Millionaires represent less than 1 percent of the world’s population. In 2013, 80 percent of them lived in the United States and Europe. While less than 20 percent of the world’s people live in the wealthy developed economies, they own the majority of the world’s capital. Aging populations in these regions will increasingly depend on returns to this wealth for their retirement income. Younger populations in the developing world, where the other 80 percent of the world’s people live, can raise their living standards more rapidly by working with the capital provided by the rich world.
