Who Wants to be a Millionaire?
October 21st, 2007 by The Money Moose
Some interesting new facts about millionaires have emerged.
“The total number of world millionaire households—those with assets of $1 million or more—grew by 14% in 2006, to 9.6 million, representing the richest 0.7% of all households and owning $33.2 trillion, or about a third of the world’s wealth, according to a recent study by the Boston Consulting Group”
Seems that chances of becoming a millionaire are rising. Hopefully I’ll soon be on that list. I only need to earn $999,999.57 more from this blog.
“The U.S. had… nearly 4.6 million [millionaire households], and the highest number of $100 million-plus households, with 2,300. The number of millionaire households increased by a steady 10%.
Japan, Britain, Germany, and China round out the rest of the top five countries with the most millionaire households, in that order.”
Seems the U.S. is still on top, but is that being jeopardized? Gasp! Surely not, for everything about the U.S. economy is rising Nevermind. Maybe it is being jeopardized. Who is the newest rising star?
“China (up 74%), Brazil (up 27%), and Russia (up 26%) saw the highest rates [of millionaire growth] last year.
“China is a force to be reckoned with,” says Holley, noting that the country’s total assets under management have grown at an annualized rate of 23% over the past five years.”
China, like Nigeria, has a huge amount of poor people interspersed with multimillionaires. No problems with that. Nope. None at all.
“Charles Derber, professor of sociology at Boston College and author of Corporation Nation. “This is the phenomenon of the rich getting richer. And it’s not a phenomenon to be happy about…”
…According to new Internal Revenue Service data announced last week, income inequality in the U.S. is at its worst since the 1920s… The top percentile of wealthy Americans earned 21.2% of all income in 2005, up from 19% in 2004, while the bottom 50% of wage earners earned 12.8% that year, down from 13.4% a year earlier.
As of 2006, the U.S. held about 40% of the world’s wealth and 50% of its millionaire households, according to the Boston Consulting Group. Now in China and India…it’s clear a substantial upper class is emerging. But rural poverty numbers are also on the rise, according to Derber.”
Ooh. That’s bad, isn’t it?
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This entry was posted on Sunday, October 21st, 2007 at 1:13 pm and is filed under Financial Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
October 22nd, 2007 at 12:07 am
“I only need to earn $999,999.57 more from this blog.” Haha you owe me a new monitor cause i just read that after taking a sip of water. That sounds like the same predicament my blog is in.
October 22nd, 2007 at 12:38 am
If my calculations are correct, I’ll have enough funding for your new monitor in just under three years.
Hope you’re good with waiting.
October 23rd, 2007 at 1:01 am
At the rate the dollar is crumbling, while the Fed is still goosing the printing presses, pouring out still more money, everyone will soon be a millionaire. Think of it. No more peer pressure.
October 23rd, 2007 at 12:04 pm
Perfect! That means that all I have to do is destroy the economy so that $1,000,000 is worth nothing. Once I’ve done that, I will be a millionaire.
Definitely no faults in my logic.
October 24th, 2007 at 4:05 pm
If you have a million dollars in Pesos is it still a million dollars! Yo Quero Taco Bell!