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How many new millionaires were created last year?

There’s a total of 13.7 million households with $1 million or more in the back pocket around the world at the moment.

Image: Shutterstock

A TOTAL OF 2.6 million households joined the ranks of global millionaires during 2013, with the total amount of millionaire households worldwide now at 13.7 million.

The figure is contained in a report on global wealth by the Boston Consulting Group. The new total is a high water-mark for the amount of millionaires globally, representing 1.1% of households around the world.

The United States is home to the largest amount of millionaires, with 7.13 million, comfortably ahead of nearest rival China, where 2.38 million people have more than $1 million each.

Japan, the UK and Switzerland round out the top five.

The report states: “As the debate over the global polarization of wealth rages on, one thing is more certain: more people are becoming wealthy.”

Qatar is home to the highest density of millionaires, with 175 in every 1,000 households making the grade. The Gulf state is followed by Switzerland, Singapore, Hong Kong and Kuwait.

Ireland

Ireland makes just one appearance in the upper echelons of the wealth tables compiled for the report, coming in 15th in the ranking of the proportion of Ultra High Net Worth (UHNW) households in every 100,000.

3.4 households per 100,000 meet the criteria in Ireland.

A ultra-high net worth household is classified as one which holds $100 million or more.

Worldwide, UNHW households held $8.4 trillion in wealth in 2013, an increase of 19.7% over 2012.

This is projected to expand to $13 trillion by the end of 2018, which will see the share of capital controlled by UNHWs grow to 6.5% from its current level of 5.5%.

Asian tigers roar

As in 2012, the fastest rate of growth around the world was recorded in the Asia-Pacific region, excluding Japan.

However, old-world strongholds in North America and Western Europe remained the wealthiest regions in the world, with net private wealth pegged at $50.3 trillion and $37.9 trillion respectively.

Read: Nearly half of Irish millionaires paid under 30% tax>

Read: Millionaires now control almost two-fifths of all the world’s wealth>

About the author:

Jack Horgan-Jones

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