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POLITICAL ECONOMY
Millionaires hold 39% of global wealth: study
by Staff Writers
Washington (AFP) May 31, 2011

Around one percent of households have 39 percent of the globe's wealth according to a study published Tuesday, pointing to increased inequalities in the wake of the global downturn.

The number of millionaire households across the globe increased 12 percent in 2010, according to The Boston Consulting Group report, increasing millionaires' share of wealth from 37 percent in 2009.

Despite being at the epicenter of the global financial meltdown, the United States had by far the most millionaires last year, with 5,220 millionaire households, and increase of 1.3 percent from the previous year.

Japan was second with 1,530 and China third with 1,110.

But it is emerging markets in Asia that can expect to see the biggest growth, increasing their share of wealth by 2.9 percentage points in 2010.

Tiny Asian economic powerhouse Singapore boosted the highest number of households with more than a million dollars under management.

Over 15 percent of households in the city state have over a million dollars in assets under management, well ahead of the Switzerland and the oil-rich Arabian Gulf states.




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Japan's economy showed signs of recovery Tuesday from its quake-tsunami disaster, but a failure to contain the industrialised world's biggest debt raised the prospect of a credit rating cut. Factory output rose 1.0 percent in April, data showed, against a record drop of 15.5 percent a month earlier as the March 11 disaster shattered supply chains and crippled power stations, including the Fu ... read more


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