The World Now Home to 10 Million Millionaires
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It seems like a huge, unattainable goal, but a joint study between Merrill Lynch & Co. and the Capgemini Group reports that the world now houses more than 10 million millionaires. Indeed, their total net worth, not including real estate holdings, amounts to an astounding $41 trillion, an increase of 9 percent from the previous year.
Doing the math, we realize that the average millionaire is worth $4 million, which is the highest average worth on record. Says Ileana Van Der Linde, a principal with Capgemini, “the growth of their wealth is outpacing the growth of their population, and that’s a trend that going to continue in coming years.”
Not surprisingly, the fastest growing millionaire areas are in developing countries, especially Brazil, China, and India. However, the United States is still the most millionaire-heavy country, with one in every three millionaires living here. Comparatively, only one in every ten millionaires live in Africa, the Middle East, and Latin America combined.
Though the statistics are promising, it’s important to remember that $1 million isn’t what it used to be. What you could buy in 1996 with that amount would now cost approximately $1.3 million, showing in real terms the cost of inflation. Regardless, the world’s wealthy are growing in number, even in a time of financial hard times.
Tags: Luxury | Millionaires | Saving Money
This entry was posted on Wednesday, July 9th, 2008 at 3:30 am and is filed under Just For Fun. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
