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8/6/2019 US FSI Global Wealth Executive Summary 050611
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The next decade in global wealth amongmillionaire households
Highlights from a studyconducted by the DeloitteCenter for Financial Services
www.deloitte.com/us/cfs
May 2011
http://www.deloitte.com/us/cfshttp://www.deloitte.com/us/cfs8/6/2019 US FSI Global Wealth Executive Summary 050611
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Copyright 2011 Deloitte Development LLC. All rights reserved.2 The next decade in global wealth among millionaire households
Global wealth management has entered a new chapter in its evolution. As wealth managers recalibrate their strategies in the post-
crisis environment, it is crit ical that they have a strong understanding of which economies present the greatest opportunities forbusiness growth. There are, obviously, many factors at play that no wealth manager can ignore, including secular trends such as therise of emerging markets, changing demographics, and evolving preferences for various asset classes.
To help address the challenges facing todays wealth managers, the Deloitte Center for Financial Services sought to go beyond someexisting wealth management statistics by looking both into the future and across the globe to forecast how wealth among millionairehouseholds might grow. We chose to look a decade forward in the belief that such a view is meaningful for strategic planning,operations, market segmentation, and other decisions.
The studys main finding is, at heart, a paradox: In spite of exceptional growth in emerging markets, it is developed markets that are
expected to remain the global centers of wealth over the next decade, in terms of both the amount of wealth held and the number ofmillionaire households. Furthermore, the data suggest that emerging markets are not uniformly similarin terms of size and growthpotential as well as asset allocation preferences, these markets offer a variety of prospects.
Asset and wealth managers looking at the study can draw their own conclusions about how best to direct their resources to takeadvantage of opportunities provided by the economies included in our study. However, we believe this research offers anunprecedentedly rich picture of the evolution of global wealth in the next decade.
Kind regards,
Foreword
Andrew L. FreemanExecutive DirectorDeloitte Center forFinancial Services
Val SrinivasHead of Research,Deloitte Center forFinancial Services
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Copyright 2011 Deloitte Development LLC. All rights reserved.3 The next decade in global wealth among millionaire households
This study was sponsored by the Deloitte Center forFinancial Services and conducted with Oxford Economics.It examines the next decade in global wealth in 25economies selected for their size, growth potential andstrategic importance. We present estimates of the currentnumber of households above specific wealth thresholds,and also forecasts of their growth rate over the next tenyears. In addition, a more in-depth analysis providesregional and state wealth forecasts for the United States,
with specific focus on the number of millionairehouseholds.
Since socio-economic developments are often keydeterminants of medium and long-term growth in wealth,understanding how these trends affect movements invarious wealth cohorts can be of strategic importance whendeveloping wealth management business strategies.Additionally, as significant opportunities for wealthmanagers appear to be related to the acceleration of
wealth creation in emerging market economies, the globalperspective provided by this study is central to any wealthmanagement discussion.
This studys definition of wealth includes many financialassets (stocks, bonds and other investments) and non-financial assets including primary residence, durables,business equity and other assets.
Background
These 25 economies were chosen for their size and growthpotential to wealth management businesses globally *
Australia Japan Spain
Brazil Malaysia Sweden
Canada Mexico Switzerland
China Netherlands Taiwan
France Norway Turkey
Germany Poland United Kingdom
Hong Kong Russia United States
India Singapore
Italy South Korea
*Specific data on the 25 economies are included in the Appendix
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Copyright 2011 Deloitte Development LLC. All rights reserved.4 The next decade in global wealth among millionaire households
This study reports estimates of the number (and density) of households with net wealth in the $1m$5m, $5m$30m, and $30m+ cohorts.
Official exchange rates are used because this metric is more directly relevant to wealth managersseeking to compare market size and investment opportunities across economies.
Wealth in this study includes the primary residence. Although it is customary for the wealthy to begrouped into categories according to levels of investable assets (i.e., excluding primary residence), on across-country basis the available data rarely makes such distinctions possible.
In order to maximize the reliability of our estimates, the analysis presented herein relies solely onactual, secondary data sources, and not subjective judgments.
Having estimated the current population of wealthy individuals by economy, our approach to forecastingfuture changes in their numbers involves two steps.
First, a breakdown of wealth holdings across broad asset categories is established for each cohort of interest.
Second, the value of these portfolios is projected forward using forecasts for relevant factors such as stock prices,house prices, and interest rates, which are contained within the Oxford Economics Global Model (see Appendix). Thismodeling approach allows for shifts in the overall distribution of wealth across time, rather than imposing aggregate
wealth projections onto a static distribution.
Please note: For the purposes of this presentation, many numbers have been rounded.
Notes on study methodology
Source: Oxford Economics and Deloitte analysis
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Main findings
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According to our analysis, the total wealth of millionaire households in the 25 economies included in thisstudy is forecast to grow from $92 trillion in 2011 to $202 trillion in 2020.
Our study suggests that the rebalancing of global wealth is expected to accelerate over the nextdecade. Emerging market (EM) economies are likely to prove to be more dynamic in terms of growthrates, creating significant opportunities for wealth managers seeking to gain a share of these potentiallylucrative markets. Among emerging markets, China may continue to be the driving force in the growth ofmillionaire wealth, followed by Brazil and Russia. Of the 25 economies examined in this study, Chinaand South Korea are likely to join the top10 in terms of the total number of millionaires by 2020.
However, there is a paradox at the heart of this story. According to our study, in spite of the rapid growthof wealth in the EM economies, U.S. and Europe will remain the global centers of wealth over thenext decade, in terms of both the amount of wealth held and the number of millionaire households. Ouranalysis indicates that aggregate wealth of millionaire households in the U.S. in 2020 will likely reach$87 trillion, from $39 trillion in 2011.
Our forecasts suggest that, in 2020, 43% of the worlds wealth among millionaire households will be inthe U.S.
Opportunities for growth potentially exist via greater U.S. state penetration.In the U.S.,
California will likely have the most number of wealthy households, while New Jersey may continue tohave the greatest density. The East Coast is likely to see the highest growth rates New York andFlorida together may add 1.5 million new millionaire households by 2020.
Main findings of this study
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Our forecasts suggest that total wealth among millionaire households will increase from $92 trillion in 2011to $202 trillion by 2020, a growth of 119%. In emerging markets, the growth over the next decade ispotentially quite impressive (260%), significantly outpacing the growth (107%) in developed markets.
Growth of total wealth among millionaire households in25 economies (20002020)
$1.7 $7 $13 $25
$43
$85
$120
$177
0
50
100
150
200
250
2000 2011 2015 2020
TotalwealthinUSDtrillions
Emerging markets Developed markets
Total$45
Total$92
Total$133
Total$202
DM growth
98%
DM growth
41%
DM growth48%
EM growth
311%
EM growth 94%EM growth 86%
Source: Deloitte analysis and Oxford Economics
Developed markets: Australia, Canada, France, Germany, Hong Kong, Italy, Japan, Netherlands, Norway, Singapore, Spain,Sweden, Switzerland, United States, and United Kingdom
Emerging markets: Brazil, China, India, Malaysia, Mexico, Poland, Russia, South Korea, Taiwan, and Turkey
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Our analysis suggests that although growth in the total wealth of millionaire households in EM will outpaceDM, the latter will likely remain home to the significant share of millionaire households over the nextdecade. In DM, the $5-$30 million cohort will likely grow substantially over the next decade. And notsurprisingly, as per our study, the $1-$5 million cohort will comprise the largest group in both DM and EM.
