Millionaire families grew in 2006

By Dane Hamilton

NEW YORK (Reuters) - The numbers of millionaire households globally grew by 14 percent in 2006 from 2005 and now control a third of the estimated $100 trillion (49 trillion pounds) in wealth, a new study by Boston Consulting Group released on Tuesday found.

These 9.6 million families, comprising 0.7 percent of world's households, now control some $33.2 trillion, the BCG study found. About half are located in the United States and Canada, a quarter in Europe and a fifth in the Asia-Pacific region, it said.

The study is the latest to quantify a continued widening of the global gap between rich and poor, with the rich getting richer by saving and investing more.

The study, seventh in a series, found that assets held by non-wealthy households - defined as those with less than $100,000 in financial assets - declined slightly from 2001 to 2006. But assets held by households with more than $100,000 climbed from $51.4 trillion to $84.5 trillion during the same period.

"Assets under management was further concentrated among the wealthiest households, with the richest 0.1 percent - those with more than $5 million in assets under management - owning 17.5 percent of global wealth," the survey said.

The study attributed wealth gains mainly to two factors: increased savings and market gains for stocks, bonds and cash, reflecting wealth managers' long-held view that market investments are a key factor in building wealth.

"Stock markets grew, on average, by 20 percent worldwide, but their impact was most acute in North America, which had the highest rate of equity holdings as a percentage of assets under management," the study said.

The study found that overall global wealth grew 7.5 percent in 2006 to nearly $100 trillion, the fifth consecutive year of expanding wealth. The survey polled 111 brokerages, banks and private family investment offices that oversaw nearly $10 trillion in client assets and liabilities.