600,000 New Millionaires Last Year
NEW YORK - A strong global economy gave 600,000 people an entree last year into a highly envied group: the world's millionaires.
The annual World Wealth Report, released Thursday by Merrill Lynch & Co. Inc. and the Capgemini Group consulting firm, found that there were 8.3 million people worldwide with $1 million or more in financial assets at the end of 2004, up from 7.7 million a year earlier.
Their total wealth rose 8.2 percent to $30.8 trillion in 2004, giving them control of nearly a quarter of the world's financial assets, according to Petrina Dolby, vice president of Capgemini's wealth management practice.
The 8.2 percent increase was the strongest since an identical 8.2 percent rise in 1999, she said.
And where was the growth the strongest?
Not surprisingly, the expansion of the millionaire class was especially strong in North America because of the solid economic growth last year in both the United States and Canada.
"Significantly, North America surpassed Europe both in total high net worth individuals population and wealth for the first time since 2001," when North American investors were hard-hit by the bursting of the technology stock bubble and the terror attacks on the World Trade Center and Pentagon. The Asia-Pacific region also showed strong growth.
Not too shabby, no? Despite the 9/11 attacks and the bursting of the dot com stock market bubble our nation continues to have a strong economy thanks to the Bush administration.
And things look good for the future as well:
Although the global economic expansion has begun slowing, the study still predicts 6.5 percent growth over the next five years --ť enough to create many more millionaires, especially in North America.
So much for the "worst economy since Herbert Hoover."












