LOS ANGELES (CBSLA) — Who wants to be a millionaire? Chances are if you live in the United States, you already are – or at least know someone who is.
One out of ever 20 Americans is a millionaire, and the U.S. has more millionaires per capita – roughly 43 percent of all total millionaires worldwide – than any other country, according to the annual Global Wealth Report from Credit Suisse.
Researchers found approximately 15,356,000 millionaires were in the U.S. in 2017, or approximately 5 percent of the total U.S. population.
According to the study, more Americans are considered to be ultra-high-net-worth individuals (UHNWI) – those with a net worth of $50 million or more – than any other nationality.
In the past 12 months, total global wealth grew by 6.4 percent. It is the fastest pace of wealth creation since 2012 and one of the best results since the financial crisis.
And it’s not just here at home: the total number of global millionaires has soared by 170 percent, while the number of UHNWIs worldwide is up about five times from 2000 levels.
“So far, the Trump Presidency has seen businesses flourish and employment grow, though the ongoing supportive role played by the Federal Reserve has undoubtedly played a part here as well, and wealth inequality remains a prominent issue,” said Michael O’Sullivan, CIO for International Wealth Management at Credit Suisse. “Looking ahead, however, high market valuations and property prices may curb the pace of growth in future years.”
China, meanwhile, posted the second highest absolute wealth gain after the U.S. and saw its pace of wealth creation catch up to Europe, the study found.
But before you break out the bubbly, analysts warn the surge in millionaires has also resulted in a increased inequality among Americans: the top one-tenth of a percent of U.S. households is now worth as much as the bottom 90 percent, according to the study.
Click here to read the 2017 Credit Suisse Research Institute’s Global Wealth Report.