In recent years, there's been increased attention on income inequality in both the United States and the world at large. Many financial experts have expressed concern about the amount of wealth concentrated in the hands of the very few. But it turns out that "very few" has grown to an all-time high.
A global consultancy firm reports that the number of millionaires around the world in 2016 was 16.5 million, the most ever recorded and also a 8 percent increase over the number in 2015. Those 16.5 million people hold a combined net worth of $63.5 trillion, which is also a new record. The firm projects that by 2025, the world's millionaires will have a combined net worth of over $100 trillion.
The United States boasts the most millionaires in the world with 4.8 million. The U.S., Germany, Japan and China together make up two-thirds of the world's millionaires.
The report believes the increased number of millionaires is due to increased economic gains in Canada, Russia and Brazil, all of whom had seen economic decline in recent years, while Asia, Europe and the U.S. continued to show recent growth trends.
Various experts estimate that the combined net worth of everyone across the globe is about $250 trillion, which would mean millionaires control about 25 percent of the world's worth despite making up only 0.22 percent of the world's population.
Yeah, that seems like a solid system.