0
10,000
20,000
30,000
40,000
50,000
60,000
2000 2011 2015 2020
Totalnumberofmillionairehouseholds
(000)
Developed Markets
Growth in total number of millionaire households in 25economies (20002020)
Source: Deloitte analysis and Oxford Economics
0
10,000
20,000
30,000
40,000
50,000
60,000
2000 2011 2015 2020
Totalnumberofmillionairehouseholds
(000)
Emerging Markets
33,894
19,189
43,033
55,535
1,1744,084
6,4809,986
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Detailed forecasts
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Overview
Of the 25 economies analyzed, the top 10 wealth management markets are mostly comprised of developed markets. China islikely an exception, with an estimated wealth of $8.2 trillion in 2020.
Our analysis suggests that Australia will make an entry into the top 10 in 2020 with 1.6 million millionaire households.
According to this study, the U.S will roughly maintain its share in the wealth market over the next decade (42% in 2011 to 43% in2020). Japan will likely see its share drop from 11% in 2011 to 9% in 2020.
Global leaders
As per our analysis, the U.S. is likely to continue to dominate with the total wealth of millionaire households projected to rise from$39 trillion in 2011 to $87 trillion in 2020.
The U.S. is likely to continue to be home to the largest number of millionaires, potentially rising from 10.5 million households in2011 to 20.5 million households in 2020. Its nearest competitor may be Japan with an estimated 8.6 million millionairehouseholds in 2020.
Density*
Hong Kong is likely to have the highest density of millionaires in 2020 with 47% of the population holding more than $1 million inwealth, potentially followed by Singapore with 37% and Switzerland with 24%.
At 1.82%, Singapore may have the highest percentage of households with over $30 million in wealth to total number ofhouseholds, potentially followed by Switzerland with 0.6%. Our analysis indicates that Spain may have the lowest proportion of
millionaires with more than $30 million in wealth among our 25 economies. Per capita wealth
While Switzerland is likely to have the highest per capita wealth overall in 2011 with $4.2 million, Singapore may rank numberone in 2015 and 2020 with $4.5 million and $5.4 million in per capital wealth.
The U.S. will likely have the fifth highest per capita wealth in 2020 at $4.23 million.
Developed markets: Key forecasts
* In this study, density refers to the proportion of millionaire households in a given total population.
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Overview
Among the 25 economies analyzed, China is likely to be among the top 10 wealthiest economies by 2015 with an estimated $3.6trillion in wealth.
Among the BRIC economies, India is likely to experience the largest growth in total millionaire wealth (405%) over the nextdecade. This study suggests that Chinas wealth among millionaires will grow by 394%, followed by Brazil at 257%, and Russiaat 241%.
Wealth by cohort
In the $1$5 million cohort, South Korea may have the highest number of millionaires among emerging economies with 1.51million households in 2020. China will likely follow closely with 1.48 million households.
In the $5$30 million cohort, China will potentially see 689,000 households by 2020, the third highest of the 25 economiesincluded in this study. Russia may arrive in eleventh place with 153,000 millionaire households.
According to our study, in the $30m and above cohort, China, Brazil, and India will take second, fifth, and sixth place respectivelywith 327,000; 67,000; and 56,000 millionaire households.
Density
Unsurprisingly, emerging markets will likely appear at the lower end of the density of millionaire households ranking. India mayhave the lowest density ranking in 2020 with 0.3% of households holding more than $1 million in wealth, potentially followed byChina and Poland.
Per capita wealth
Among emerging markets in 2020, India is likely to have the highest per capita wealth among millionaires with $4.25 million placing it ahead of the U.S. This study suggests that Russia will have a per capita wealth among millionaires of $2.2 million in2020, while Brazil will likely see $2 million. South Korea will likely appear in last place with a per capita income of $1.4 million in2020.
Emerging markets: Key forecasts
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According to our study, the total wealth among millionaire households of the 25 economies in this studygenerally exhibit little change in their ranking over the next decade. Emerging market economies will likelysee some upward movement in rank (e.g., China).
Global ranking by total wealth among millionairehouseholds (20112020)
Total wealth in USD trillions
2011 Total $92.26 2020 Total $ 201.95
1 United States $38.60 1 United States $87.11
2 Japan $10.00 2 Japan $19.02
3 Italy $5.71 3 Germany $10.94
4UnitedKingdom
$5.69 4UnitedKingdom
$10.58
5 Germany $5.14 5 Italy $9.48
6 France $4.62 6 France $8.31
7 Canada $3.35 7 China $8.24
8 Hong Kong $2.48 8 Canada $6.77
9 Switzerland $2.41 9 Hong Kong $5.70
10 Spain $2.17 10 Switzerland $4.33
11 Netherlands $1.75 11 Australia $3.64
12 China $1.67 12 Spain $3.42
13 Australia $1.49 13 Netherlands $3.14
14 Taiwan $1.26 14 Taiwan $3.03
15 South Korea $0.99 15 India $2.95
Total wealth in USD trillions
2011 Total $92.26 2020 Total $ 201.95
16 Singapore $0.88 16 Russia $2.70
17 Russia $0.79 17 South Korea $2.50
18 Sweden $0.71 18 Singapore $2.42
19 India $0.58 19 Brazil $2.04
20 Brazil $0.57 20 Sweden $1.38
21 Turkey $0.46 21 Turkey $1.34
22 Mexico $0.36 22 Mexico $1.12
23 Norway $0.36 23 Norway $0.84
24 Malaysia $0.14 24 Malaysia $0.69
25 Poland $0.08 25 Poland $0.26
Source: Deloitte analysis and Oxford Economics DM EM
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In terms of the total number of millionaire households, emerging markets are likely to see an upwardmovement in rank, with some economies rising meaningfully (South Korea, Mexico) and others droppingslightly (Taiwan, Turkey).
Global ranking by total number of millionaire households(20112020)
Number of millionaire households ('000s)
2011 Total 37,978 2020 Total 65,521
1 United States 10,541 1 United States 20,551
2 Japan 5,705 2 Japan 8,649
3 Germany 3,485 3 Germany 5,789
4UnitedKingdom
2,904 4UnitedKingdom
3,814
5 France 2,653 5 Italy 3,552
6 Italy 2,476 6 France 3,346
7 Canada 1,745 7 China 2,500
8 China 1,312 8 Canada 2,413
9 Spain 1,022 9 South Korea 1,730
10 Taiwan 719 10 Australia 1,620
11 Netherlands 713 11 Spain 1,602
12 Hong Kong 711 12 Taiwan 1,264
13 Australia 698 13 Russia 1,205
14 Switzerland 573 14 Hong Kong 1,178
15 South Korea 520 15 Brazil 1,001
Number of millionaire households ('000s)
2011 Total 37,978 2020 Total 65,521
16 Russia 375 16 Netherlands 959
17 Brazil 303 17 Switzerland 872
18 India 286 18 India 694
19 Turkey 273 19 Mexico 615
20 Sweden 252 20 Turkey 601
21 Singapore 237 21 Singapore 449
22 Norway 178 22 Sweden 422
23 Mexico 170 23 Norway 319
24 Malaysia 76 24 Malaysia 249
25 Poland 50 25 Poland 126
Source: Deloitte analysis and Oxford Economics DM EM
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In terms of the number of millionaire households, our study suggests that developed economies will leadthe $1$5 million wealth cohort, though the decade may potentially see a shift towards more householdsholding $1$5 million in wealth in emerging markets (e.g., South Korea).
