Yes, poor economic conditions are affecting those at the top – the dwindling top, that is. A new report from the Boston Consulting Group suggests the number of millionaires in the United States has dropped. In 2010, there were 5,263,000 millionaire households and in 2011 that number dropped by 129,000 to 5,134,000. And can you believe that private wealth dropped 0.9 percent in North America!?
The countries that saw an increase in the number of millionaires, according to the report, were: China, Germany, Switzerland, Hong Kong, France, Singapore, Canada and India. The report also suggests that 17.1 percent of households in Singapore are millionaires – compared to the 4.3 percent of the United States population that have a net worth in the millions.
The silver lining in the report? The United States still has a greater quantity of millionaires than any other country, with Japan and China at a distant second and third, respectively. America even has the most individuals whose wealth exceeds $100 million!
With dismal unemployment numbers released last week (only 69,000 jobs were created in May) and a European debt crisis that has hurt U.S. stock markets, these reports on the declining population of American millionaires do not come as a surprise.
But then again, should we really be too concerned with this? After all, we have almost 13 million people who don’t even have a job, which is a bit more problematic than some people who can no longer call themselves a millionaire.
Whether you feel bad for these ex-millionaires or not, having a healthy population of those with means isn’t bad for the overall economy – because we need the tax revenues, don’t we?