The number of millionaires in the world grew to nearly 47 million over the past year, and they now own close to half of the world's wealth, according to a new study.
Despite the trade wars, slowing global growth and the volatile stock markets, the total number of millionaires in the world increased by 1.1 million from the middle of 2018 to the middle of 2019, according to the Global Wealth Report from Credit Suisse. The world's 46.8 million millionaires are now worth a combined $158.3 trillion – or 44% of the world's total wealth.
The U.S. still leads the world in total number of millionaires and growth. The U.S. added 675,000 new millionaires over the past year, bringing its total to 18.6 million. Japan added 187,000 to bring its total to just over 3 million. China, whose economy is slowing due in part to the trade tensions, still added 158,000 new millionaires, bringing its total to 158,000.
Australia was the biggest loser of millionaires, down by 124,000 to 1.2 million, but much of that decline was due to exchange rates, since millionaires are measured in U.S. dollars. While the U.S. towers over China with millionaires, the report said that China now leads the U.S. for the first time in the number of "global wealthy," defined as those in the top 10% of wealth in the world.
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