Global ranking by total number of millionaire households(20112020): $1$5 million cohort
Number of millionaire households ('000s) $1M$5M Cohort
2011 Total 32,285 2020 Total 55,127
1 United States 7,753 1 United States 15,748
2 Japan 5,403 2 Japan 7,841
3 Germany 3,333 3 Germany 5,540
4UnitedKingdom
2,798 4UnitedKingdom
3,685
5 France 2,533 5 France 3,109
6 Italy 2,103 6 Italy 3,016
7 Canada 1,546 7 Canada 2,152
8 Spain 911 8 South Korea 1,506
9 China 802 9 China 1,484
10 Taiwan 689 10 Australia 1,450
11 Netherlands 657 11 Spain 1,441
12 Australia 616 12 Taiwan 1,190
13 Hong Kong 581 13 Russia 1,003
14 Switzerland 468 14 Hong Kong 869
15 South Korea 435 15 Netherlands 821
Number of millionaire households ('000s) $1M$5M Cohort
2011 Total 32,285 2020 Total 55,127
16 Russia 269 16 Brazil 798
17 Turkey 211 17 Switzerland 657
18 India 210 18 Turkey 512
19 Sweden 209 19 India 508
20 Brazil 195 20 Mexico 507
21 Singapore 188 21 Singapore 366
22 Norway 159 22 Sweden 349
23 Mexico 124 23 Norway 277
24 Malaysia 53 24 Malaysia 212
25 Poland 38 25 Poland 86
Source: Deloitte analysis and Oxford Economics DM EM
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Within the $5$30 million wealth cohort, China is likely to be the standout emerging market among the 25economies examined in this study. South Korea may see significant upward movement in its rank between2011 and 2020.
Global ranking by total number of millionaire households(20112020): $5$30 million cohort
Number of millionaire households ('000s) $5M$30M Cohort
2011 Total 4,823 2020 Total 8,674
1 United States 2,292 1 United States 4,183
2 China 464 2 Japan 712
3 Italy 355 3 China 689
4 Japan 282 4 Italy 486
5 Canada 182 5 Hong Kong 296
6 Hong Kong 120 6 Canada 234
7 Germany 114 7 Switzerland 194
8 Spain 100 8 France 185
9 France 96 9 South Korea 183
10 Switzerland 96 10 Germany 178
11 Brazil 91 11 Russia 153
12 Russia 85 12 Australia 146
13UnitedKingdom
73 13 Spain 141
14 South Korea 71 14 Brazil 135
15 Australia 71 15 India 130
Number of millionaire households ('000s) $5M$30M Cohort
2011 Total 4,823 2020 Total 8,674
16 Turkey 52 16 Netherlands 110
17 India 50 17 Mexico 92
18 Mexico 44 18 United Kingdom 87
19 Singapore 43 19 Taiwan 63
20 Netherlands 40 20 Turkey 62
21 Sweden 30 21 Singapore 61
22 Taiwan 27 22 Sweden 56
23 Malaysia 19 23 Norway 36
24 Norway 15 24 Poland 32
25 Poland 11 25 Malaysia 29
Source: Deloitte analysis and Oxford Economics DM EM
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Our analysis suggests that in the $30+ million wealth cohort, emerging markets may fare comparatively better than in
smaller wealth cohorts. Most emerging markets are likely to see an improvement in their rank over the next decade. Chinamay continue to hold its place as the economy with the second highest number of millionaires holding $30 million in wealthor more.
Global ranking by total number of millionaire households(20112020): $30+ million cohort
Number of millionaire households ('000s) $30M +Cohort
2011 Total 871 2020 Total 1,719
1 United States 496 1 United States 620
2 China 46 2 China 327
3 Germany 38 3 Japan 96
4UnitedKingdom
33 4 Germany 71
5 India 26 5 Brazil 67
6 France 24 6 India 56
7 Russia 21 7 France 52
8 Japan 20 8 Italy 50
9 Italy 18 9 Russia 49
10 Canada 17 10 UnitedKingdom
42
11 Brazil 17 11 South Korea 41
12 Netherlands 16 12 Netherlands 28
13 South Korea 14 13 Turkey 28
14 Sweden 13 14 Canada 27
15 Australia 12 15 Australia 24
Number of millionaire households ('000s) $30M +Cohort
2011 Total 871 2020 Total 1,719
16 Spain 11 16 Singapore 22
17 Turkey 10 17 Switzerland 22
18 Hong Kong 10 18 Spain 20
19 Switzerland 9 19 Mexico 16
20 Singapore 5 20 Sweden 16
21 Taiwan 4 21 Hong Kong 13
22 Malaysia 4 22 Taiwan 11
23 Norway 4 23 Poland 8
24 Mexico 3 24 Malaysia 8
25 Poland 1 25 Norway 6
DM EM
Source: Deloitte analysis and Oxford Economics
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55%
42% 44% 43%
18%
11% 10% 9%
4%
6% 5% 5%
6%
6% 6%5%
2%
6% 6%5%
2%
5% 4%
4%
4% 4%
3%
2%
3% 2%
2%
9%
17% 19%24%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2011 2015 2020
U.S. Japan Italy UK Germany France Canada Switzerland Other countries
Although the share of U.S. millionaire wealth among global millionaires fell from 55% in 2000 to 42% in2011, it is likely to retain its current share of global wealth over the next decade.
Share of U.S. wealth among global millionaires(20002020)
Source: Deloitte analysis and Oxford Economics
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Copyright 2011 Deloitte Development LLC. All rights reserved.18 The next decade in global wealth among millionaire households
The proportion of the ultra-wealthy in relation to total households in 2020 is likelyto be the highest in Singapore.
Developed markets: Ultra-wealthy ($30 m+) as a percentof the population of households
Source: Deloitte analysis and Oxford Economics
0.06%
0.05%
0.13%
0.09%
0.13%
0.04%
0.10%
0.07%
0.14%
0.18%
0.29%
0.22%
0.42%
0.43%
0.26%
0.44%
0.11%
0.14%
0.16%
0.18%
0.19%
0.20%
0.20%
0.21%
0.25%
0.25%
0.35%
0.37%
0.49%
0.52%
0.61%
1.82%
0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00%
Spain
Taiwan
United KingdomGermany
Canada
Japan
France
Italy
Australia
Norway
Sweden
Netherlands
U.S.
Hong Kong
Switzerland
Singapore
2020 2011
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Copyright 2011 Deloitte Development LLC. All rights reserved.19 The next decade in global wealth among millionaire households
$4.2
$3.7
$3.7
$3.5
$2.1
$2.0
$1.5
$1.3
$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5
Switzerland
Singapore
U.S.
Hong Kong
Russia
India
Germany
China
Wealth per household in $ millions
According to our analysis, millionaire households in Switzerland are likely to have an average of $4.2million in wealth the highest among the 25 economies included in this study. China may have the leastaverage wealth among its millionaire households ($1.3 million per household).
Wealth per millionaire household in 2011
Source: Deloitte analysis and Oxford Economics
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Global asset allocation
preferences
D l d k E i f ll i
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Copyright 2011 Deloitte Development LLC. All rights reserved.21 The next decade in global wealth among millionaire households
Our analysis suggests that the asset allocation among the top 1% of households is relatively consistentacross developed markets. However, Hong Kong, Italy, and Spain are likely to have a greater proportionof wealth attached to primary residential real estate.
Developed markets: Estimates of current asset allocationamong the top 1% of households
18% 18% 21%22%
13% 15%6%
14%20% 18%
8% 10%
11% 7%
13% 15%
14%
14%
20%18%
8%11%
11%
3% 6%5%
8%
1%
6%6%
2%1%
1%
0%6%
5%
8%1%
6%6%
5%
10%7%
10%6%
6%
2%6%
7%7%
35% 20%21%
22%
28% 24%
51%45%
20%
20%
24%30% 28%
36%27% 29%
11%18% 20%
25%
Hong Kong Japan Canada United States France Germany Italy Spain Switzerland U.K.
Domestic stocks Foreign stocks Domestic bonds Foreign bonds Cash & other Residential Business Equity
Source: Deloitte analysis and Oxford Economics
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United States Overview
N b f illi i h h ld i
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Copyright 2011 Deloitte Development LLC. All rights reserved.24 The next decade in global wealth among millionaire households
The number of millionaire households in the U.S. seemed to peak in 2006. The most significant drop mayhave occurred during the financial crisis, although the number of millionaire households seems to havereturned to its pre-crisis levels.
