millionaire

How Many Millionaires Are There in the World?

Filed under: Wealth

How many millionaires are there in the world today? It depends on what you mean by "millionaire". The Economist reports that there are two different "official" methods for determining who makes the cut. Capegemini, a financial consultancy, defines a millionaire as anyone with investable assets of $1 million or more – meaning that they actually have over a million dollars as that doesn't include the home in which they live, for instance. By this measure there are about 10 million millionaires on the planet, according to Capegemini and Merrill Lynch. Mega bank Credit Suisse uses a different definition, however, denoting anyone whose net assets exceed $1 million a millionaire. In those terms, there are 24.2 million millionaires on the planet – about 0.5% of the world's adult population, or more than the entire population of Australia. 41% of them live in the U.S., 10% in Japan and 3% in China.

Tags: Merrill Lynch, millionaire, millionaires, money, wealth

Spectrem Group Reports That Millionaires Are On The Rise Again!

by Deb West (RSS feed) —

Filed under: Wealth

We've been reporting for a while now that the number of millionaires in the United states has been dropping. This is no surprise given the economic downturn the country has experienced. On Tuesday the Spectrem Group released a report stating that after a huge drop in the number of millionaires that the number of affluent households is starting to show signs of improvement.

According to their market research, after a sharp decline in wealth in 2008, the number of United States millionaires grew 16% to 7.8 million in 2009. The group reported that in 2007 a total of 9.2 households claimed millionaire status, the highest number in a ten year period that began in 1997. The Ultra High Net Worth households, considered to be those with a net worth of 5 million or more, also demonstrated a rebound of 17% to 980,00 in 2009. The market findings are based on the Spectrem Group's "Affluent Market Insights 2010" which is a survey that they claim has an error margin of plus or minus 4.4 percentage points.

The President of Spectrem Group George H. Walper, is quoted in the press release as saying it is" welcome news for an economy still working to recover." They conclude that while things are looking up due to the improvement of some asset classes the real estate market and general economy is still keeping the total number of millionaires well below its previous 1997 high. In an interesting related analysis, the company also researches a monthly Millionaire Investor Confidence Index which was down a point. It was also at the same level as the Affluent Investor Confidence Index (affluent being described as those with a $500,000 or over net worth) which is an unusual finding as the millionaires tend to be generally more optimistic than the affluent.

Tags: investor confidence, market research, Market-news, millionaire, millionaires, spectrem group, SpectremGroup, spending, ultra high net worth households, wealth, wealth survey

Another Millionaire Pitches The Luxe Life For Charity

by Deidre Woollard (RSS feed) —

Filed under: Estates, Charity, Wealth

Can we call it a trend? Yet another millionaire has decided to ditch it all, selling his house and his businesses in order to move to Uganda and start a children's charity. The millionaire in question is England's Jon Pedley, an ex-convict who owns a telecommunications business. According to a story in the Daily Mail, Pedley's decision came after a near-fatal car crash in 2002 which led to a religious experience and eventually a turn toward charity.

His new charity, Uganda Vision, wants to send troubled British youth to Uganda to help support local children orphaned by AIDS and poverty. In order to fund his vision he is selling Justices Farmhouse, a 16th century former farmhouse in the village of Finchingfield in North West Essex. The home has five bedrooms. It is traditionally constructed with a timber frame with plastered elevations under a peg tiled roof believed to date back to the 16th century. In the back there is a garden with a terrace, lawns and shrubs and a large pond, with decking and a summer house and which probably originally formed part of a moat. It is listed with a guide price of £999,950.

Of his decision, Pedley tells the Daily Mail he's "never been more sure about anything in my life."

Tags: charity, essex, jon pedley, millionaire, uganda

Hawaii, Land Of The Millionaires?

by Deidre Woollard (RSS feed) —

Filed under: Wealth

If you want to hang with the wealthy you might want to head to Hawaii. Phoenix Marketing International has announced the results of their latest study which shows that Hawaii remains the state with the largest percentage of millionaires per the overall population. In the Aloha State as in most everywhere else, the amount of millionaires has diminished over the past year. They led the list last year with 7.26 percent of the population and continue to dominate in 2009 with 6.4 percent of Hawaii's households being worth $1 million or more in investable or liquid assets, (excluding sponsored retirement plans and real estate).

The other states in the top five are Maryland (6.3 percent), New Jersey (6.2 percent), and Connecticut (6.2 percent), an order of ranking unchanged since 2008 with Virginia sneaking into the top five at 5.5 percent, displacing Massachusetts which is now in sixth place. Since this list ranks the percentage per population the smaller states have a better shot at making it to the top.

