No.1 richest country in the world (in terms of % population)

[Iisterry]

You can't keep the rich down for long. Global wealth made a remarkable comeback in 2009, increasing by 11.5% to $111.5 trillion. That's according to a new report, The Boston Consulting Group's Global Wealth 2010 Report, released Thursday by Boston Consulting Group. The report breaks down wealth by region and by country, creating a geographic portrait of where the world's wealth is accumulating and at what rate.

 

North America posted the largest absolute gain in households with assets under management. Its wealth totaled $4.6 trillion (a 15% jump over 2008). But the largest percentage gain occurred in Asia-Pacific, where wealth skyrocketed by 22%, or $3.1 trillion. That's nearly double the global rate.

 

Latin American household asset growth rose by 16% to $3.4 billion, and Europe, despite the massive debt problems it now faces, was the wealthiest region with more than $37 trillion in assets under management, an increase of 8.8% from 2008.

 

Millionaires Hold 38% of Global Wealth

 

Boston Consulting Group's report includes a revealing list countries with the highest percentage of millionaire households, but before getting to that, here are some interesting tidbits: The number of millionaire households in the world represents less than 1% of all households. Even so, these most fortunate ones owned about 38% of the world's wealth in 2009, up from 36% in 2008. In North America, Africa and the Middle East, millionaire households represented more than half of the wealth in those regions.

 

Another juicy morsel: The number of millionaire households rose by 14% in 2009 to 11.2 million, and the U.S. had by far the most millionaire households, with 4.7 million.

 

But that doesn't mean millionaires are crowding U.S. streets or that sumptuous yachts dominate the nation's waterways. In fact, you're more likely to find those conditions in Singapore, which had the highest percentage of millionaire households in the world.

 

Yes, that puts Singapore at the top of Boston Consulting Group list of the top 10 countries with the greatest proportion of millionaire households. You may be surprised by the full run-down:

 

1) Singapore

Population: 4.7 million

Percentage of Millionaire Households: 11.4%

 

Who would think the tiny Republic of Singapore would be crammed with so many millionaires? The country, all of just 247 square miles, has emerged from the recession and has rebounded in a big way. Its GDP, exports and manufacturing are all rising, and so, too, are home prices. That has led Singapore to boast the highest concentration of millionaires anywhere on the planet. Among its very rich: Ng Teng Fong, a real estate tycoon, and Wee Cho Yaw, who runs United Overseas Bank, one of Singapore's big lenders.

 

2) Hong Kong

Population: 7.1 million

Percentage of Millionaire Households: 8.8%

 

Hong Kong, the home of Li Ka-shing, who runs conglomerates Cheung Kong and Hutchison Whampoa, had 205,000 millionaire households in 2009 and takes the number two spot for percentage of millionaire households. Hong Kong's close relationship with mainland China brings benefits and risks, but it's been good for many of the wealthiest, who made their money by investing in a real estate market that has no shortage of swanky hotels and malls.

 

3) Switzerland

Population: 7.6 million

Percentage of Millionaire Households: 8.4%

 

The Swiss economy is recovering from slow growth during the recession, but a good many of its citizens thrived during the upswing, bringing it to third place in percentage of millionaire households. The country boasts 285,000 of them, up 19.5% from 2008. Driving the recovery: manufacturing, rising exports and consumer spending. Among the country's rich: Swiss biotech tycoon Ernesto Bertarelli, who is, perhaps, better known for winning the America's Cup in 2003.

 

4) Kuwait

Population: 2.8 million

Percentage of Millionaire Households: 8.2%

 

The rising price of oil has led to more millionaires in this tiny country. With some 100 billion barrels of crude, Kuwait has been growing rapidly. But the oil-dependent nation now plans to spend up to $140 billion over the next five years to diversify away from oil and to attract more investment -- a move that could help it ascend this list's ranks. Such a strategy may help billionaire Nasser Al Kharafi, chairman of one of the most diversified and largest conglomerates in the Arab world. His food division, Americana, has the Middle East franchise rights to KFC, Wimpy, TGI Fridays and Pizza Hut, among others.

