Wealth concentration is growing, a report shows.
Income inequality is a hot topic in America, but rest assured that the millionaire class across the globe is adding to its ranks, and solidifying its hold on global wealth.
A new research report from the Boston Consulting Group shows that in 2014 there were more than 17 million millionaires in the world, up from 15 million in 2015.
According to the report, the United States is home to the most millionaires, but China is catching up fast. The most populous country in the world also added the most new millionaires last year — 1 million — and it ranks second in terms of absolute number of millionaires with 4 million, just behind the U.S., which is home to 7 million.
Globally, this class of wealthy individuals — who account for roughly 0.2% of the population — holds roughly 41% of all the world’s wealth, up from 40% in 2013. The Boston Consulting Group projects this trend of wealth concentration to continue, with the millionaire class controlling 49% of global wealth by 2019.