Singapore has the highest proportion of millionaires in the world; 17% of all households in the Asian city-state have wealth of over $1 million. By comparison, 4.3% of households in the United States had wealth of over $1 million, which ranks it 7th in the world.
The United States also lagged when it came to the proportion of “ultra-high-net-worth” households, defined by the Boston Consulting Group as those with more than $100 million in wealth.
Switzerland topped the list with 11 in every 100,000 households qualifying as “ultra-high-net-worth,” followed by Singapore with 10 in every 100,000 households.
The United States didn’t make the top 15, the report said.
Across Asia-Pacific nations, excluding Japan, wealth increased by 10.7% to $23.7 trillion, while it declined by 0.9% to $38 trillion in North America.
The consulting group attributes the shift to strong economic growth in Asia, while the United States grappled with a “near default on U.S. government debt, combined with the euro debt crisis” and “a downgrade of the nation’s credit rating.”
The group expects to see more of the mega-rich crop up across Asia in the near future.
“Wealth in the region is expected to continue to grow at a double-digit rate… reaching $40.1 trillion by the end of 2016, at which time it will have slightly overtaken Western and Eastern Europe combined.”