Millionaires grew in number in 2004
The ranks of US millionaires swelled by almost 10% last year to 2.5 million as the stock market rallied, according to a report published Thursday by Capgemini
and Merrill Lynch
. An additional 600,000 millionaires were created around the world in 2004, with North America and Asia leading the wealth stakes
. The World Wealth Report 2005 showed that the world's high net worth wealth grew strongly in 2004 for a second straight year, increasing 8.2% to $30.8 trillion. The number of HNWIs
, individuals with a net worth of at least 1 million dollars, grew by 7.3% to 8.3 million, a net increase of 600,000 worldwide. North America led with a nearly 10% growth rate to 2.7 million HNWIs, surpassing the 2.6 million in Europe. Asia-Pacific's growth rate of over 8.2%, or 2.3 million HNWIs, was twice that of Europe, mainly because of high growth in GDP
of 9.5% in China and 6.8% in India.
"Looking regionally, Singapore, Hong Kong, Australia and India saw the highest rates of HNWI population growth, while wealthy people in South Africa and the Middle East benefited from the rise in commodity and oil prices".
Only Great Britain and Spain bucked the trend of sluggish growth in Europe. Great Britain saw its number of millionaires grow by 8.9% and Spain 8.7%. The Report also made a trend forecast for the next five years. Global high net worth wealth was projected to reach $42.2 trillion by 2009, progressing at a CAGR
of 6.5% over the five years. But the report warned that it would become more difficult to join the millionaires club in coming years as economic conditions become more difficult.Country has 52,800 millionaires: report Khaleej TimesAsia starts to catch up on millionaires' row Guardian UnlimitedNorth County Times - Sify - Xinhua - Today - all 143 related » ::: Technorati ::: Asia-Pacific, Australia, CAGR, Capgemini, China, Europe, Great Britain, HNWI, Hong Kong, increase, India, market, Merrill Lynch, Middle East, millionaire, net, North America, Spain, Singapore, South Africa, stock, US, World Wealth Report, worth ::: Sponsor ::: Tax Help and Information and Form your new corporation or LLC!