NEW YORK (Reuters) – The old saying holds true: The rich do get richer.
Even as world financial markets broke down last year, personal wealth around the world grew 5 percent to $109.5 trillion, according to a global wealth report released on Thursday by Boston Consulting Group.
It was the sixth consecutive year of expanding wealth. The fastest growth was among households in developing regions, such as China and the Gulf States and among families who were already rich.
That wealth also is increasingly concentrated among the richest.
The top 1 percent of all households owned 35 percent of the world’s wealth last year. Meanwhile, the top 0.001 percent, ultra-rich households holding at least $5 million in assets, commanded $21 trillion — a fifth of the world’s wealth.