 

5) Qatar

Population: 841,000

Percentage of Millionaire Households: 7.4%

 

Qatar's economy expanded by about 8.7% last year, thanks to growth in the natural gas business. That helped the country, already the world's largest gas exporter, to emerge from the global economic crisis pretty much unscathed, leaving many of its millionaire households in good stead. Among its megarich: Bader Al Darwish, with a fortune of about $1.7 billion. Al Darwish runs Darwish Holdings, which operates businesses including real estate, investments and retail services.

 

6) United Arab Emirates

Population: 4.9 million

Percentage of Millionaire Households: 6.2%

 

As the world's third-largest oil exporter, the UAE's economic growth is expected to rise to 3.2% this year, after posting a 1.3% increase in 2009,. Like others, its oil business has generated wealth among its citizens. It also helps that UAE isn't expected to suffer from the eurozone debt crisis. The country is home to Abdul Aziz Al Ghurair and his family, who run Mashreqbank and the second-largest flour milling company in the Mideast, as well as megamalls.

 

7) United States

Population: 310.2 million

Percentage of Millionaire Households: 4.1%

 

The 4.7 million U.S. millionaires in 2009 was up by 15.1% over 2008. But as a market percentage, the U.S. falls relatively low on the top 10 list. The country, which is home to two of the world's wealthiest people, Bill Gates and Warren Buffett, saw its economy bounce back in 2009 from the year before as the Dow Jones Industrial Average rose 40%. By the end of 2009, the economy grew at its fastest pace in more than six years, even though many businesses put the brakes on hiring.

 

8) Belgium

Population: 10.4 million

Percentage of Millionaire Households: 3.5%

 

Suffering from spiraling debt andpolitical problems, Belgium still managed to hold on to a number of millionaires. The country has set a goal of getting its budget deficit to 4.8% of GDP in 2010, which is far below Europe's average. But Belgium's total debt will rise above 100% of GDP, placing it behind only Greece and Italy. The debt crisis in Europe will also likely take a toll on the country's economy in 2010. The good news is that Belgium has a trade surplus, and household savings are high. Among its richest: Albert Frere, who founded the media, utilities and oil conglomerate, Compagnie Nationale a Portefeuille.

 

9) Israel

Population: 7.4 million

Percentage of Millionaire Households: 3.3%

 

Unlike other markets, the story in Israel wasn't about rising real estate values or credit, but about gains in technology, which some say will help lead the country to continued economic growth. While 2009 was a good year for the economy, the current eurozone crisis could hurt Israeli exports because about 33% of them go to Europe. Rich man in Israel: shipping tycoon Sammy Ofer, worth north of $6 billion.

 

10) Taiwan

Population: 23 million

Percentage of Millionaire Households: 3%

 

Taiwan may be last on the top 10 list -- but that's still quite a feat. The country was hit hard by the recession mostly because its economy depends on trade. But as the world economy skittishly improves, Taiwanese families have seen their fortunes rise. The country now has some 230,000 millionaire households. That's an increase of 22.1% over 2008. One of its richest is Terry Gou of Foxconn, a maker of electronics for Apple (AAPL), Nokia (NOK), Nintendo and others. That company has been in the news recently because 13 of its workers have committed suicide or tried to.

 

 

Sources:

Population figures: The CIA World Factbook

Percentage of millionaire households: The Boston Consulting Group's Global Wealth 2010 Report.

 

Original Link

[Ngck]

huat ah!!!

 

everyone sell your hdb and live on the streets and become a real millionaire. Instead of being just a paper millionaire by not realizing the value of your homes!

[Windchoco]

wa liao...

 

This kind of report make us target for terrorist attack...