Number of millionaire households inthe U.S. 20002011
7.7 7.7 7.5
8.3
10.2
11.7
12.7 12.6
9.09.3
9.8
10.5
-40%
-30%
-20%
-10%
0%
10%
20%
30%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Number of millionaire households Annual growth rate
Source: Deloitte analysis and Oxford Economics
Numberofmillionairehouseholdsinm
illions
U it d St t E ti t f t tf li iti
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Copyright 2011 Deloitte Development LLC. All rights reserved.25 The next decade in global wealth among millionaire households
According to our study, the top 1% of households in the U.S. will have more than a third oftheir wealth in businesses equity and about a third in stocks and bonds.
United States: Estimates of current portfolio compositionamong the top 10th percentile
22% 21% 21%
7% 7% 7%
3% 2% 1%
5% 7% 8%
5% 6% 7%
22%
36%
44%
36%
22%
12%
99-100th percentile 95-99th percentile 90-95th percentile
Domestic Stocks Foreign Stocks Domestic Bonds Cash Other Residential Business Equity
Percentile
36%
22%
Source: Deloitte analysis and Oxford Economics
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Copyright 2011 Deloitte Development LLC. All rights reserved.26 The next decade in global wealth among millionaire households
Our analysis suggests that the total wealth of all U.S. millionaires will reach $87 trillion in 2020, a CAGR of
9% between 20112020. The United States will likely remain the largest wealth management market inthe world.
Wealth among millionaire households in the U.S.
$25
$39
$58
$87
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
2000 2011 2015 2020
Tota
lmillionairewealthinUSDtrillions
Growing wealth in the U.S.
56%
50%
49%
$25
$39
$58
$87496,000
households
2,292,000households
7,753,000households
$30m+
$5m$30m
$1m $5m
The number of millionairehouseholds in 2011
Source: Deloitte analysis and Oxford Economics
Growth in number of millionaire households by wealth
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Copyright 2011 Deloitte Development LLC. All rights reserved.27 The next decade in global wealth among millionaire households
5.737.75
11.51
15.751.60
2.29
2.89
4.18
0.41
0.5
0.55
0.62
0
5
10
15
20
25
30
2000 2011 2015 2020
Num
berofmillionairehousehold
inmillions
$1m - $ 5m $5m - $ 30m $30m and above
According to this study, those in the $1m$5m wealth cohort will reach 15.8 million households in 2020, a
growth of 103% over the next decade. The $5m30m cohort is also likely to exhibit strong growth, at 83%over the next decade, while the $30 m+ cohort is expected to grow 24%.
Growth in number of millionaire households by wealthcohorts in the U.S.
Total
7.7
Total
10.5
Total
15.0
Total
20.6
36%
43%
37%
Source: Deloitte analysis and Oxford Economics
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Copyright 2011 Deloitte Development LLC. All rights reserved.
Contrasting U.S. and China
Source: Deloitte Center for Financial Services and Oxford Economics, and IMF
GDP projections are derived using IMF current estimates and Oxford Economics imputed growth rates.
As U.S. and Chinese GDP converge over the next decade, Chinese millionaire wealth may likely remain arelatively small proportion of U.S. millionaire wealth, reaching just under 10% by 2020.
14 1618
39
58
87
4 69
1.7 3.68.2
0
10
20
30
40
50
60
70
80
90
2011 2015 2020
U.S. GDP U.S. Wealth China GDP China Wealth
USD
Trillions
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United States Regions
Key forecasts for the United States regions: Millionaire
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Overview
In terms of the number of millionaire households, this study suggests growth rates of roughly 78% between 2010 and 2020, with Connecticutgrowing the least (4% annualized growth) and South Dakota and North Dakota expected to grow the most (10% annualized growth).
In 2020, California, Texas, New York, and Florida will likely be home to the greatest number of millionaire households.
According to this study, Arizona, and Nevada will likely experience the greatest growth in net worth of millionaire households between 2009and 2015. California, Texas, Florida, Oregon, Idaho, and Utah are also expected to see greater than average growth.
Density
Our analysis indicates that in 2010, Connecticut held the highest density of millionaires with 14.2% of households holdings assets valued atmore than one million dollars. By 2020, New Jersey will likely be the state with the highest density of millionaires (24.6%).
Regional Leaders In the Northern Pacific region, Washington State may have the regions most number of millionaires 534,000 by 2020.
In the Pacific Southwest region, California will likely be a leader in the number of millionaire households 2.7 million by 2020. However,according to our study, the fastest growth rate of millionaire households in the region is found in Arizona, where millionaire households maygrow at an annualized rate of 9%.
In Mid-America, Texas is likely to have the most number of millionaires with 1.6 million by 2020. Texas may overtake New York in 2020 as thestate with the second most amount of millionaires in the United States, next to California
In the Southeast, Florida may have the highest number of millionaire households with 1.4 million in 2020. Georgia may potentially come insecond with 674,000 millionaires in 2020.
In the Northeast, New York may have the highest number of millionaire households with 1.5 million in 2020, potentially followed by New Jersey. In the Midwest, Illinois is likely to have the highest number of millionaires with 803,000 in 2020, potentially followed by Wisconsin with 368,000
in 2020.
In North Central, Pennsylvania may have the highest number of millionaire households with 804,000 in 2020, potentially followed by Ohio. Moststates in this region will likely see a below-average annualized growth rate of 6% over the next decade.
Key forecasts for the United States regions: Millionairehouseholds
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14.2
13.9
13.7
11.1
10.8
10.4
18.1
18.5
20.1
15
15.5
15.4
22.6
23.2
24.6
19.0
19.5
20.0
0 5 10 15 20 25 30
Connecticut
Massachusetts
New Jersey
District ofColumbia
Hawaii
New York
Density of millionaire households %
2020 2015 2010
In 2010, Connecticut was the state with the highest density of millionairehouseholds (14.2%). Our study suggests that in 2020, New Jersey will have thehighest density of millionaires (24.6%).
Density of millionaire households across U.S. states
Source: Deloitte analysis and Oxford Economics
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226
112
51 4222 20 14
372
200
87 66
32 31 21
534
296
13095
46 44
300
100
200
300
400
500
600
Washington Oregon Utah Idaho Alaska Montana Wyoming#ofmillionairesinthousands
2010 2015 2020
Growth rates in the Northern Pacific region
20102015 20102020
Washington 9% 8%
Oregon 10% 9%
Utah 9% 9%
Idaho 8% 8%
Alaska 6% 7%
Montana 8% 7%
Wyoming 7% 7%
U.S. regional wealth: Northern Pacific
In the Northern Pacific region, Washington state is likely to have the largest number of millionairehouseholds in the region by 2020 (534,000).
Source: Deloitte analysis and Oxford Economics
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Growth rates in the Pacific Southwest region
20102015 20102020
California 8% 7%
Arizona 9% 9%
Nevada 7% 6%
Hawaii 8% 7%
1,319
166 84 48
2,105
283128 71
2,745
434
157 92
0
500
1,000
1,500
2,000
2,500
3,000
California Arizona Nevada Hawaii
#ofmilliona
iresinthousands
2010 2015 2020
In the Pacific Southwest region, California will likely be the leading the state with 2.7 million millionaire
households in 2020. However, our analysis suggests that the fastest growth rate in the number ofmillionaire households will be in Arizona with an annualized growth rate of 9%.
U.S. regional wealth: Pacific Southwest
Source: Deloitte analysis and Oxford Economics
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434
159 14278
43 15 12
591
260 239
12468
28 23
803
368 341
170 9842 34
0
100
200
300
400
500
600
700
800
900
Illinois Wisconsin Minnesota Iowa Nebraska South Dakota North Dakota
#ofmillionairesinthousands
2010 2015 2020
In the Midwest region, Illinois will likely top the table with the highest number of millionaire households in
2020 with 803,000, potentially followed by Wisconsin with 368,000 in 2020.
