More on Millionaire Growth

Earlier on this blog, I reported the despite what some people deem a time of economic downturn, it appears that more individuals then ever are being financially successful.

Here is additional substantiation from Nicholas Fang, There are 77,000 S’porean millionaires, Straitstimes.com, June 25, 2008:

The number of wealthy Singaporeans, defined as those with net assets of at least US$1 million, swelled by 15.3 per cent last year to 77,000, or 1.7 per cent of the population.

This surge in millionaire population puts Singapore sixth in the world, in terms of growth of high net worth individuals * * *.

The report revealed that the sharpest gains were recorded in emerging market powerhouses India, China and Brazil, reflecting the rising clout of emerging market countries on the global financial stage.

It said assets held overall by the world’s millionaires soared to US$40.7 trillion (S$55.6 trillion) last year from 2006, with the average exceeding US$4.0 million for the first time.

See also Sam Zuckerman, Ranks of Millioniaires Still Swelling, SFGate.com, June 25, 2008:

In the Bay Area, 123,621 households had $1 million or more in financial assets in 2007, up 10.8 percent from the year before, according to Claritas, the market research firm that helped analyze data for the report. When total net worth is considered, including the value of homes and other real assets minus debt, 163,124 households in the Bay Area had $1 million or more. * * *

Of course, the value of a million dollars has been eroded by inflation. It no longer signifies great wealth and doesn’t have the cachet it once had. But it is still a benchmark that indicates a significant level of affluence and a high standard of living.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing these articles to my attention.