Where Are Tomorrow's Millionaires?

According to a Deloitte Center for Financial Services sponsored study conducted with Oxford Economics, the bulk of millionaire households are in the United States, where they are projected to stay — at least for the next 10 years.

The study revealed that wealth among millionaire households could more than double over the next decade in 25 major economies — growing from an estimated $92 trillion this year to $202 trillion in 2020.

Although emerging markets are narrowing the gap — with China, Brazil and Russia leading the way in millionaire growth — the United States and Europe have greater concentrations of wealth than any other region. The report also states that developed markets are expected to remain the global centers of wealth over the next decade.

In fact, according to the study, the total number of U.S. families with a net worth of more than $1 million, including real estate, is currently 10.5 million. This number is expected to reach 20.6 million by 2020 — representing roughly 43 percent of the world’s wealth held by millionaire households.

By comparison, Japan is expected to rank second, with 8.6 million millionaire households in 2020 and China is expected to rank seventh, with 2.5 million millionaire households.

The study — which defined wealth as financial assets, such as stocks, bonds and other investments, and non-financial assets, such as art, automobiles and real estate — provides estimates of the number of households with net wealth in three distinct cohorts of $1 million- $5 million, $5 million- $30 million, and $30 million plus across 25 economies.

To view a copy of the complete report, visit http://www.deloitte.com/us/globalwealth.

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Renée A. Hanson, CFP®, CEP®, CDFA™, CFS, is a private wealth advisor with Hanson, Ayala & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc.  Her passion is in helping women achieve their dreams and financial goals, regardless of life’s many obstacles.  Renée is licensed/registered to do business with U.S. residents only in the states of AZ, CA, CO, GA, IA, IL, MI, MN, MT, NH, NJ, NM, NY, OH, PA, SC, TX, VA, WA, WI.  Please visit: www.reneehanson.com to learn more.

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