Number Of Millionaires Drops Sharply

by Deidre Woollard (RSS feed)
Sep 15th 2009 at 11:02PM

That millionaire next door might not be a millionaire anymore. A recent report from the Boston Consulting Group shows that the number of millionaire households around the world fell from around 11 million in 2007 to 9 million last year, around 18 percent. In North America the number was even higher, a 22 percent drop. Global wealth overall has also declined dramatically.

The world's richest people are responsible for doing a greater share of the resource consuming and economy driving. While many say that the economy is beginning to recover there is the possibility that as 24/7 Wall Street put it, that we are looking at not just a jobless recovery but a "wealthless" one as well. While it can be hard to be sympathetic for the rich who are losing their ability to buy yachts or stay in five-star hotels, those indulgences are major economic drivers. The lack of disposable wealth also ends up affecting not just providers of luxury goods and services but also various philanthropic organizations.

Tags: finances, millionaires, money, spending