Where can you find the lowest percentage of millionaires? That would be Mississippi which has owned the bottom spot for the past four years and hits a new low this year with 3.06 percentage of the population being millionaires. The state with the most millionaire households is California with 662,735 or 5.28 percent of the population. The complete list is available as a PDF download here.

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Tags: hawaii, millionaire, millionaires, states with most millionaires, StatesWithMostMillionaires, wealth

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English Millionaire Raffling Off His Life

by Deidre Woollard (RSS feed) —

Filed under: Wealth

Tired of your life? Why not raffle it off? That's what English banker Andrew Paul is doing. He decided to jettison his millionaire lifestyle after his recent divorce and he's getting creative about it. His Win A New Life website is giving away his home, car and boat in a competition that anyone can enter for £20. Up for grabs are his £1.1m five-bedroom house, a £160,000 Aston Martin DBS and his £200,000 Sealine 35 Sport motor boat. The first prize is either the property or the car plus the speedboat and £85,000 in cash to help with insurance and fees. The first prize winner can also choose opt for £1 million in cash. There are also ten runner up prizes of his and hers sets of Omega Seamaster watches.

Like our Florida couple from yesterday, Paul has a set number of tickets in mind. He's hoping for sales of 200,000 which would work out to £4 million, a pretty tidy haul even after the prizes are doled out. There will be a lower cash prize if fewer than 150,000 tickets are sold.

In order to win you need more than luck, you also need a little skill. Once you pay the fee you need to estimate where a golf ball would end up in a photograph. Winners will be determined based on who ever is closest to the actual placement. The competition is scheduled to end August 19th but could end sooner if the tickets are all sold.

[via Daily Mail]

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Tags: andrew paul, AndrewPaul, banker, millionaire, raffle

Shanghai Millionaire Fair Changes Focus

by Deidre Woollard (RSS feed) —

Filed under: Events

On this blog we do a lot of talking about the rise of China's big spenders but one of the flashiest symbols of this new luxury in China is getting a bit of a paring down. When the Millionaire Fair first came to Shanghai in 2006 it showed off multi-million dollar villas, private islands, yachts, a 30-carat diamond, rare wines and a gold bathtub.

Now the event, branded simply as The Fair, will run October 10-12 and include a "roundtable on China's well-being and charity." It will still be a gathering of wealthy Chinese but it will focus on more than just extravagant spending but will also talk about issues affecting the new wealthy such as philanthropy, collecting, investing and inheritance issues.

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Tags: china, millionaire, spending, wealth

How the Rich Spend Their Money

by Rigel Celeste (RSS feed) —

Filed under: Celebrity Shopping

Having a million dollars isn't what it used to be. In fact, having a million dollars in the bank in today's world only equates to being a "middle-class millionaire." To be truly rich you'll have to clear somewhere around $10 million in the bank, and to be considered "crazy wealthy" those stacks of dough will need to add up to more than $30 million. That is a lot of money.

So what to the rich and the crazy-wealthy of the world do with all that cash? Of course they all have their quirks, but some things are pretty consistent: lavish home improvements (think private massage rooms and relaxing zen gardens), one-of-a-kind jewels and jewelry, obnoxiously fast and expensive vehicles, fashion fashion fashion, lots of traveling to exotic locations, and of course all kinds of conveniences and amenities like concierge services and fine dining.

If you had unlimited funds what would you most look forward to spending it on?

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Tags: billionaire, billionaires, celebrities, celebrity, expire-images2009-4-8, middle-class millionaire, Middle-classMillionaire, millionaire, millionaires, money, rich, spending

Less Millionaires Being Made?

by Rigel Celeste (RSS feed) —

The economy is going through a rough patch, and as things like real estate and the stock market slow down so, apparently, does the growth rate of the wealthy. There's fewer millionaires in the world than there used to be.

It's not that millionaires are losing their fortunes, but just that the number of new millionaires being made is fewer than it usually is -- new millionaire households in 2007 grew by only 2.2%, which is the slowest growth in years.

Sure that stinks but hey, it could be worse. They could all be going bankrupt.

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Tags: economy, millionaire, millionaires, money, recession

How to Make a Million (Before You Turn 20!)

by Rigel Celeste (RSS feed) —

The American dream is a little different for everybody but it almost always has something to do with having lots of money and being financially stable. Of those who do have wealth some were born into rich families, some worked like dogs for years and years to build a successful empire, and then others hit it big seemingly by random chance.

This article highlights the successes of 5 people who were millionaires before the age of 20. Whether it was launching an online website for high school friends, selling greeting cards to friends and family, or cooking jams in the kitchen, these kids all did something seriously right.

Hm, needless to say I'm just a tad past my 20th birthday and I don't have any good business ideas. Guess I'll just have to stick to the lottery tickets!

