A new report from the Boston Consulting Group finds that globally, almost 18 million households control more than $1 million in wealth.
There were 17.9 million households with more than $1 million in private wealth in 2016, up 8% from the total of 16.6 millionaires in 2015.
According to BCG, the world’s millionaires, who represent the top 1% of the population, own as much as 45% of the $167 trillion in total personal wealth in the world, up from 44% in 2015.
The US is home to the most millionaire households – seven million – far more than second ranked China, with 2.1 million.
BCG told BusinessTech that its data showed that South Africa had 22,700 millionaire households in 2016, placing it 53rd out of 98 countries in its report.
In March, commercial and residential property group, Knight Frank published its Wealth Report for 2017, showing how many dollar millionaires live in South Africa.
It found that South Africa had 40,400 millionaires in 2016, up from 38,500 in 2015, while that number is expected to grow to 52,500 over the next decade – to 2026.
Top 15 countries for millionaire households
|4||United Kingdom||821 000|
|13||Saudi Arabia||236 000|
|14||Hong Kong||228 000|
Looking ahead, BCG said that by the end of 2021, it expects the growth rate for global private wealth to be 6% higher than in 2016.
The report showed that by 2021, households worth $100 million will see their wealth grow by as much as 8.4 %, while those worth more than a million will see a compound annual growth rate (CAGR) of 5.4%.
The BCG study uses data largely sourced from banks, national statistics offices and financial regulatory bodies.