The ranks of millionaires, now more than ten million strong, are swelling one BRIC at a time. That's because Brazil, Russia, India, and China are enjoying some of the highest rates of growth in millionaires. According to an annual report on world wealth, the population of those with a million U.S. dollars in assets, not including home value, rose most last year in stock-strong India (up 23%), manufacturing giant China (20%), and ethanol-exporting Brazil (19%), with gas-and oil-rich Russia (14%) surging too. They're joining the usual suspects: the U.S. (the most millionaires total), Switzerland (most per capita), North America (per continent).
But whether you’re from a BRIC or an Old Money nation, a million bucks isn’t what it used to be. Thanks to global inflation, it's now worth a mere $455,000 in 1983 dollars.
So has being a millionaire lost its cachet? That’s rich. “
The word is fixed in the popular imagination,” says sociologist Leonard Beeghley. “
It’s still what people aspire to. Perception hasn’t caught up with economic reality.”
—Jeremy Berlin
SHOW ME THE MONEY
In 2007, the world's 10.1 million millionaires were worth $40.7 trillion. These are the nations with the most millionaires per capita:
1 Switzerland (2.7% of population)
2 United Arab Emirates (1.8%)
3 Singapore (1.7%)
4 Norway (1.3%)
5 Japan (1.2%)
6 United States and Germany (1%)
GRAPHIC: OLIVER UBERTI, NG STAFF; ZACH FERRIOLA-BRUCKENSTEIN
SOURCE: CAPGEMINI/MERRILL LYNCH, WORLD WEALTH REPORT, 2008
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Nat'l Geo.]