The number of millionaires in the world has grown to almost 47 million over the past year and, according to a new study, they now account for almost half of world wealth.
Despite the trade wars, global growth is slowing down and on the volatile stock markets, the total number of millionaires worldwide rose by 1.1 million between mid-2018 and mid-2019, according to Credit Suisse's Global Wealth Report. The world's 46.8 million millionaires are now worth $ 158.3 trillion-44% of the world's total assets.
The US continues to be the world leader in the number and growth of millionaires. In the US, 675,000 new millionaires were added last year, representing a total of 1
Australia was the largest loser of millionaires, falling from 124,000 to 1.2 million, but much of this decline was currency-related as millionaires are measured in US dollars.
While the US is towering above China with millionaires, the report says that China is now the United States for the first time at the head of "Global prosperous," defined as those who contribute to the 10% of wealth belong to the world. Senators Elizabeth Warren and Bernie Sanders have both proposed property taxes for their presidential campaign. Both proposals would levy a tax on accumulated assets and savings, not just income. According to the report, the bottom half of the world's population accounts for less than 1% of global wealth. The bottom 90% of the world's adult population – approximately 4.5 billion adults – accounts for 18% of global wealth.
However, inequality is likely to decline. The top 1% controlled about 47% of global assets in 2000, compared with 45% in 2019. The reason: the assets of the global middle class is rising. The number of people in the world, ranging between $ 10,000 and $ 100,000, saw the largest growth in all asset classes, tripling since 2000 to 1.7 billion.
The report states that inequality has declined over the past three years and is expected to continue its downward trend with increasing growth of the lower middle class and the middle class worldwide.
"Although it is too early to say that wealth inequality is currently in a downward phase," the report said, "the evidence points to 2016, perhaps culminating in the foreseeable future
Correction: The number of new millionaires in China is 4.5 million, in an earlier version the total number was given incorrectly.