U.S. regional wealth: Midwest
Source: Deloitte analysis and Oxford Economics
Growth rates in the Midwest region
20102015 20102020
Illinois 5% 6%
Wisconsin 9% 8%
Minnesota 9% 8%
Iowa 8% 7%
Nebraska 8% 8%
South Dakota 11% 10%
North Dakota 11% 10%
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401332
297
16895
581
484416
257145
804
666583
365
207
0
100
200300
400
500
600
700
800
900
Pennsylvania Ohio Michigan Indiana Kentucky#ofmillionai
resinthousands
2010 2015 2020
Pennsylvania may have the highest number of millionaire households with 804,000 in 2020, likely followed
by Ohio. Our study indicates that most states in this region will see an annualized growth rate of 6% overthe next decade.
U.S. regional wealth: North Central
Growth rates in the North Central region
20102015 20102020
Pennsylvania 6% 7%
Ohio 6% 7%
Michigan 6% 6%
Indiana 7% 7%
Kentucky 7% 7%
Source: Deloitte analysis and Oxford Economics
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Growth rates in the Northeast region
20102015 20102020
New York 7% 6%
New Jersey 7% 6%
Massachusetts 5% 5%
Connecticut 4% 4%
New Hampshire 7% 7%
Maine 7% 7%
Rhode Island 9% 8%
Vermont 9% 8%
758
443352
194
54 34 33 19
1,121
662
474
24883 50 50 32
1,458
831
603
314
117 71 69 45
0
200400
600
800
1000
1200
1400
1600
New York New Jersey Massachusetts Connecticut New Hampshire Maine Rhode Island Vermont
#ofmillionairesinthousands
2010 2015 2020
In the Northeast region, New York may potentially have the highest number of millionaire households in2020 with 1.5 million, likely followed by New Jersey. Vermont may have the highest increase in its number
of millionaires, with an annualized growth rate of 9%.
U.S. regional wealth: Northeast
Source: Deloitte analysis and Oxford Economics
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596
327 287 264 221 178115 89 65 45 33 29 23
995
474 431 428347
263191 143 99 61 50 37 36
1,445
674615 596
474370
264206
14086 70 45 52
0
200
400
600
800
1000
1200
1400
1600
Florida Georgia NorthCarolina
Virginia Maryland Tennessee SouthCarolina
Alabama Arkansas Mississippi WestVirginia
District ofColumbia
Delaware
#ofmillionairesintho
usands
2010 2015 2020
In the Southeast region, Florida may have the highest number of millionaire households in 2020 with 1.4million, likely followed by Georgia with 674,000.
U.S. regional wealth: Southeast
Source: Deloitte analysis and Oxford Economics
Growth rates in the Southeast region
20102015 20102020
Florida 9% 8%
Georgia 6% 7%
North Carolina 7% 7%
Virginia 8% 8%
Maryland 8% 7%
Tennessee 7% 7%
South Carolina 9% 8%
Arkansas 9% 8%
Alabama 8% 8%
Mississippi 5% 6%
District of Columbia 5% 4%
Delaware 9% 8%
West Virginia 9% 8%
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Copyright 2011 Deloitte Development LLC. All rights reserved.39 The next decade in global wealth among millionaire households
Deloittes wealth study offers insights into the next decade of global wealth among millionairehouseholds. The highlights discussed here are just a small sampling of the data points andtrends that were unearthed. Deloitte is currently sharing these insights with clients andhelping them to strategize on how the study results can help their businesses. For moreinformation or to arrange an appointment to discuss these and hundreds of other findingsfrom the study, please contact:
Andrew FreemanExecutive Director, Center for Financial ServicesDeloitte Services [email protected]
Val SrinivasHead of Research, Center for Financial ServicesDeloitte Services [email protected]
Want to learn more?
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Appendix
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A str li Gro th in the n ber of illion ire
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As per our analysis, the number of millionaire households in Australia will grow from 698,000 to1,620,000
between 2011 and 2020, a growth rate of 132%. The $1m-$5m cohort will likely see the greatest growth,at 135%, while the $5m-$30m cohort and $30M+ cohorts will likely grow 107% and 102%, respectively,over the next decade. According to our study, the $1m-$5m cohort will continue to dominate the share ofmillionaire households, with 90% of millionaire households belonging to this cohort in 2020.
Australia: Growth in the number of millionairehouseholds by wealth cohort
0.12
0.62
1.0
1.45
0.02
0.07
0.1
0.15
0.01
0.02
0.02
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Total
.15
Total
.70
Total
1.13
Total
1.62
369%
61%
44%
Numberofm
illionairehouseholdsinmilli
ons
Source: Deloitte Analysis and Oxford Economics
Canada Growth in the number of millionaire households
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Our study suggests that the number of millionaire households in Canada will grow from 1,745,000 to2,413,000 between 2011 and 2020, a growth rate of 38%. At 57%, the $30m+ cohort will likely see the
greatest growth while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 39% and 28%,respectively, over the next decade. However, as per our analysis, the $1m-$5m cohort will continue todominate the share of millionaire households, with 89% of millionaire households belonging to this cohortin 2020.
Canada: Growth in the number of millionaire householdsby wealth cohort
0.25
1.55
1.82
2.15
0.12
0.18
0.2
0.23
0.01
0.02
0.02
0.03
0
0.5
1
1.5
2
2.5
3
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numbe
rofmillionairehouseholdsin
millions
Total
0.4
Total
1.7
Total
2.0
Total
2.4
355%
17%
18%
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Germany: Growth in the number of millionaire
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As per our analysis, the number of millionaire households in Germany will grow from 3,485,000 to
5,789,000 between 2011 and 2020, a growth rate of 66%. The $30m+ cohort will likely see the greatestgrowth, at 86%, while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 66% and 56%,respectively, over the next decade. However, the $1m-$5m cohort will likely continue to dominate theshare of millionaire households, with 96% of millionaire households belonging to this cohort in 2020.
Germany: Growth in the number of millionairehouseholds by wealth cohort
1.02
3.33
4.22
5.54
0.04
0.11
0.13
0.18
0.01
0.04
0.06
0.07
0
1
2
3
4
5
6
7
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numbero
fmillionairehouseholdsinmillions
Total
1.1
Total
3.5
Total
4.4
Total
5.8
227%
27%
31%
Source: Deloitte Analysis and Oxford Economics
Hong Kong: Growth in the number of millionaire
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As per our analysis, the number of millionaire households in Hong Kong will grow from 711,000 to
1,178,000 between 2011 and 2020, a growth rate of 66%. The $5m-$30m cohort will likely see thegreatest growth, at 147%, while the $1m-$5m cohort and $30m+ cohorts will likely grow 49% and 31%,respectively, over the next decade. However, the $1m-$5m cohort will likely continue to dominate theshare of millionaire households, with 74% of millionaire households belonging to this cohort in 2020.
Hong Kong: Growth in the number of millionairehouseholds by wealth cohort
0.25
0.580.72
0.87
0.01
0.12
0.17
0.3
0.01
0.01
0.01
0.01
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
167%
28%
30%
Numberofmi
llionairehouseholdsinmillions
Total
1.2
Total0.91
Total
0.71
Total
0.26
Source: Deloitte Analysis and Oxford Economics
Italy: Growth in the number of millionaire households by
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Our study suggests that the number of millionaire households in Italy will grow from 2,476,000 to
3,552,000 between 2011 and 2020, a growth rate of 43%. The $30m+ cohort will likely see the greatestgrowth, at 175%, while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 43% and 37%,respectively, over the next decade. However, the $1m-$5m cohort will likely continue to dominate theshare of millionaire households, with 85% of millionaire households belonging to this cohort in 2020.
