Wealth of millionaires surges more than 10% to top $70 trillion - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Wealth of millionaires surges more than 10% to top $70 trillion for the first time

Posted: Updated:
Video

The combined wealth of the world’s millionaires rose for a sixth straight year and topped $70 trillion for the first time ever in 2017 thanks to an improving global economy and strong stock market performance, according to a new report released Tuesday.

The world’s millionaires saw their wealth grow 10.6 percent to a record $70.2 trillion, the global consulting firm Capgemini reports in its annual World Wealth Report 2018.

The number of high net worth individuals (HNWI) — which Capgemini defines as those having investable assets of $1 million or more (excluding primary residence, collectibles, consumables and consumer durables) — grew almost 10 percent, or 1.6 million, to 18.1 million in 2017.

"High net worth individuals around the world enjoyed investment returns above 20 percent for the second year in a row," Anirban Bose, head of Capgemini’s financial services global strategic business unit, said in a statement. The report's analysis confirms that "global HNWI wealth would exceed $100 trillion by 2025,” Bose wrote.

The United States, Japan, Germany and China are the four largest markets for millionaires, accounting for 61 percent of the world’s high net worth individuals.

The U.S. leads the pack with 5.3 million HNWIs, a 10 percent increase from 2016.

But the Asia-Pacific region has the most HNWI millionaires overall as Japan saw a 9 percent increase (3.2 million), China 11 percent (1.3 million) and India 20 percent (263,000).

Other interesting highlights from the report :

• Wealth is becoming even more concentrated as the ultra-wealthy, those with $30 million or more in investable assets, saw the greatest growth. The wealth of a mere 1 percent of the 18.1 HNWIs, or 174,800 individuals, grew 12 percent in 2017 and represented about 35 percent of total HNWI wealth.

• Enthusiasm for digital currency is growing. 29 percent of HNWIs say they have a high degree of interest in holding cryptocurrencies and another 27 percent were somewhat interested.

  • Local NewsMore>>

  • Erin Brockovich urges California to stop PG&E bankruptcy

    Erin Brockovich urges California to stop PG&E bankruptcy

    Tuesday, January 22 2019 11:44 PM EST2019-01-23 04:44:18 GMT

    Consumer activist Erin Brockovich, who famously took on Pacific Gas & Electric Co. in the 1990s, urged California lawmakers Tuesday not to let the utility go bankrupt because it could mean less money for wildfire victims.

     

    Consumer activist Erin Brockovich, who famously took on Pacific Gas & Electric Co. in the 1990s, urged California lawmakers Tuesday not to let the utility go bankrupt because it could mean less money for wildfire victims.

     
  • Thousands of birds die at California's Salton Sea

    Thousands of birds die at California's Salton Sea

    Tuesday, January 22 2019 11:40 PM EST2019-01-23 04:40:03 GMT

    Authorities say thousands of migrating birds have died at California's Salton Sea this month from avian cholera.

     

    Authorities say thousands of migrating birds have died at California's Salton Sea this month from avian cholera.

     
  • Supervisor of Navy SEAL accused of murder faces charges

    Supervisor of Navy SEAL accused of murder faces charges

    Tuesday, January 22 2019 11:38 PM EST2019-01-23 04:38:35 GMT

    The Navy officer who supervised a SEAL accused of fatally stabbing an Islamic State prisoner in Iraq in 2017 was charged Tuesday with various offenses tied to the case, including allegations he conducted the SEAL's re-enlistment ceremony next to the corpse and encouraged enlisted personnel to pose for photos with the body.

     

    The Navy officer who supervised a SEAL accused of fatally stabbing an Islamic State prisoner in Iraq in 2017 was charged Tuesday with various offenses tied to the case, including allegations he conducted the SEAL's re-enlistment ceremony next to the corpse and encouraged enlisted personnel to pose for photos with the body.

     
Powered by Frankly
All content © Copyright 2000 - 2018 KFMB-TV. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.