The US has fared better than many other countries when it comes to millionaire growth. According to a new report from WealthInsight, America’s wealthy are expected to grow at a rapid rate and China could have to wait longer than expected to take the top spot.
According to a new report from WealthInsight, there will be more than 9.5 million High Net Worth Individuals (HNWIs) in America by 2017 showing a growth rate of 68%. Not only will there be more HNWIs in the market, the amount they possess will increase by 83% to just under US$40 trillion.
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These figures compared to China show how ahead they are in terms of numbers and overall wealth, with Chinese HNWI volume expected to increase by 53.8% to 2.3 million by 2017. Chinese millionaires’ wealth will also be greatly behind the US by 2017, with WealthInsight expecting overall HNWI wealth to rise by 82.7% to US$9.5 trillion.
"These figures show how far behind China currently is in both the amount of HNWIs and also their wealth. However, with total wealth forecast to increase by a staggering 395% between 2008 and 2017, this growth could mean that we will see China overtake the US on HNWI wealth by 2035", says WealthInsight Analyst, Tom Carlisle.
"With China becoming the top global power for HNWIs by 2035, China will have to offer products and services that will entice Chinese HNWIs to continue investing their capital into the country as America currently does. Otherwise, China could be faced with a mass exodus of HNWIs investing elsewhere" ,says Carlisle.
"For the US to remain in the race for as long as possible, they have to maintain their current strategy which brings HNWIs from all over the globe to relocate and keep US HNWIs investing more locally. With the rising Chinese population and the emerging Far East markets, the US will have to give up the crown at some stage" ,says Carlisle.
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For much more information on this, please see attached white paper: ‘US Millionaires, Catch Me If You Can.’
Editor’s Notes
About this report
This information is based on the WealthInsight report: ‘US 2013 Wealth Book’.
Definitions
‘Millionaires’ otherwise known as ‘high net worth individuals’ or ‘HNWIs’ refer to individuals with net assets of US$1 million or more excluding their primary residences.
‘Multimillionaires’ otherwise known as ‘ultra high net worth individuals’ or ‘UHNWIs’ are individuals with net assets of US$30 million or more excluding their primary residences.
About WealthInsight
The WealthInsight Intelligence Center Database is an information resource on the world’s high net worth individuals (HNWI) and wealth sector. Compiled and curated by a team of research specialists, the database comprises dossiers on over 60,000 HNWIs from around the world. The Intelligent Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.
For further information
Please contact Ida Kloster at the WealthInsight press office at +44 (0) 2032 200 818 or email press@wealthinsight.com.
www.wealthinsight.com
