Millionaires own a record 45 per cent of the world's wealth - and their share is growing

The world's millionaires, who represent the top 1 per cent of the population, now own a record 45 per cent of the global wealth and their share is growing, according to a new report.

There are now 17.9 million households in the world, up 8 per cent from 16.6 million last year, according to a report from The Boston Consulting Group.

The US has the most millionaires, with over 7 million millionaire households, with China ranking second with 2.1 million.

The world's millionaires own over $75 trillion in wealth, or 45 per cent of the $167 trillion in total personal wealth in the world, according to the report.

Their share is up from 44 per cent in 2015.

By 2021, the world's millionaires will control $115 trillion in wealth, or 51 per cent of the world total, according to the report.

"An increasing share of wealth is being held by millionaire households," according to the report.

Multimillionaires will see the strongest growth. Those worth $20 million to $100 million will see their wealth grow 8.4 per cent a year through 2021, according to the report. Those worth more than $20 million will own more than a fifth of the world's wealth.

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