The total number of millionaire households around the world reached a record 17.4 million in 2014, up 13.7% from 15.3 million the year before. Meanwhile, the ultra high net worth set is expected to grow at an equally impressive rate over the next five years. According to the Boston Consulting Group, wealth for the richest global families worth more than $100 million is projected to cross the $18 trillion mark by 2019.
Currently, private wealth held by families with a fortune of more than $100 million total a combined $10 trillion, or roughly 6% of global wealth. Those ultra rich fortunes grew by 11 percent in 2014. To get to $18 trillion by 2019, the report predicts that household wealth will grow at a compound annual rate of about 12 percent in the next five years.
The report, published Monday, says there are more than 5,000 U.S. households worth $100 million or more. China follows with more than 1,000 ultra rich households.
“This top segment is expected to be the fastest growing, in both the number of households and total wealth,” the reports’ authors wrote.
In addition, the research shows that the top 1% of households in 2014 made up 42% of total private global wealth.
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