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WEDNESDAY JUNE 25
Decline Of The Superrich…In The US, Anyway For all you agoraphobes out there, get thee to a clinic quick and find the medicine that will get you comfortable living out east. And we’re not talking about the East Coast, either. We mean India, China or Russia. Brazil is also an option for any diehard southies. But other than that, you’re going to be hard-pressed, statistically and comparatively speaking, to transform yourself into a millionaire (if you’re not one already) while residing in the U.S. (Not that it’s all about the money, but if you’re working hard and doing a good job, why not get properly paid for it?) The latest on where to go to get the most bang for your buck. June 2008The U.S. is losing its market share of global millionaires. The population of millionaires grew five times as fast in emerging markets as it did in the U.S. last year, according to a survey released Tuesday. That was the largest divergence between the U.S. and the big emerging markets since the comparisons were first published in 2003. The number of millionaires in Brazil, Russia, India and China jumped 19% in 2007, compared with growth of 3.7% in the U.S., its slowest growth since 2002, according to the World Wealth Report, produced by Merrill Lynch & Co. and Capgemini. The U.S. still dominates the millionaire economy world-wide. It has more than three million financial millionaires, defined as those with investable assets of $1 million or more. That's up 100,000 from 2006. Yet emerging markets captured the bulk of the millionaire growth last year, with Brazil, China, India and Russia adding 133,000 new millionaires, for an 817,000 total. India's millionaire population grew 23% last year, the fastest in the world. After climbing for years, America's market share of the world's millionaires declined slightly, to 30% in 2007 from 31% in 2006. Its share of millionaire wealth fell to 29% in 2007 from 31% in 2006, and is expected to fall further in the next five years, according to the report. Europe's market share of millionaires has fallen even faster in recent years, to 31% in 2007 from 36% in 2002. Meanwhile, the millionaire market share for India, Brazil, Russia and China has increased to 8% from 6% in the past five years. The numbers point to an economic reality: Tomorrow's rich are more likely to come from the East than the West.
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