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Friday, June 11, 2010

U.S. Leads World in Millionaire Households

News summary by MFWire's editors

North American Assets under management jumped $11.5 trillion to $35.1 trillion in 2009. That accounts for roughly one-third ot the $111.5 trillion of global assets under management at the end of 2009, according to just-released research from Boston Consulting. The research was reported Friday morning in the Wall Street Journal.

Much of the increase in North American AUM was driven by asset appreciation. Increases in Europe and Japan were equally driven by appreciation and savings.

Despite the increase last year, North American AUM still remains below its levels in 2007. The only other region still to regain its 2007 peak is Japan.

Boston Consulting estimates that there are 11.2 million "millionaire households," making up one percent of the total. Those Millionaire households control an estimated 38 percent of the world's AUM. The U.S. leads the world in the number of millionaire households with 4.7 million (up 15.7 percent from 2008). The highest growth rate in millionaire households occured in Singapore, Malaysia and China.

Boston Consulting surveyed 114 global banks from 62 countries that account for 98 percent of global GDP. The research also included input from its internal wealth-management experts. 

Edited by: Sean Hanna, Editor in Chief

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