Wednesday, June 8, 2016

Global Wealth Sags a Bit

For the first time since 2011, the growth of private wealth last year slowed around the world, according to a report published yesterday by the Boston Consulting Group. Total private global wealth rose 5.2 percent in 2015, to reach a total of $168 trillion.  The lowest growth on record was in 2011, when private wealth expanded only 3 percent globally.

The United States and Canada’s wealth grew only 2 percent last year, the least of any region, to a total of $60 trillion. Japan, which was up 4 percent, was the only area to grow more than it had the previous year.

The report cited a decline in global GDP output and poor market performance as factors in the sluggish performance in all regions around the world. Despite the U.S. and Canada’s meager growth, the U.S. still has the most millionaire households in the world, with more than 8 million. In second place is China with over 2 million.

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