Italy: Growth in the number of millionaire households bywealth cohort
1.06
2.12.45
3.02
0.11
0.36
0.41
0.49
0.02
0.03
0.05
0
0.5
1
1.5
2
2.5
3
3.5
4
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numberofmillio
nairehouseholdsinmillions
Total
2.5
Total2.9
Total
1.2
Total
3.6
110%
17%
23%
Source: Deloitte Analysis and Oxford Economics
Japan: Growth in the number of millionaire households
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Our study suggests that the number of millionaire households in Japan will grow from 5,705,000 to8,649,000 between 2011 and 2020, a growth rate of 52%. According to our analysis, the $30m+ cohort will
see the greatest growth, at 376%, while the $1m-$5m cohort and $5m-$30m cohorts will grow 45% and153%, respectively, over the next decade. However, the $1m-$5m cohort will likely continue to dominatethe share of millionaire households, with 91% of millionaire households belonging to this cohort in 2020.
Japan: Growth in the number of millionaire householdsby wealth cohort
4.675.4
6.43
7.84
0.23
0.28
0.46
0.71
0.01
0.02
0.05
0.1
0
1
2
3
4
5
6
7
8
9
10
2000 2011 2015 2020
$1m - $ 5m $5m - $ 30m $30m and above
Numberof
millionairehouseholdsinmillions
Total
4.9
Total
5.7
Total
6.9
Total
8.7
16%
22%
25%
Source: Deloitte Analysis and Oxford Economics
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Norway: Growth in the number of millionaire households
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Our analysis suggests that the number of millionaire households in Norway will grow from 178,000 to
319,000 between 2011 and 2020, a growth rate of 79%. The $5m-$30m cohort will likely see the greatestgrowth, at 130%, while the $1m-$5m cohort and $30m+ cohorts will likely grow 74% and 69%,respectively, over the next decade. However, the $1m-$5m cohort will likely continue to dominate theshare of millionaire households, with 87% of millionaire households belonging to this cohort in 2020.
Norway: Growth in the number of millionaire householdsby wealth cohort
Source: Deloitte Analysis and Oxford Economics
0.04
0.16
0.22
0.28
0.01
0.02
0.03
0.04
0.001
0.004
0.005
0.01
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
2000 2011 2015 2020
$1m - $ 5m $5m - $ 30m $30m and above
Numberof
millionairehouseholdsinmill
ions
Total
0.05
Total
0.18
Total
0.25
Total
0.32
254%
38%
29%
Singapore: Growth in the number of millionaire
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Source: Deloitte Analysis and Oxford Economics
As per our analysis, the number of millionaire households in Singapore will grow from 237,000 to 449,000
between 2011 and 2020, a growth rate of 90%. The $30m+ cohort will likely see the greatest growth, at315%, while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 95% and 41%, respectively, overthe next decade. However, the $1m-$5m cohort will likely continue to dominate the share of millionairehouseholds, with 82% of millionaire households belonging to this cohort in 2020.
Singapore: Growth in the number of millionairehouseholds by wealth cohort
0.05
0.19
0.26
0.37
0.01
0.04
0.05
0.06
0.01
0.01
0.02
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
0.5
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numberofm
illionairehouseholdsinmillions
Total
.06
Total
0.24
Total
.32
Total
0.5
268%
36%
39%
Spain: Growth in the number of millionaire households
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Our study suggests that the number of millionaire households in Spain will grow from 1,022,000 to
1,602,000 between 2011 and 2020, a growth rate of 57%. The $30m+ cohort will likely see the greatestgrowth, at 84%, while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 58% and 41%,respectively, over the next decade. However, the $1m-$5m cohort will likely continue to dominate theshare of millionaire households, with 90% of millionaire households belonging to this cohort in 2020.
Spain: Growth in the number of millionaire householdsby wealth cohort
0.23
0.91 1.03
1.44
0.03
0.1
0.11
0.14
0.002
0.01
0.01
0.02
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2000 2011 2015 2020
$1m - $ 5m $5m - $ 30m $30m and above
Numberofmillionairehouseholdsinmillions
Total
0.26
Total
1.0
Total
1.1
Total
1.6
Source: Deloitte Analysis and Oxford Economics
295%
12%
40%
Sweden: Growth in the number of millionaire households
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As per our analysis, the number of millionaire households in Sweden will grow from 252,000 to 422,000
between 2011 and 2020, a growth rate of 67%. Our study suggests that the $5m-$30m cohort will see thegreatest growth, at 88%, while the $1m-$5m cohort and $30m+ cohorts will grow 67% and 27%,respectively, over the next decade. However, the $1m-$5m cohort will likely continue to dominate theshare of millionaire households, with 83% of millionaire households belonging to this cohort in 2020.
Sweden: Growth in the number of millionaire householdsby wealth cohort
0.08
0.21
0.29
0.35
0.010
0.03
0.04
0.06
0.006
0.01
0.01
0.02
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
2000 2011 2015 2020
$1m - $ 5m $5m - $ 30m $30m and above
Numberof
millionairehouseholdsinmillions
Total
0.099
Total
0.25
Total
0.34
Total
0.42
154%
36%
23%
Source: Deloitte Analysis and Oxford Economics
Switzerland: Growth in the number of millionaire
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Our study suggests that the number of millionaire households in Switzerland will grow from 573,000 to
872,000 between 2011 and 2020, a growth rate of 52%. As per our analysis, the $30m+ cohort will see thegreatest growth, at 134%, while the $1m-$5m cohort and $5m-$30m cohorts will grow 40% and 103%,respectively, over the next decade. However, the $1m-$5m cohort will likely continue to dominate theshare of millionaire households, with 75% of millionaire households belonging to this cohort in 2020.
Switzerland: Growth in the number of millionairehouseholds by wealth cohort
Source: Deloitte Analysis and Oxford Economics
0.21
0.470.54
0.66
0.03
0.96
0.14
0.19
0.001
0.01
0.01
0.02
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numberofmillionairehouseholdsinm
illions
Total
.24
Total
0.57
Total0.69
Total
0.87
143%
26%
21%
United Kingdom: Growth in the number of millionaire
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As per our analysis, the number of millionaire households in the United Kingdom will grow from 2,904,000to 3,814,000 between 2011 and 2020, a growth rate of 31%. Similarly to Australia, but unlike other DM
economies included in this study, the $1m-$5m cohort in the United Kingdom will likely see the greatestgrowth, at 32%, while the $5m-$30m cohort and $30m+ cohorts will likely grow 20% and 27%,respectively, over the next decade. Our study suggests that the $1m-$5m cohort will continue to dominatethe share of millionaire households, with 97% of millionaire households belonging to this cohort in 2020.
United Kingdom: Growth in the number of millionairehouseholds by wealth cohort
Source: Deloitte Analysis and Oxford Economics
1.91
2.80
3.17
3.680.06
0.07
0.08
0.09
0.03
0.03
0.04
0.04
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numberofmillionairehouseholdsinmillions
Total
1.99
Total
2.90
Total
3.28
Total
3.81
46%
13%
16%
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China: Growth in the number of millionaire households
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According to our study, the number of millionaire households in China will grow from 1,312,000 to2,500,000 between 2011 and 2020, a growth rate of 91%. The $30m+ cohort will likely see the greatestgrowth, at 609%, while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 85% and 48%,respectively, over the next decade. However, our analysis suggests that the $1m-$5m cohort will continueto dominate the share of millionaire households, with 59% of millionaire households belonging to thiscohort in 2020.
