The study reveals that US and Europe will continue to have the greatest concentrations of wealth, narrowing the gap by emerging markets.
Deloitte said that focusing on the emerging opportunities for wealth managers, the study provides estimates of the number of households with net wealth above the $1m, $5m and $30m thresholds across each economy.
Among emerging markets, Deloitte expects that China to continue to be the driving force in the growth of millionaire wealth, followed by Brazil and Russia.
Out of the 25 countries examined in the study, China, South Korea and Australia are expected to join the top 10 countries in terms of the total number of millionaires by 2020.
While Switzerland may have the highest per capita wealth overall of the countries studied with $4.2m in 2011, the study says that Singapore may reach the top rank in 2015 and 2020 with $4.5m and $5.4m, respectively, in per capita wealth. Australia is projected to experience the fastest growth rate of the developed economies.
In the US, the wealth of millionaire households could reach $87 trillion in 2020, up from $39 trillion in 2011, study says.
In 2020, 43% of the world’s wealth held by millionaire households are predicted to be in the US, which is a slight increase from 42% presently.
The number of millionaire households in the US is projected to increase from an estimated 10.5 million in 2011 to 20.6 million in 2020.
Among the 50 US states, California is expected to remain the state with the wealthiest households, while New Jersey will to have the greatest density of millionaire households, according to the report’s forecasts.
The US East Coast could see the highest growth rates, with the addition of 1.5 million new millionaire households from New York and Florida states, by 2020.
Deloitte Center for Financial Services executive director Andrew Freeman said that asset and wealth managers looking at the study can draw their own conclusions about how much service will be required in an economy expected to have rapid growth in wealthy households and how much these households might prefer to locate their wealth in, for example, existing international centers of wealth management or private banking.
The 24 economies outside the US included in the study are: Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Italy, Japan, Malaysia, Mexico, the Netherlands, Norway, Poland, Russia, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey and the UK.
Wealth in the study includes financial assets such as stocks, bonds and other investments, and non-financial assets including primary residence, durables, business ownership and other assets.
