The number of people that have fortunes exceeding $100 million increased by 29% over the past five years, to 63,000 globally. Their accumulated wealth reach about 40,000 billion dollars, and the geographical distribution of rich tend to go toward the emerging areas, estimates Knight Frank and Citi Private Bank in a report today. By 2016, the number of people with assets exceeding $100 million will increase by 37% worldwide, to 83,000. The number of super-rich in North America increased by 6% over the past five years, to 17,000, representing an additional 6% in 2011 compared to 2010, and should climb another 24% over the next five years, to 21,000.
Also, in Western Europe, the figure fell 7% since 2006, but increased by 8% in the past year, to 14,000, and there is an estimated advance of 7% by 2016, to 15,000. In Eastern Europe, the figure increased by 50% over the past five years, to 3,000, but stalled last year and the number of rich people will climb by 67% over the next five years, to 5,000, according to the report. Southeast Asia, the main engine of global growth in recent years, saw in 2006 a 80% increase in the number of people with fortunes exceeding $100 million, to 18,000, with an advance of 13% in 2011. By 2016 the growth is estimated at 44%, to 26,000.
The number of millionaires in Central and South Asia, a region that includes India, increased three times since 2006, to 3,000 people, although it stagnated in 2011, and is expected to double over the next five years, to 6,000.
In the Middle East, rich in resources such as oil and gas, the number of super-rich has doubled in the last five years, to 2,000 people, and will grow by 50% by 2016, to 3,000. Africa has 1,000 people with fortunes exceeding $100 million in 2011, a figure that should double over the next five years.
The contribution of emerging economies in Asia to the Gross Domestic Product (GDP) will increase to 49% worldwide by 2050, up from 27% in 2010 and 9% in 1970, according to estimates presented in the report. Meanwhile, North American share will drop to 11% from 22% in 2010 and 26% in 1970 and Western Europe will contribute only 7% of global GDP in 2050, compared with 19% in 2010 and 28% in 1970. Central and Eastern Europe will represent 2% of the world economy in four decades, from 6% in 2010 and 7% in 1970. African development will increase the share of the continent into the global economy to 12% in 2050, compared to 7% in 2010 and 4% in 1970.
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