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The Boston Consulting Group came out with its own wealth report today and the findings closely mirror what we at Forbes reported back in March. The rich are getting much richer, this time as measured not by record number of billionaires but by record assets under management. Global wealth, according to BCG, is now up to $121.8 trillion, a $9 trillion gain.
2010 was a damn good year for global wealth, said Monish Kumar, senior partner and global leader of Asset and Wealth Management at BCG. Global wealth is at an all time-high.
The U.S. still has the largest number of millionaire households, with an estimated 5.22 million, representing 4.5% of all American households. That is up from 4.75 million last year and up from 4.14 million in 2005. Of those, just 2,692 are ultra-high-net-worth households with more than $100 million in assets under management.
Japan is second once again with 1.53 million households, up from 1.24 million last year, but that increase is entirely driven by the exchange rate, not any appreciable gains. Notably Japan does not even rank among the top 15 countries in terms of UHNW households.
The biggest growth engine this year is China. It now has 1.11 million millionaire households, nearly one-third more than a year ago when BCG counted 850,000 and nearly triple the 410,000 it found in 2005. While Forbes calculates that China has more billionaires (115 including its richest, Robin Li, whose photo is inclluded here) than any country outside of the U.S., BCG found just 393 UHNW households, enough to rank 8th among top countries. The big story there though is that it moved up five notches from 13 last year and was the only country to make that kind of jump.
India, the country to which China is most often compared, barely competes in these rankings. It has just 190,000 millionaire households, enough to place 11th, and 215 high net worth individuals. India has a high concentration of wealth among a few billionaires, said one of the BCG partners at todays press conference. But China has a lot more bankable high net worth individuals. Wealth is more spread out.
The places with highest density of millionaires are Singapore, Switzerland, Qatar, Hong Kong and Kuwait.
One of the studys more interesting findings has to do with where the wealthy are investing. Overall, they are starting to move more money back into equities, with 35% of total assets of $121.8 trillion now parked in equities, up from 33% last year but still four percentage points lower than the 2007. The nightmare of a couple years ago is receding in memory, said one BCG partner citing a magazine article that talked about why are human beings wired for optimism.
North Americans, most certainly led by the U.S., have 44% of their money in equities, up from 36% in 2008, more than any other region. Asia-Pacific excluding Japan has 33%, up from 23%. BCG described Asian clients as having bipolar asset allocations, defined as high portions in cash and high-risk products. It may be bipolar but for now it seems to be the fastest road to riches.
Record Number Of Millionaires - Luisa Kroll - Bounty Hunter - Forbes
2010 was a damn good year for global wealth, said Monish Kumar, senior partner and global leader of Asset and Wealth Management at BCG. Global wealth is at an all time-high.
The U.S. still has the largest number of millionaire households, with an estimated 5.22 million, representing 4.5% of all American households. That is up from 4.75 million last year and up from 4.14 million in 2005. Of those, just 2,692 are ultra-high-net-worth households with more than $100 million in assets under management.
Japan is second once again with 1.53 million households, up from 1.24 million last year, but that increase is entirely driven by the exchange rate, not any appreciable gains. Notably Japan does not even rank among the top 15 countries in terms of UHNW households.
The biggest growth engine this year is China. It now has 1.11 million millionaire households, nearly one-third more than a year ago when BCG counted 850,000 and nearly triple the 410,000 it found in 2005. While Forbes calculates that China has more billionaires (115 including its richest, Robin Li, whose photo is inclluded here) than any country outside of the U.S., BCG found just 393 UHNW households, enough to rank 8th among top countries. The big story there though is that it moved up five notches from 13 last year and was the only country to make that kind of jump.
India, the country to which China is most often compared, barely competes in these rankings. It has just 190,000 millionaire households, enough to place 11th, and 215 high net worth individuals. India has a high concentration of wealth among a few billionaires, said one of the BCG partners at todays press conference. But China has a lot more bankable high net worth individuals. Wealth is more spread out.
The places with highest density of millionaires are Singapore, Switzerland, Qatar, Hong Kong and Kuwait.
One of the studys more interesting findings has to do with where the wealthy are investing. Overall, they are starting to move more money back into equities, with 35% of total assets of $121.8 trillion now parked in equities, up from 33% last year but still four percentage points lower than the 2007. The nightmare of a couple years ago is receding in memory, said one BCG partner citing a magazine article that talked about why are human beings wired for optimism.
North Americans, most certainly led by the U.S., have 44% of their money in equities, up from 36% in 2008, more than any other region. Asia-Pacific excluding Japan has 33%, up from 23%. BCG described Asian clients as having bipolar asset allocations, defined as high portions in cash and high-risk products. It may be bipolar but for now it seems to be the fastest road to riches.
Record Number Of Millionaires - Luisa Kroll - Bounty Hunter - Forbes
and our people are one of the highest charity payer in world as per capita income our people give billions of dollar charity per year 
