The first thing that came to mind when I saw the headline was: “What? Where did we put them? Are they under the couch cushions?”
It’s no joke, though. Because of losses on the stock market, America is down 129,000 millionaires, while the rest of the world added 175,000 millionaires. Growth is happening, evidently, in the “emerging markets” of the world. Just not here at home.
The population of U.S. millionaire households (households with investible assets of $1 million or more) fell to 5,134,000 from 5,263,000 in 2011, according to The Boston Consulting Group’s Global Wealth study.
Total private wealth in North America fell by 0.9 percent, to $38 trillion.
The ultra-rich were the largest losers in dollar terms. Households in North America with investible assets of more than $100 million saw their wealth decline 2.4 percent. Their population declined slightly to 2,928 from 2,989.
The main reason for all this wealth loss? Stocks.
Also, in case you were wondering, the highest population density of millionaires is in Singapore. Who knew?
[CNBC]
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- What Percentage of US Teachers are Millionaires? (iterativepath.wordpress.com)
- Surprising Job That Gets Many Americans Into the Millionaire Club (dailyfinance.com)
- Singapore Property and The Poor Millionaire Syndrome (tradehaven.me)
