Which Economies Grow Millionaires?

The number of millionaires in the world rose by nearly 8 percent in 2016 to an all-time high of around 16.5 million people, with record total wealth of $63.5 trillion, according to the World Wealth Report 2017 by Capgemini, a global consultancy firm. They call this report the "industry’s leading benchmark for tracking high net worth individuals (HNWIs), their wealth, and the global and economic conditions that drive change in the Wealth Management industry." The report shows millionaires continue to grow across the three largest geographies: North America, Europe, and Asia-Pacific. The wealth of high net worth individuals (HNWI) -- which Capgemini defines as individuals with investable assets of $1 million or more, excluding the primary residence, collectibles and consumables -- rose 8.2 percent on the year in 2016 and is on track to surpass $100 trillion by 2025 from $63.5 trillion in 2016 (amounts in US dollars).




The report breaks out the number of high net worth individuals (HNWIs) by country as follows:

Source: World Wealth Report (click on graph to enlarge)

September 2017 Market Update - Risk Spike Ahead

The S&P 500 was up 0.05% in August. When we examine global securities via the Morgan Stanley Capital International All Country World Index (MSCI ACWI, iShares ETF ACWI), which represents 85% of the global investable equity market, it has been up 10 months in a row. The question on most investors' minds is whether or not the strength of stocks can continue. With that background, let's review price, sentiment and valuation as we start September.