China: Growth in the number of millionaire householdsby wealth cohort
0.31
0.80
1.09
1.48
0.004
0.46
0.60
0.69
0
0.05
0.12
0.33
0
0.5
1
1.5
2
2.5
3
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numberofmillionairehouseholdsinmillions
Total
1.3
Total
1.8
Total
2.5
Total0.3
323%
39%
38%
Source: Deloitte Analysis and Oxford Economics
India: Growth in the number of millionaire households by
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Our analysis suggests that the number of millionaire households in India will grow from 286,000 to694,000 between 2011 and 2020, a growth rate of 143%. The $5m-$30m cohort in India will likely see thegreatest growth, at 161%, while the $1m-$5m cohort and $30m+ cohorts follow closely with likely growthrates of 142% and 115%, respectively, over the next decade. The $1m-$5m cohort will likely continue todominate the share of millionaire households, with 73% of millionaire households belonging to this cohortin 2020.
India: Growth in the number of millionaire households bywealth cohort
0.13
0.21
0.32
0.51
0.0
0.05
0.08
0.13
0.03
0.04
0.06
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
2000 2011 2015 2020
$1m - $ 5m $5m - $ 30m $30m and above
Numberof
millionairehouseholdsinmil
lions
Total
0.13
Total
0.29
Total
0.44
113%
53%
58%
Total
0.69
Source: Deloitte Analysis and Oxford Economics
Malaysia: Growth in the number of millionaire
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Our study suggests that the number of millionaire households in Malaysia will grow from 76,000 to
249,000 between 2011 and 2020, a growth rate of 228%. The $1m-$5m cohort in Malaysia will likely seethe greatest growth, at 305%, while the $5m-$30m cohort and $30m+ cohorts will likely grow 47% and100%, respectively, over the next decade. The $1m-$5m cohort will likely continue to dominate the shareof millionaire households, with 85% of millionaire households belonging to this cohort in 2020.
Malaysia: Growth in the number of millionairehouseholds by wealth cohort
0.01
0.05
0.14
0.21
0.01
0.02
0.02
0.03
0.0
0.004
0.01
0.01
0.00
0.05
0.10
0.15
0.20
0.25
0.30
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numberofmillionairehouseholdsinm
illions
Total.17
Total
.076
Total
.17
Total
0.25
127%
355%
44%
Source: Deloitte Analysis and Oxford Economics
Mexico: Growth in the number of millionaire households
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As per our analysis, the number of millionaire households in Mexico will grow from 170,000 to 615,000
between 2011 and 2020, a growth rate of 262%. The $30m+ cohort will likely see the greatest growth, at540%, while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 309% and 111%, respectively,over the next decade. However, the $1m-$5m cohort will likely continue to dominate the share ofmillionaire households, with 82% of millionaire households belonging to this cohort in 2020.
Mexico: Growth in the number of millionaire householdsby wealth cohort
0.0630.12
0.23
0.51
0.04
0.07
0.09
0
0.003
0.01
0.02
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numberofmillionairehouseholdsinmillions
Total
0.30
Total
0.17
Total0.06
Total
0.62
167%
77%
104%
Source: Deloitte Analysis and Oxford Economics
Poland: Growth in the number of millionaire households
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Our analysis suggests that the number of millionaire households in Poland will grow from 50,000 to
126,000 between 2011 and 2020, a growth rate of 152%. The $30m+ cohort will likely see the greatestgrowth, at 712%, while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 129% and 181%,respectively, over the next decade. However, the $1m-$5m cohort will likely continue to dominate theshare of millionaire households, with 68% of millionaire households belonging to this cohort in 2020.
o a d G o t t e u be o o a e ouse o dsby wealth cohort
0.001
0
0.040.04
0.090.01
0.02
0.03
0.001
0.002
0.01
0
0.02
0.04
0.06
0.08
0.1
0.12
0.14
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numberof
millionairehouseholdsinmillions
Total
0.061
Total
0.126
Total
0.05
Total
0.003
1749%
22%
107%
Source: Deloitte Analysis and Oxford Economics
Russia: Growth in the number of millionaire households
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As per our analysis, the number of millionaire households in Russia will grow from 375,000 to 1,205,000
between 2011 and 2020, a growth rate of 221%. The $1m-$5m cohort in Russia will likely see the greatestgrowth, at 273%, while the $5m-$30m cohort and $30m+ cohorts will likely grow 80% and 133%,respectively, over the next decade. The $1m-$5m cohort will likely continue to dominate the share ofmillionaire households, with 83% of millionaire households belonging to this cohort in 2020.
by wealth cohort
Source: Deloitte Analysis and Oxford Economics
0.021
0.067
0.27
0.66
1.00
0.09
0.14
0.15
0.02
0.04
0.05
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2000 2011 2015 2020
$1m - $ 5m $5m - $ 30m $30m and above
Numberofmillionairehouseholdsinmi
llions
Total
0.84
Total
1.21
Total
0.38
Total
0.07
451%
123%
44%
South Korea: Growth in the number of millionaire
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Our study suggests that the number of millionaire households in South Korea will grow from 520,000 to1,730,000 between 2011 and 2020, a growth rate of 233%. As per our analysis, the $1m-$5m cohort in
South Korea will see the greatest growth, at 246%, while the $5m-$30m cohort and $30m+ cohorts willlikely grow 158% and 197%, respectively, over the next decade. The $1m-$5m cohort will likely continueto dominate the share of millionaire households, with 87% of millionaire households belonging to thiscohort in 2020.
households by wealth cohort
Source: Deloitte Analysis and Oxford Economics
0.09
0.44
0.96
1.51
0.05
0.07
0.06
0.18
0.0
0.01
0.03
0.04
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2000 2011 2015 2020
$1m - $5m $5m - $30m $30m and above
Numberof
millionairehouseholdsinmillions
Total
1.04
Total
1.7
Total
0.52
Total0.13
294%
101%
66%
Taiwan: Growth in the number of millionaire households
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As per our analysis, the number of millionaire households in Taiwan will grow from 719,000 to 1,264,000between 2011 and 2020, a growth rate of 76%. The $30m+ cohort will likely see the greatest growth, at
181%, while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 73% and 135%, respectively,over the next decade. However, our analysis suggests that the $1m-$5m cohort will continue to dominatethe share of millionaire households, with 94% of millionaire households belonging to this cohort in 2020.
by wealth cohort
Source: Deloitte Analysis and Oxford Economics
0.26
0.69
0.92
1.19
0.02
0.03
0.03
0.06
0.002
0.004
0.01
0.01
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
2000 2011 2015 2020
$1m - $ 5m $5m - $ 30m $30m and above
Numberofmillionairehouseholdsinmi
llions
Total
1.3
Total
0.96
Total
0.72
Total
0.28
160%
33%
32%
Turkey: Growth in the number of millionaire households
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Our study suggests that the number of millionaire households in Turkey will grow from 273,000 to 601,000between 2011 and 2020, a growth rate of 120%. As per our analysis, the $30m+ cohort in Turkey will likely
see the greatest growth, at 179%, while the $1m-$5m cohort and $5m-$30m cohorts will likely grow 142%and 19%, respectively, over the next decade. The $1m-$5m cohort will likely continue to dominate theshare of millionaire households, with 85% of millionaire households belonging to this cohort in 2020.
yby wealth cohort
Source: Deloitte Analysis and Oxford Economics
0.05
0.21
0.31
0.51
0.01
0.05
0.06
0.06
0.01
0.01
0.03
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
2000 2011 2015 2020
$1m - $ 5m $5m - $ 30m $30m and above
Numberof
millionairehouseholdsinmill
ions
Total
0.37
Total
0.6
Total
0.27
Total
0.06
325%
37%
60%
Study methodology
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The Deloitte Center for Financial Services collaborated with Oxford Economics on this study.
