Number Of Millionaires Drops Sharply
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.
Reader Comments (Page 1 of 1)
rderven Sep 16th 2009 6:19AM
At our website, the formerly rich and well off, all small business people, report that they are quickly joining the less monied classes. If the banks can continue constricting credit, perhaps tightening it even more for another six months--right through the holiday season and into the first quarter--perhaps they can all be poor. We understand that this condition builds character!
Ron D
http://www.start-a-business-faq.com