You can’t keep the rich down for long. Global wealth made a remarkable comeback in 2009, increasing by 11.5% to $111.5 trillion. That’s according to a new report, The Boston Consulting Group’s Global Wealth 2010 Report, released Thursday by Boston Consulting Group. The report breaks down wealth by region and by country, creating a geographic portrait of where the world’s wealth is accumulating and at what rate.

North America posted the largest absolute gain in households with assets under management. Its wealth totaled $4.6 trillion (a 15% jump over 2008). But the largest percentage gain occurred in Asia-Pacific, where wealth skyrocketed by 22%, or $3.1 trillion. That’s nearly double the global rate.

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Latin American household asset growth rose by 16% to $3.4 billion, and Europe, despite the massive debt problems it now faces, was the wealthiest region with more than $37 trillion in assets under management, an increase of 8.8% from 2008.

Millionaires Hold 38% of Global Wealth

Boston Consulting Group’s report includes a revealing list countries with the highest percentage of millionaire households, but before getting to that, here are some interesting tidbits: The number of millionaire households in the world represents less than 1% of all households. Even so, these most fortunate ones owned about 38% of the world’s wealth in 2009, up from 36% in 2008. In North America, Africa and the Middle East, millionaire households represented more than half of the wealth in those regions.

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Another juicy morsel: The number of millionaire households rose by 14% in 2009 to 11.2 million, and the U.S. had by far the most millionaire households, with 4.7 million.

But that doesn’t mean millionaires are crowding U.S. streets or that sumptuous yachts dominate the nation’s waterways. In fact, you’re more likely to find those conditions in Singapore, which had the highest percentage of millionaire households in the world.

Yes, that puts Singapore at the top of Boston Consulting Group list of the top 10 countries with the greatest proportion of millionaire households. You may be surprised by the full run-down:

1) Singapore Population: 4.7 million Percentage of Millionaire Households: 11.4%

Who would think the tiny Republic of Singapore would be crammed with so many millionaires? The country, all of just 247 square miles, has emerged from the recession and has rebounded in a big way. Its GDP, exports and manufacturing are all rising, and so, too, are home prices. That has led Singapore to boast the highest concentration of millionaires anywhere on the planet. Among its very rich: Ng Teng Fong, a real estate tycoon, and Wee Cho Yaw, who runs United Overseas Bank, one of Singapore’s big lenders.

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2) Hong Kong Population: 7.1 million Percentage of Millionaire Households: 8.8%

Hong Kong, the home of Li Ka-shing, who runs conglomerates Cheung Kong and Hutchison Whampoa, had 205,000 millionaire households in 2009 and takes the number two spot for percentage of millionaire households. Hong Kong’s close relationship with mainland China brings benefits and risks, but it’s been good for many of the wealthiest, who made their money by investing in a real estate market that has no shortage of swanky hotels and malls.

3) Switzerland Population: 7.6 million Percentage of Millionaire Households: 8.4%

The Swiss economy is recovering from slow growth during the recession, but a good many of its citizens thrived during the upswing, bringing it to third place in percentage of millionaire households. The country boasts 285,000 of them, up 19.5% from 2008. Driving the recovery: manufacturing, rising exports and consumer spending. Among the country’s rich: Swiss biotech tycoon Ernesto Bertarelli, who is, perhaps, better known for winning the America’s Cup in 2003.

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June 14, 2010

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