Number of millionaires continues to grow

Despite what some people deem a time of economic downturn, it appears that more individuals then ever are being financially successful.

Here are some of the key findings from a report issued by Merrill Lynch and the Capgemini Group:

• Over 10 million people are millionaires, the highest number in history.
• Overall combined wealth of the millionaires increased by 9% from the previous year.
• Average wealth, not including homes, exceeded $4 million.
• The countries with the highest rate of growth include India, China, and Brazil.
• The United States still has the highest number of millionaires (one-third of millionaires live in the United States)
• The number of superrich ($30 million or more) also increased by 9%.

For more information, see Candice Choi, World now has 10 million millionaires, report says, CNN.com, June 24, 2008.

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