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Yippee! US Lost 129,000 Millionaires In 2011

From CNBC:

America Lost 129,000 Millionaires in 2011

Robert Frank
May 31, 2012

America’s millionaire population declined last year for the first time since the financial crisis, according to a new report.

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.

All of which is excellent news for Obama, who seems to be winning his war on the rich and the US economy in general

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…

Globally, the picture looked a little brighter. Virtually all of the growth in global millionaires came from emerging markets last year. While the United States lost nearly 130,000 millionaires, the rest of the world added 175,000 millionaires

But Obama is probably happy about foreign millionaires, especially if they are coming from the third word. That is "social justice."

There are now 12.6 million millionaire households globally, according to BCG.

The country with the highest “millionaire density” – proportion of population who are millionaires – was Singapore. More than 17 percent of Singapore’s households are millionaires.

Gee, why would there be so many millionaires in Singapore? What could they be doing right that we are doing wrong?

While 2011 saw declines in U.S. millionaires, the future looks brighter, BCG said. They expect wealth held by millionaires globally to grow at around six percent a year in Asia-Pacific. “We are in a two-speed world,” said the report. “All of the growth is being driven by developing markets.”

According to this same BCG report, China is creating millionaires so quickly it is now third to America, with the world’s 3rd highest number of millionaire households, at 1.43 million. China’s number of millionaires went up 16% since 2010, while our number declined.

Just think about what a splendid achievement it is for Obama to have a Communist third world country like China creating more millionaires than the United States.

This article was posted by Steve on Friday, June 1st, 2012. Comments are currently closed.

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