Driven by the recovery of financial markets and an increase in savings, the number of millionaire households worldwide has increased by 14%, reaching 11.2 million; among them, Singapore saw a rise of 35%, making it one of the fastest-growing countries, followed closely by Malaysia (33%), Slovakia (32%), and China (31%).
Singapore also has one of the highest proportions of millionaires globally. According to statistics, on average, 11 out of every 100 people in Singapore are millionaires. Following closely are Hong Kong and Switzerland, with the fourth to sixth positions occupied by Middle Eastern countries, namely Kuwait, Qatar, and the United Arab Emirates, while the United States ranks seventh.
With a population of about 5 million, Singapore easily stands out in terms of proportion; however, in terms of the number of millionaires, the United States leads with 4.72 million millionaire households. Regionally, Europe remains the wealthiest area in the world.
Global wealth is expected to grow by an average of 6% annually from this year until 2014. With the economic growth engines of China and India, the Asia-Pacific region's share of global wealth is projected to increase from 15% in 2009 to 20% by 2014. In the next five years, the total assets under management in China and India are expected to increase by $9 trillion, accounting for 75% of the region.
Although global wealth is increasing, there is a trend of increasing concentration; less than 1% of households worldwide are classified as millionaires, yet this 1% controls approximately 38% of global assets.
