The Deloitte Center for Financial Services completed a report stating that total wealth among millionaire households could increase by more than 100 percent by 2020.
Along with China being tabbed the primary force among emerging markets, Brazil and Russia also are expected to show large gains over the next decade. Additionally, the study projects that China and South Korea will be among the top 10 countries for number of millionaires by 2020.
Australia may make that top-10 list in the same time frame if it increases as expected to 1.6 millionaire households. Australia is the fastest growing developed nation of the 25 countries.
The total number of millionaire households in the United States is expected to increase more than 96 percent by 2020, reaching 20.6 million. There currently are 10.5 million millionaire households in the USA. Forty-two percent of entire millionaire households of 2011 are in the U.S., which amounts to $39 trillion. That amount is expected to reach $87 trillion by 2020, with an accompanying one percent increase to 43 percent of total millionaire households globally.
While California should remain the state with the wealthiest households, New Jersey is expected to have the most millionaires of all states. Furthermore, the East Coast should show the largest increase in millionaires. Florida and New York combined are projected to have 1.5 million new millionaire households by 2020.
The study by Deloitte suggests that Switzerland currently has the highest per capita wealth at $4.2 million. However, Singapore could be number one by 2015, as it is expected by then to reach $4.5 million. By 2020, that increase could be as high as $5.4 million per capita.
The purpose of Deloitte's report is to guide wealth managers in servicing the richest customers. It provides an estimate of the number of households with net wealth above $1 million, $5 million and $30 million in 25 countries.
The complete report is available online at www.deloitte.com.
