Study Finds Number Of Global Millionaires Grows To 8.7 Million
Julie Farby - All Headline News Staff Writer Dubai, United Arab Emirates (AHN)-A new study reveals the increasing ease of becoming a millionaire, with the announcement that the ranks of world millionaires had swelled to 8.7 million last year-half a million more than the population of New York City. A study by Merrill Lynch and consultancy Capgemini found that millionaires also invested more aggressively, pouring cash into emerging markets and pulling it out of fixed income holdings, as their wealth reached $33.3 trillion, more than double U.S. economic output. According to the AP report, the burgeoning Middle East saw nearly 10 percent growth in millionaires- the world's fastest rate-with record oil revenues and soaring stock markets pushing 300,000 people over the million-dollar mark. Since Merrill Lynch found 4.5 million millionaires worldwide in 1996, that number has nearly doubled. According to the report, North America held a slight edge over Europe in the population of millionaires, with 2.9 million to Europe's 2.8 million. Asia counted 2.4 million, Latin America 300,000 and Africa 100,000. Furthermore, the study also finds that the world's millionaires are increasingly branching out from their home countries, with 65 percent paying attention to foreign markets and 30 percent buying homes overseas.
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