10 Million Millionaires Now Roam The Earth
Add an extra zero to the ranks of the millionaires club.
The number of people around the world with at least $1 million in assets passed 10 million for the first time last year. The combined wealth of the globe’s millionaires grew to nearly $41 trillion last year, an increase of 9% from a year before.
The ranks of the wealthy are growing fastest in the developing economies of India, China and Brazil. The number of millionaires in India grew by about 23%. The United States still reigns supreme when it comes to fat wallets, though: One in every three millionaires in the world lives in America. Combined, Africa, the Middle East and Latin America account for just one in 10.
$1 million isn’t what it used to be. One million dollars in 1996, the first year the report was issued, would have been worth about $1.3 million last year. The wealth of the world’s richest is projected to reach almost $60 trillion by 2012.