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Tags: how to, HowTo, millionaire, millionaires, rich, wealth, wealthy

Where to Find Millionaire Love Online

by Rigel Celeste (RSS feed) —

Filed under: Services

Attention gold diggers! Just kidding. Whatever your reasons are for looking for a millionaire love match (hey, we all have our dreams) you've probably realized with the rest of society that meeting quality people to date isn't easy, wealthy ones especially. Dating online is becoming more and more common for people of all walks, millionaires included. Sites like MillionaireMatch.com, SugarDaddy.com , and DateAMillionaire.com are some examples of what online dating services are out there, plus if looks aren't a priority there's also the hilarious Marry-An-Ugly-Millionaire-Online-Dating-Agency.com.

And, if you're not looking to be quite that obvious, according to Forbes sites like True.com and PlentyofFish.com are also good places to find dates with deep pockets.

Gallery: Where to Find Millionaire Love Online

Marry An Ugly Millionaire Online Dating Agency

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Tags: billionaire, billionaires, dating, happiness, internet, love, millionaire, millionaires, online, online dating, OnlineDating, relationships, Valentine

The World's Most Frugal Billionaires

by Rigel Celeste (RSS feed) —

Filed under: Celebrity Shopping

If you were a billionaire what would you spend your money on? Most people have this vision that all billionaires spend like crazy on lavish amounts of bling gilded in gold, diamond-encrusted gadgets, expensive designer handbags, ridiculously huge homes, and private jets. Some of these things are pretty standard among the rich, but some other things aren't that may surprise you. There are a handful of billionaires in the world that are very choosy with where they indulge -- for example although they may have a few fast cars they may also be cutting their own hair.

One of the biggest and most frugal billionaires of them all: Warren Buffet. He still lives in the same home he bought back in 1958 for $31,500 and he drives a modest (considering) 2006 Cadillac DTS. For more of the most frugal billionaires see Forbes' complete list.

Via Trendhunter

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Tags: billionaire, billionaires, expire-images:2008-12-11, frugal, millionaire, millionaires, modest, spending habits, SpendingHabits

What Do Billionaires Want For Christmas?

by Rigel Celeste (RSS feed) —

Filed under: Gadgets, Yachts & Sailing

What does a billionaire want for Christmas? And what does he or she buy for billionaire friends and family? Obviously anybody with that much money already has pretty much everything that can be bought with said money, so it should be no surprise that on the top of the list is one of the few things that can't: time spent with family. Yacht charters, ski trips, and other family vacations are some of the hottest items this holiday season, but other popular gifts for the uber-wealthy include commissioned biographies and personalized gifts to unique or meaningful charities.

And of course there's always that guy who wants the NM Gem Triton 1000 Submarine for $1,440,000. Go figure.

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Tags: billionaire, billionaires, christmas, gift, gifts, holidash, holidays, millionaire, millionaires, NM Gem Triton Submarine, NmGemTritonSubmarine

50 Millionaire "Must Haves"

by Rigel Celeste (RSS feed) —

Filed under: Celebrity Shopping

Holy moly (sorry, just had to say it), this is one big list full of some big fun stuff. If you were a millionaire, what things would you definitely have? According to the Daily Mail, you'd have these 50 things at least. There's a complete "life" full of things on the list -- they hit everything from clothing to kitchen gadgets to transportation to edibles. Any of them you think absolutely don't belong? If I was going to kick something off it would be the AGA Oven, if only because it's so ugly.

Interestingly enough though, as Deidre pointed out, the list is missing one key item: a home to put it all in!

Visit our below gallery for more images from the list.

Gallery: Millionaire Must-Haves

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Tags: billionaire, billionaires, millionaire, millionaires, must have, must haves, MustHave, MustHaves

Steve Fossett Missing

by Deidre Woollard (RSS feed) —

I've followed the adventures of Steve Fossett for several years now so I was sad to hear that the millionaire aviator has gone missing in the mountains of Nevada. Fossett has set records for circumnavigating the world by by balloon and airplane. On Monday he took off from a private airstrip in Nevada in a single-engine Bellanca plane, apparently on the lookout for desert locations for a planned attempt at the land-speed record.

Rescue planes have been scouring the area but have been hampered by the fact that he did not file a flight plan. Fossett's friend and partner in global adventures, Richard Branson released a statement saying he was confident that Fossett would be found alive. Fossett has survived a number of crash landings and is also an athlete who has swum the English Channel, raced in the Ironman Triathlon and completed the grueling Iditarod Trail Sled Dog Race across Alaska.

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Tags: adventurer, expire-images:2008-9-4, millionaire, plane, richard branson, RichardBranson, steve fossett, SteveFossett