 

sg realli so rich nobody take mrt liao....

sg realli so rich nobody will be arguing abt crap B&B cars here liao... duh..

[Icedbs]

wa liao...

 

This kind of report make us target for terrorist attack...

 

sg realli so rich nobody take mrt liao....

sg realli so rich nobody will be arguing abt crap B&B cars here liao... duh..

 

Some who take trains may be millionaire.

 

Our perceptions of millionaire need to be changed. Unfortunately media like to project millionaires as flashy, and full of cars and bungalows.

 

Most millionaires are down to earth people living in the HDB next to you. You won't even think they are millionaires.

 

I used to know this old man, age 60 plus.....he is a millionaire but he takes buses and go wedding dinners in slippers.

 

When most forumers here feel that 5k/month is "below average"...I am not surprise by this research findings.

Edited June 12, 2010 by Icedbs

[Tigerwoods]

sorry I didn't read fully the TS post. what is the criteria to be qualified as millionaire household ?

[YellowFlash]

Wow...according to this research, it means 1 out of every 10 households are millionaires, btw how do they define millionaire? Total Asset of all family members add together living under 1 roof?

[Marquee]

sorry I didn't read fully the TS post. what is the criteria to be qualified as millionaire household ?

 

The definition here is Investable assets of US$1m excluding property and items like art.

 

So we are refering to the real rich not the bluff bluff ones.

Edited June 12, 2010 by Marquee

[GoodCar]

Many millionaire in MCF

[Slycd]

buy toto lah.

[Longg8]

10% not alot what..

 

 

20% live in condo..

 

so 50% of that 20% live in condo.

 

population 5mio. 10% is 500,000.

 

u think singapore road has less than 500k cars?

 

do ur sum 1st before talking....

[Longg8]

Christopher Tan

Sat, Oct 20, 2007

The Straits Times

 

 

 

THE number of cars in Singapore has crossed the half-million mark. According to the latest Land Transport Authority figures, Singapore's car population at the end of last month was 504,483.

 

Of the lot, 300,612 are cars up to 1,600cc and the rest are above 1,600cc.

 

 

 

[Getzoooom]

wa liao...

 

This kind of report make us target for terrorist attack...

 

sg realli so rich nobody take mrt liao....

sg realli so rich nobody will be arguing abt crap B&B cars here liao... duh..

 

Else why u think FTs come over to stab-rob-kill ?

 

these "showing good hiding ugly" reports surface only for few purposes...

brainwashing... excuse for some increase in pay chk..

[Damienic]

The way they report this sibeh CMI...only report on rich list to make its citizens feel good..how about the bottom income group? it was reported that an estimated 20% of families has household income of $2000 and below..out of this 20%, about 10% households earn less than $1000 a month..so for every 1 in 10 households that is a millionaire household, there is also another 1 in 10 that is struggling with income of less than $1000 per month..

[Kb27]

The most number of millionaires can also mean the biggest disparity in income level.

 

 

[Guest EverestLeasing]

Hi bro,

 

Thus, does the investment assets (such as stock + cars + property that meant for investment) is net of the loans / mortage?

[Sdf5725]

I used to know this old man, age 60 plus.....he is a millionaire but he takes buses and go wedding dinners in slippers.

 

Go Wedding dinner in slippers is not humble. it is not respecting the dinner.

[Marquee]

This gotto ask Boston Consulting Group.

 

Technically, real estate (non residing home), bonds, shares and etc that yield income or capital appreciation are investable asset. BCG divide them into four segments 1) Ultra high networth INDIVIDUAL, US$30-million in investable assets, 2) Very high, US$5-million, 3) High, US$1-million, and 4) The mass affluent market meaning individuals with US$100,000 to invest.

 

In short, if one dun commit suicide or declare bankrupt after losing US$1m in investment, then welcome to the club of HNW.

[Guest EverestLeasing]

Thanks for the detailed explaination.

 

Noted.