Being rich just isn’t easy anymore. The world’s millionaires are taking this depression in the shorts – just like the rest of us report by Merrill Lynch Global Wealth Management and consulting firm Capgemini….
The number of people with assets of between $1 million and $30 million fell 14.9 percent to 8.6 million, according to the World Wealth Report released Wednesday.
The downturn lowered the combined wealth of the world’s millionaires by 19.5 percent to $32.8 trillion.
It also brought even greater losses to the ultra rich.
The population of individuals with more than $30 million in assets dropped 24.6 percent, and the group’s wealth fell 23.9 percent, largely because many favored riskier investments that experienced hefty losses this past year.
In the U.S., the number of millionaires fell 18.5 percent to 2.5 million people, but the country remains the single largest home to such wealthy individuals, followed by Japan and Germany.
China’s millionaires surpassed those of the U.K. to become the fourth-largest population. Hong Kong’s population of millionaires shrank the most in percentage terms, down 61.3 percent, to 37,000. Read the rest of this entry »