New Report says Millionaires will Control Fifty Two Percent of World’s Wealth by 2020
A new report released on Tuesday states that millionaires will have control greater than half of the total wealth in the world by 2020.
A Boston Consulting Group Global Wealth report showed, last year the number of millionaires grew six percent globally to 18.5 million. Though there was an increase in the number of millionaires but it marked an eleven percent slowdown from the growth noted in 2014.
The report says, at present, millionaires have a control over forty seven percent of the total global wealth and is estimated to control fifty two percent by 2020.
The richest among the millionaires will gain the most mostly in the United States. The report says that greater than $20 million in the United States will control twenty nine percent of the wealth in the country by 2020. That is an increase from the twenty four percent noted in 2015 and twenty percent marked in 2010.
For the first time since 2011, last year the growth of private wealth marked a slow down globally.
In the U.S and Canada, the amount of wealth grew two percent to $60 trillion which was the lowest among all regions. In Japan, it was four percent and the growth marked a greater leap compared to the previous year.