In this study we report cross-country estimates of the number, density and total wealth of households with net wealth: $1$5m, $5$30m and $30m+ cohorts.
Wealth in this study includes financial assets (stocks, bonds, and other investments) and nonfinancial assets including primaryresidence, durables, business equity, and other assets. Although it is customary for the wealthy to be grouped into categoriesaccording to levels of investable assets (i.e., excluding primary residence), on a cross-country basis the available data rarely makessuch distinctions possible.
The analysis presented in this report relies solely on actual published data based on surveys and other analyses and not onsubjective judgements of individuals, thereby maximising the reliability of our estimates.
Official exchange rates are used on the grounds that this metric is more directly relevant to wealth managers seeking to compare
market size and investment opportunities across economies.
Having estimated the current population of wealthy individuals by economy, our approach to forecasting future changes in theirnumbers involves two steps. First, a breakdown of wealth holdings across broad asset categories is established for each cohort ofinterest. Second, the value of these portfolios is projected using forecasts for relevant factors such as stock prices, house prices,and interest rates, which are contained within the Oxford Economics Global Model. This modelling approach allows for shifts in theoverall distribution of wealth across time, rather than imposing aggregate wealth projections onto a static distribution. Using thisglobal model also enables alternative forecasts of wealthy individuals to be made under varying assumptions for key economic andfinancial variables.
Of course, concepts of what makes an individual wealthy vary between economies and through time. This is because perceptions
of relative wealth are framed by economic factors, such as the cost of living, which varies due to differences in relative price levels.Comparing the US and China, for example, it is clear that the standard of living associated with a given level of wealth would bevery different between the two economies. Correcting for these differences in relative price levels using purchasing power parity(PPP) exchange rates shows that $1 million in the US, for example, feels more like $1.8 million in China. Equally, the real value ofassets is eroded over time due to the effects of inflation, so an American with $1 million of assets in 1990 would have seen their realvalue fall to just $600,000 today. This helps to explain why being a millionaire in the US is no longer viewed as the milestone ofsuccess that it was in the past. These caveats should be borne in mind when reviewing our results.
Study methodology
Study methodology: Forecast assumptions
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In the estimation of wealth among millionaire households, forecasts derived from the Oxford EconomicsGlobal Model were used. The table below summarizes the five year annual averages of some of these
forecasts.
Study methodology: Forecast assumptions
GDP Growth Rate (%) Inflation (%) Savings Rate (%) Population Change (%)
20112015 20162020 20112015 20162020 20112015 20162020 20112015 20162020
US 3.47% 2.80% 2.46% 2.51% 5.57% 2.88% 0.97% 0.96%
China 8.83% 8.19% 3.05% 3.02% 36.11% 34.90% 0.61% 0.50%
Australia 3.50% 3.24% 2.49% 2.51% 13.10% 13.21% 1.00% 0.93%
Brazil 4.31% 3.55% 4.04% 4.00% 0.94% 6.18% 0.75% 0.60%
Canada 3.77% 3.09% 2.42% 2.50% 3.89% 4.03% 0.93% 0.89%
France 2.00% 1.74% 1.84% 1.86% 11.21% 9.92% 0.46% 0.39%
Germany 1.95% 1.68% 1.65% 1.85% 10.32% 9.98% -0.07% -0.10%Hong Kong 4.81% 4.70% 1.97% 2.01% 5.58% 6.74% 0.91% 0.81%
India 8.48% 7.30% 4.46% 3.64% 30.96% 31.89% 1.28% 1.10%
Italy 1.47% 1.37% 2.01% 1.96% 9.42% 9.54% 0.03% -0.08%
Japan 1.70% 1.01% 0.57% 0.60% 2.94% 5.58% -0.19% -0.34%
Malaysia 4.70% 4.29% 2.97% 3.03% 19.36% 21.17% 1.48% 1.28%
Mexico 4.41% 3.50% 3.10% 3.03% 5.53% 4.98% 0.87% 0.71%
Netherlands 2.18% 1.61% 1.91% 1.87% 6.91% 6.48% 0.29% 0.26%
Norway 2.54% 2.25% 2.28% 2.47% 4.35% 4.23% 0.74% 0.70%
Poland 3.98% 2.85% 2.87% 2.40% 5.39% 5.50% -0.01% -0.07%
Russia 4.84% 4.20% 5.66% 5.30% 8.45% 8.64% -0.34% -0.38%
Singapore 5.34% 4.41% 1.33% 1.33% 4.01% 3.56% 0.90% 0.62%South Korea 4.33% 3.98% 2.76% 2.38% 3.92% 6.58% 0.27% 0.13%
Spain 1.67% 1.63% 1.35% 1.65% 14.64% 11.06% 0.35% 0.23%
Sweden 2.70% 2.14% 1.78% 1.80% 9.35% 8.04% 0.40% 0.44%
Switzerland 1.88% 1.71% 1.20% 1.51% 13.96% 14.09% 0.75% 0.60%
Taiwan 4.27% 4.08% 1.82% 1.83% 6.62% 5.26% 0.31% 0.20%
Turkey 6.17% 5.38% 4.25% 4.05% 9.45% 10.35% 1.10% 0.96%
United Kingdom 2.89% 2.29% 1.85% 2.00% 3.70% 3.89% 0.54% 0.53%
Source: Oxford Economics
Glossary
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Business equity: Incorporates the value of many business-related wealth not held in share ownership
of listed companies. Domestic stock market index: For each economy, our historical data comes from a standard index
(for example for France we use the Paris SBF 250). The index value is then forecasted forward usingthe Oxford Global Macro Model.
Change in the international stock market: The growth rate was constructed as an unweightedaverage of the change in the stock market indexes for the U.S. (Willshire 5000), Eurozone (Dow JonesEuro STOXX 50), Japan (TSE 1st Section Composite), and India (SENSEX).
Domestic long-term bond yield: In many cases this is the forecasted yield of domestic governmentbonds with 10-year maturity. In the cases of Turkey and India, data limitations meant we had to use theshort term rate plus a spread.
International long-term bond yield: We used U.S. 10-year maturity bond yields as our benchmarkinternational long term-bond yield.
Short-term interest rates: In most cases the short-term rate is the three month interbank lending rate.
However, due to data limitations there are exceptions to this; Brazil (the central bank's overnight lendingrate), India (the central bank policy rate), Malaysia (overnight lending rate), and Turkey (one weekreference ask rate).
Glossary
Glossary (cont )
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Nominal residential house building: For all economies, this series is the forecasted investment in
private dwellings, which equates to the value of the new housing stock being created each year. Net acquisition of financial assets: In all economies this is the forecasted acquisition of financial
assets by households, removing any loans made to buy them.
Real effective exchange rate: This is a broad-based measure of the real exchange rate, which coverseach economys major trading partners. For some economies this is not computed (Brazil, India,Malaysia, and Poland), and we use the forecasted exchange rate with the dollar as a proxy.
Exchange rate: For all economies, this is the forecasted end of period exchange rate with the U.S.
dollar. Change in house prices: In most cases, the historical data comes from a standard house price index
(for example, the U.S. index is the Federal Reserve's Federal Housing Finance Agency house priceindex), which is then forecast forward. For those economies where we don't have a house price index(Brazil, India, Russia, Singapore, and Turkey) the forecasted growth in nominal earnings was used as aproxy.
Glossary (cont.)
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This presentation contains general information only and is based on the experiences and research of
Deloitte practitioners. Deloitte is not, by means of this presentation, rendering business, financial,investment, or other professional advice or services. This presentation is not a substitute for suchprofessional advice or services, nor should it be used as a basis for any decision or action that may affectyour business. Before making any decision or taking any action that may affect your business, you shouldconsult a qualified professional advisor. Deloitte, its affiliates, and related entities shall not be responsiblefor any loss sustained by any person who relies on this presentation.
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