Singapore Leads the Rich List
The Fullerton Bay Hotel Singapore
LTN reports the Countries with the most Millionaires Y 2010
As financial markets improved last year, Global wealth grew in nearly every region in the World.
The fastest, at 17.1%, came in the Asia Pacific region, excluding Japan, followed by North America at 10.2%. “Global wealth is at an all-time high,” says BCG Senior Partner Monish Kumar.
According to BCG’s study, Global assets under management grew 8%, to US$121.8T about US$20T above the level during the depths of the Global financial crisis.
The number of Millionaire households grew 12.2%, to 12.5 million, and although they represented only 0.9% of all households, they hold 39% of Global wealth.
No. 1: Singapore
Millionaire households as a share of country’s total households: 15.5%, Number of Millionaire households: 170,000 World ranking Y 2009 # 1
Singapore is home to the World’s greatest concentration of Millionaire households. Deloitte expects that by Y 2015, it will surpass Switzerland in per capita wealth among Millionaire households. Singapore is Asia’s 8the-most-expensive location, according to ECA International.
No. 2: Switzerland
Millionaire households as a share of country’s total households: 9.9% Number of Millionaire households: 330,000 Words ranking Y 2009, # 3
With nearly one in 10 households in Switzerland a Millionaire household, the Country is one of the World’s most expensive. Residents of Geneva and Zurich pay about 20% more on average for products, services, and accommodation than do people in other Western European cities, according to a UBS study. Food prices in particular are high, about 45% above levels in the rest of Western Europe.
No. 3: Qatar
Millionaire households as a share of Country’s total households: 8.9% Number of millionaire households: 30,000. World ranking Y 2009, # 2
Qatar is the World’s fastest growing economy, as well as one of the richest: Annual GDP growth is estimated at 19.4% in Y 2010, with per capita GDP at US$145,300, according to the CIA’s World Factbook. The Country has the World’s 3rd largest reserves of Nat Gas, with Crude Oil and Gas accounting for more than 50% of GDP, 85% of export earnings, and 70% of government revenues.
No. 4: Hong Kong
Millionaire households as a share of Country’s total households: 8.6%, Number of Millionaire households: 200,000. World ranking Y 2009 # 4
In the past 10 yrs, Hong Kong’s manufacturing industry moved to Mainland China, and its service industry grew to more than 90% of GDP. While Hong Kong’s GDP fell in Y 2009 as a result of the Global financial crisis, recovery began in Q-3 of Y 2009 and in Y 2010 the economy grew by nearly 6.8%, according to the CIA’s World Factbook. The housing market also continues to grow tremendously: In Q-4 Y 2010 home prices were up 20.1% Y-Y, according to Knight Frank.
No. 5: Kuwait
Millionaire households as a share of Country’s total households: 8.5% Number of Millionaire households: 40,000. World ranking Y 2009 # 5
Petroleum accounts for nearly 50% Kuwait’s GDP, 95% of export revenues, and 95% of government income, according to the CIA’s World Factbook. The rise in Clobal Crude Oil prices boosted government budget revenue and revived government consumption and economic growth.
No. 6: United Arab Emirates
Millionaire households as a share of Country’s total households: 5%, Number of Millionaire households: 50,000. World ranking Y 2009 # 6.
Since Crude Oil was discovered in the UAE more than 30 yrs ago, the Country has transformed itself from impoverished to a modern state with a high standard of living, high per capita income, and a sizable annual trade surplus, according to the CIA’s World Factbook. Oil and Gas output represents about 25% of GDP.
No. 7: United States
Millionaire households as a share of Country’s total households: 4.5%. Number of Millionaire households: 5,220,000. World ranking Y 2009: # 7
After declining in Y 2008, the US millionaire population grew in Y 2009 and continued to rebound in Y 2010, according to BCG. While the economy has shown only slight improvement, the US still has the most Millionaire households of any Country, as well as the largest number of ultra-high-net-worth households (those with more than US$100M in assets under management).
No. 8: Taiwan
Millionaire households as a share of Country’s total households: 3.6%. Number of Millionaire households: 280,000. World ranking Y 2009: # 8
Taiwan has a widening wealth gap: In Y 2009, the Top quintile of income earners made 6.34 times as much as the bottom quintile, up from 5.5 times 10 yrs ago, according to the Directorate General of Budget, Accounting, and Statistics. The government recently considered passing a luxury tax on: non-owner occupied homes sold within 2 yrs of purchase; automobiles, yachts, helicopters, and airplanes that cost more than TWD3M (about US$104,700); and ivory, coral, furs, and furniture worth more than TWD500,000 (about US$17,400), reported the Christian Science Monitor.
No. 9: Israel
Millionaire households as a share of Country’s total households: 3.4%. Number of Millionaire households: 80,000. World ranking Y 2009: #10
The share of millionaire households remains high in Israel, which has shown signs of economic recovery. Following growth of 4 percent in 2008, Israel’s GDP slipped by 0.2 percent in 2009, then rose by 3.4 percent in Y 2010 as exports rebounded, according to the CIA’s World Factbook. Home prices in Israel were up year-on-year during each quarter in 2010, show data from Knight Frank.
No. 10: Belgium
Millionaire households as a share of Country’s total households: 3.1%. Number of Millionaire households: 140,000. World ranking Y 2009: # 9
Belgium has the greatest concentration of Millionaires among EU member countries. Residents do not pay a wealth tax, but are subject to personal income tax, as well as withholding tax, social security, inheritance and gift tax, and communal taxes, according to Deloitte Touche Tohmatsu.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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