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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.
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.
The main reason for all this wealth loss? Stocks.
http://www.cnbc.com/id/47631154
Robert Frank
CNBC Reporter
& Editor
With the wealthy today increasingly dependent on stocks for wealth, last year’s stalled stock market shrunk the population of millionaires and nicked the fortunes of existing millionaires. According to BCG, the amount of wealth held in equities declined 3.6 percent last year.
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. There are now 12.6 million millionaire households globally, according to BCG.
and sg millionaires increased...
http://sg.finance.yahoo.com/news/asian-millionaires-counter-lost-riches-101256144.html
.
China, India and Singapore posted the biggest increases in millionaires last year as the Asia-Pacific region countered a decline in wealth in western Europe and the U.S., according to Boston Consulting Group.
Millionaire households in China rose 16 percent to 1.43 million while those in Singapore climbed 14 percent to 188,000 and India saw a 21 percent increase to 162,000, the Boston-based firm said in a report released today. Millionaire households in the U.S. fell by 129,000 to 5.13 million.
Europe's debt crisis and declining equity markets slowed the increase in global wealth last year with a 1.9 percent gain to $122.8 trillion compared with a 6.8 percent growth rate in 2010, Boston Consulting said. Singapore had the highest proportion of millionaire households while Hong Kong led the rankings for the percentage of billionaires.
"It's the first significant interruption of growth since the financial crisis," said Peter Damisch, a partner with Boston Consulting in Zurich. "Emerging markets will play a bigger role in private wealth going forward."
The Stoxx Europe 600 slid 11 percent last year with industrial and financial-services companies among the biggest decliners. Germany's Dax Index tumbled 15 percent while the Standard & Poor's 500 Index was little changed.
Wealth in North America declined 0.9 percent to $38 trillion, while western Europe posted a 0.4 percent drop to $33.5 trillion, the report said.
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.
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.
The main reason for all this wealth loss? Stocks.
http://www.cnbc.com/id/47631154
Robert Frank
CNBC Reporter
& Editor
With the wealthy today increasingly dependent on stocks for wealth, last year’s stalled stock market shrunk the population of millionaires and nicked the fortunes of existing millionaires. According to BCG, the amount of wealth held in equities declined 3.6 percent last year.
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. There are now 12.6 million millionaire households globally, according to BCG.
and sg millionaires increased...
http://sg.finance.yahoo.com/news/asian-millionaires-counter-lost-riches-101256144.html
.
China, India and Singapore posted the biggest increases in millionaires last year as the Asia-Pacific region countered a decline in wealth in western Europe and the U.S., according to Boston Consulting Group.
Millionaire households in China rose 16 percent to 1.43 million while those in Singapore climbed 14 percent to 188,000 and India saw a 21 percent increase to 162,000, the Boston-based firm said in a report released today. Millionaire households in the U.S. fell by 129,000 to 5.13 million.
Europe's debt crisis and declining equity markets slowed the increase in global wealth last year with a 1.9 percent gain to $122.8 trillion compared with a 6.8 percent growth rate in 2010, Boston Consulting said. Singapore had the highest proportion of millionaire households while Hong Kong led the rankings for the percentage of billionaires.
"It's the first significant interruption of growth since the financial crisis," said Peter Damisch, a partner with Boston Consulting in Zurich. "Emerging markets will play a bigger role in private wealth going forward."
The Stoxx Europe 600 slid 11 percent last year with industrial and financial-services companies among the biggest decliners. Germany's Dax Index tumbled 15 percent while the Standard & Poor's 500 Index was little changed.
Wealth in North America declined 0.9 percent to $38 trillion, while western Europe posted a 0.4 percent drop to $33.5 trillion, the report said.
