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Millionaires Control Nearly 40 Percent Of Global Wealth

Millionaires Control Of Wealth

First Posted: 10/19/11 05:20 PM ET Updated: 12/19/11 05:12 AM ET

By Robert Frank of the Wall Street Journal

Here’s another stat that the Occupy Wall Streeters can hoist on their placards: The world’s millionaires and billionaires now control 38.5% of the world’s wealth.

According to the latest Global Wealth Report from Credit Suisse, the 29.7 million people in the world with household net worths of $1 million (representing less than 1% of the world’s population) control about $89 trillion of the world’s wealth. That’s up from a share of 35.6% in 2010, and their wealth increased by about $20 trillion, according Credit Suisse.

The wealth of the millionaires grew 29% — about twice as fast as the wealth in the world as a whole, which now has $231 trillion in wealth.

Read the full post from WSJ here.

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Filed by Jillian Berman  |