Daily Management Review

Wealth-X: Europe shows the fastest growth in millionaires number


01/18/2019


Last year, the number of wealthy people rose by 1.9% to 22.4 million worldwide (from $ 1 million to $ 30 million), according to a report by research company Wealth-X. The total amount of their capitals increased by 1.8%, to $ 61.3 trillion. The most active growth of millionaires last year was noted in Europe - by 4.5%, to 5.7 million people. The Middle East is in second place in terms of growth - by 3.1%, to 571.5 thousand. North America is only in third place by this indicator - an increase of 2.1%, but with a large advantage leads in the number of millionaires: there are 9.2 million of them.



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Wealth-X experts note that, unlike their past research, this report is about people with a high level of wealth (High Net Worth) that possess from $ 1 million to $ 30 million. People with a fortune above $ 30 million are considered very rich (Ultra High Net Worth).

Speaking about the dynamics of owners of $ 1–30 million, the researchers note that, despite the growing instability in the global economy, last year there was a relatively large increase in the number of such people - by almost 2% to 22.4 million.
The cumulative volume of their condition showed a similar trend - by 1.8%, to $ 61.3 trillion. Growth is primarily noted in Europe, North America and the Middle East. Wealth-X experts explain this by steady GDP growth in these regions and relatively stable stock markets. As for Asia, which until recently was a leader in the growth of wealthy people, as last year their number increased by only 0.6% - to 5.6 million people. Researchers note that, despite the high growth rates of GDP in Asia - about 8% last year - the stock markets of the region lost 11% by the end of the year, which was the reason for the weak dynamics of the number of wealthy people.

Most people with a fortune from $ 1 million to $ 30 million live in New York (978 thousand). The second place is taken by Tokyo (593 thousand), in third place is Los Angeles with 576 thousand wealthiest people. 

Wealth-X forecasts that in the next five years the number of wealthy people will grow most actively in Nigeria: the average annual increase in 2018–2023 may be 16.3%. Egypt is in second place: the number of millionaires there will increase by an average of 12.5% per year. One of the poorest countries in Asia and the world, Bangladesh, closes the top three with an average annual growth of millionaires by 11.4%. 

Speaking about the demographic picture among millionaires, the researchers report that the average age of the owner of the capital of $ 1–30 million is 58.8 years. 84.2% are men, 15.8% are women. The proportion of men among people with a very large capital is even higher - 86.3%. The average age of super-solvent people is 60.6 years.

source: wealthx.com






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