America Lost 129,000 Millionaires in 2011

T

The Dude

Banned
:palm:
Published: Thursday, 31 May 2012 | 11:59 AM ET Text Size
By: Robert Frank
CNBC Reporter & Editor



GSO Images | Photographer's Choice | Getty Images
America’s millionaire population declined last year for the first time since the financial crisis, according to a new report.

The population of U.S. millionaire households (households with investible assets of $1 million or more) fell to 5,134,000 from 5,263,000 in 2011, according to The Boston Consulting Group’s Global Wealth study.

Total private wealth in North America fell by 0.9 percent, to $38 trillion.


The ultra-rich were the largest losers in dollar terms. Households in North America with investible assets of more than $100 million saw their wealth decline 2.4 percent. Their population declined slightly to 2,928 from 2,989.

The main reason for all this wealth loss? Stocks.



Robert Frank
CNBC Reporter
& Editor
With the wealthy today increasingly dependent on stocks for wealth, last year’s stalled stock market shrunk the population of millionaires and nicked the fortunes of existing millionaires. According to BCG, the amount of wealth held in equities declined 3.6 percent last year.

Globally, the picture looked a little brighter. Virtually all of the growth in global millionaires came from emerging markets last year. While the United States lost nearly 130,000 millionaires, the rest of the world added 175,000 millionaires. There are now 12.6 million millionaire households globally, according to BCG.

The country with the highest “millionaire density” – proportion of population who are millionaires – was Singapore. More than 17 percent of Singapore’s households are millionaires.

While 2011 saw declines in U.S. millionaires, the future looks brighter, BCG said. They expect wealth held by millionaires globally to grow at around six percent a year in Asia-Pacific. “We are in a two-speed world,” said the report. “All of the growth is being driven by developing markets.”

-By CNBC's Robert Frank
 
The Dude said:
:palm:
Published: Thursday, 31 May 2012 | 11:59 AM ET Text Size
By: Robert Frank
CNBC Reporter & Editor



GSO Images | Photographer's Choice | Getty Images
America’s millionaire population declined last year for the first time since the financial crisis, according to a new report.

The population of U.S. millionaire households (households with investible assets of $1 million or more) fell to 5,134,000 from 5,263,000 in 2011, according to The Boston Consulting Group’s Global Wealth study.

Total private wealth in North America fell by 0.9 percent, to $38 trillion.


The ultra-rich were the largest losers in dollar terms. Households in North America with investible assets of more than $100 million saw their wealth decline 2.4 percent. Their population declined slightly to 2,928 from 2,989.

The main reason for all this wealth loss? Stocks.



Robert Frank
CNBC Reporter
& Editor
With the wealthy today increasingly dependent on stocks for wealth, last year’s stalled stock market shrunk the population of millionaires and nicked the fortunes of existing millionaires. According to BCG, the amount of wealth held in equities declined 3.6 percent last year.

Globally, the picture looked a little brighter. Virtually all of the growth in global millionaires came from emerging markets last year. While the United States lost nearly 130,000 millionaires, the rest of the world added 175,000 millionaires. There are now 12.6 million millionaire households globally, according to BCG.

The country with the highest “millionaire density” – proportion of population who are millionaires – was Singapore. More than 17 percent of Singapore’s households are millionaires.

While 2011 saw declines in U.S. millionaires, the future looks brighter, BCG said. They expect wealth held by millionaires globally to grow at around six percent a year in Asia-Pacific. “We are in a two-speed world,” said the report. “All of the growth is being driven by developing markets.”

-By CNBC's Robert Frank
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were you one of them?
 
Damocles said:
Yaaay! The war on Capitalism is working!
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Don't you mean their own cannibalism? It was their own greed and stupidity and lack of oversight and regulation that caused their losses in the first place. Only a moron of stupendous ignorance supports an economic system as thoroughly discredited as laissiez faire capitalism. A system that is every bit as corrupt, unworkable and as unstable as Communism.

Market Capitalism is a wonderful thing when it is well regulated but those, like you, who worship your religion of lassiez faire capitalism would rather just hide your head in the sand and ignore all the terrible flaws of your religion.
 
General Buck Turgidson said:
Anyone else have a hard time giving a shit?
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I do. Ya know when I was younger the whole idea behing high taxes for the rich was two fold. It prevented a few ultra wealthy individuals from hijacking our economic and political process and it forced them to put money into circulation by either paying it in taxes or investing in industries that create jobs. This prevented the ultra wealthy from sitting on large sums of capital and causing our economic systems to stagnate. This also prevented an aristocracy of money from being created which has occured and now that corporations have "personhood" status it should only get worse.

Can there be much doubt about Citizens United being one of the worst decisions ever by SCOTUS?
 
Derp Derp said:
Don't you mean their own cannibalism? It was their own greed and stupidity and lack of oversight and regulation that caused their losses in the first place. Only a moron of stupendous ignorance supports an economic system as thoroughly discredited as laissiez faire capitalism. A system that is every bit as corrupt, unworkable and as unstable as Communism.

Market Capitalism is a wonderful thing when it is well regulated but those, like you, who worship your religion of lassiez faire capitalism would rather just hide your head in the sand and ignore all the terrible flaws of your religion.
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Says then poor guy
 
:whoa:

Let's see, two years after the recession officially ended and the ObamaRecovery began, America actually lost millionaires. How could this happen under the great and all powerful Ozbama?

Must be that war on Capitalism
 
The Dude said:
Says then poor guy
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I'm hardly poor and you know that. I'd be one hell of a lot poorer though if the Wall Street goons who tanked our banking system with very little, if any, accountability, were given a completely free reign in doing business I'd be a hell of a lot poorer. That's for sure.
 
If their losses were in the liquid cash that Mott is afraid of them sitting on, I wouldn't hive a shit, but the losses came in the stock market, which actually does matter.
 
Threedee said:
If their losses were in the liquid cash that Mott is afraid of them sitting on, I wouldn't hive a shit, but the losses came in the stock market, which actually does matter.
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Oh for Christs sakes, you can be such a nit wit 3D. Think. Use your head for once. Who the hell was responsible for those stock losses? The Tax Fairy? Paul Bunyon? Shoppers at Wallmart?
 
You know what, the mocking of the war on women is so offensive, and the idea that Obama who has bent over for every wall street huckster and banker fraud is waging a war on anything other than liberalism and poor people so absurd, that it actually makes me sick and want to get the fuck out of here to read this stuff.
 
Darla said:
You know what, the mocking of the war on women is so offensive, and the idea that Obama who has bent over for every wall street huckster and banker fraud is waging a war on anything other than liberalism and poor people so absurd, that it actually makes me sick and want to get the fuck out of here to read this stuff.
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I so undertand. I have reached the limit on stupid, too!
 
Derp Derp said:
Only a moron of stupendous ignorance supports an economic system as thoroughly discredited as laissiez faire capitalism. A system that is every bit as corrupt, unworkable and as unstable as Communism.

Market Capitalism is a wonderful thing when it is well regulated but those, like you, who worship your religion of lassiez faire capitalism would rather just hide your head in the sand and ignore all the terrible flaws of your religion.
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Mott, you keep using that word. I do not think it means what you think it means.
 
Wait, was Damo's war comment a crack about the war on women?

Well, the Dems have been at war with capitalism for about 212 years, so it's nothing new.
.
 
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