BCG expects millionaires will own half of total global private wealth by 2021, up from roughly one-third 10 years ago.
“The millionaire households are growing almost twice as fast as the affluent segment,” Zakrzewski said.
The BCG report predicts the wealthiest households, owning more than $100 million in investable assets, will see their wealth grow by around 9 percent over the next five years. Households with less than $1 million have expected growth rates closer to 4 percent.
The United States is home to the highest number of millionaires, with just over 7 million households owning more than $1 million in investable assets. China has the second highest number of millionaires, followed by Japan.
Zakrzewski said there are different patterns lending to increased wealth across regions. Millionaire households in North America attribute much of their wealth gains to positive performance of existing assets, like stocks. Households in Asia Pacific, meanwhile, have seen more recent wealth creation from savings and deposits.