New York - Millionaires Projected To Control More Than Half Of Global Wealth By 2019

Published on: June 15th, 2015 at 07:13 PM

New York - A Global Wealth report states that millionaires are expected to control 46 percent of the global wealth by 2019.

The report, from Boston Consulting Group (BCG) said the wealth gap will continue to widen as the number of millionaires grows, reports CNBC ( ).

The report says the number of millionaires grew worldwide to 17 million in 2014, and that millionaires around the world control 41 percent of $164 trillion in private global wealth.

The wealthy can owe their fortunes to rising stock markets and existing asset prices.

The U.S. has the largest number of millionaires, according to the report, with 6.9 million. Millionaires are described as having households with $1 million in cash, stock and securities, pensions and other assets.

China ranked second and Japan ranked third with 1.1 million millionaires.

The report also focused on a the growing distance between the rich and the super-rich, those who are billionaires or who have hundreds of millions of dollars.

The number of $100 million and up households is predicted to grow by 19 percent around the world and 12 percent in North America by 2019, while those with $1 million to $20 million, or “lower high-net worth" households, or is expected to grow by 6.9 percent.

Information taken from CNBC.

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