Barclays Wealth released an interesting report on concentrations of millionaire households. It was the 5th report in a series and, like the earlier reports, made for interesting reading.
Among the data included is the density of millionaire households in various countries expressed as the percentage of all households in each country as a percentage of total households. The top 10 countries were:
1. Hong Kong (26.4%)
2. Singapore (23.3%)
3. Switzerland 22.3%
4. Denmark (17.9%)
5. Britain (15.5%)
6. Ireland (14.8%)
7. United States (14.7%)
8. Australia (11.9%)
9. Italy (11.8%)
10. France (11.7%)
The report also makes a number of forecasts regarding wealth creation for the next 10 years. In terms of total millionaire household populations, it should be no surprise that China, India and Russia are all expected to show significant growth in the creation of high net worth households. While the US and Japan are expected to retain their places as the two countries with the highest total wealth held by the domestic sectors, China and India are both expected to join the top 10 countries by 2017.
The report makes a number of observations on trends in matters ranging from asset allocation, comparisons between household wealth and GDP and other matters.
2 comments:
Do you know why there are so many millionaires in Hong kong? Because of high real estate value...?
Hi
Not sure but I would assume it is a combination of:
1. rising real estate values
2. the China factor - a lot of people have business interests accross the border
3. low taxes: the most tax you will pay on anything in HK is 17.5% and many things are exempt from tax (including dividends and interest)
Cheers
traineeinvestor
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