Dollar banknotes are seen in this picture illustration taken June 13, 2017. REUTERS/Dado Ruvic/Illustration
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Globally, almost 18 million households control more than $1 million in wealth, according to a new report from the Boston Consulting Group. These rich folk represent just 1 percent of the world's population, but they hold 45 percent of the world's $166.5 trillion in wealth. The tide shifted in the 1980s under Republican President Ronald Reagan, a decade when "trickle-down economics" saw tax rates for the rich fall, union membership shrink, and stock markets spike.Now, those policies and their progeny have helped put 63 percent of America's private wealth in the hands of U.S. millionaires and billionaires, BCG said. The firm expects growth to accelerate to about 6 percent annually for the next five years, in both the U.S. and globally.In the U.S., the creation of "new" wealth is a minor factor, making up just 28 percent of the nation's wealth increase last year.There are now about 7 million Americans with more than $1 million, and BCG expects 10.4 million millionaires and billionaires in the U.S. by 2021 .
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