AL wealth grew faster in 2012 than in the previous two years, boosting the number of millionaires and improving the outlook of the wealthy, according to new studies.
Private investable assets increased 7.8 per cent last year, compared with being up 3.6 per cent in 2011 and 7.3 per cent in 2010, according to the Global Wealth 2013 report released yesterday by the Boston Consulting Group (BCG).
The study calculated the global number of millionaires at 13.8m, which accounts for 0.9 per cent of all households. BCG calculates millionaires by their investable assets excluding a primary residence or business.
One major driving force of the uptick, the rising stock market, has also buoyed the Spectrem Millionaire Investor Confidence Index which measures the outlook of wealthy investors. The latest reading Wednesday was at a two and a half year high. Spectrem measures millionaires differently than BCG, assessing total net worth minus a primary residence.
This brings the numbers almost back to where they were in 2007, before the financial crisis, according to Spectrem’s analysis.