"While the aggregate numbers suggest the wealthy have recovered, they mask widespread differences among the wealthy.Many millionaires lost their fortunes while other folks made new ones."
The number of millionaire households in the world has bounced back to boom-time levels, according to a new study.The 2010 Global Wealth Report by The Boston Consulting Group says there were 11.2 million millionaire households in the world at the end of 2009, a 14% jump from 2008. That puts the millionaire count about where it was in the good old days before the global financial crisis.The U.S. had especially strong growth, with the number of millionaire households rising to 4.7 million–still the largest number of millionaire households in the world. That means that roughly 4% of American households are millionaire households. (Singapore had the highest “millionaire density” with 11% of all households being millionaires).The global growth at the top–driven by last summer’s rebound in financial markets–marks a stark contrast with the continued malaise at the middle and bottom. As a result, inequality around the world has widened.
By Robert Frank, June 10, 2010 WSJ