I was also surprised by this number when I first saw it in the output.
Looking behind this 46% number, the outcome is a result of the amplified effects of the HD Ratio for large allocations. 50% of this increased address consumption is in allocations of /9 and /10 prefixes, which only account for 1% of all actual allocations, but 20% of the allocated addresses.
The other effect is a shift from /16 to /15 allocations in this HDR regime - /16s and /15s together contribute a further 15% to this increased address consumption.
i.e., this is what the conservatives and smaller folk have been intuiting all along, the big players get more than a fair (as we think of it today) share and the small folk lose. grrrrrrrr. could we please add ppml@arin.net to the cc:s? thanks. randy