Is the Number of Millionaires in America on the Rise or Decline?
You might think there are more millionaires living in the United States these days than ever before, but a recent study suggests that you would be wrong.
According to the Boston Consulting Group, even though wealthy individuals are on the rise worldwide, the number of millionaire households in the United States has actually decreased by nearly 130,000 people since 2011.
That is a significant decrease considering the global rate has risen by about 175,000.
The report outlines a millionaire household as any household having over $1 million in cash, stock and other assets, excluding property, businesses and luxury goods.
Singapore reported the largest percentage of millionaires in the world, with 17 percent of all households with capital over $1 million. Only 4.3 percent of American households declared that level of wealth, which ranks seventh worldwide.
Countries like Switzerland and Singapore topped the list of countries with households reporting more than $100 million, while the United States didn’t even rank in the top 15.
Researchers suggest this is due to solid economic growth in Asia while the United States teetered on the edge of “near default on US government debt, combined with the euro debt crisis” and “a downgrade of the nation’s credit rating.”
It is expected by the end of 2016 Asia’s ultra-rich will marginally surpass Western and Eastern Europe combined.