A millionaire (originally and sometimes still millionnaire[1]) is an individual whose net worth or wealth exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account. Depending on the currency, a certain level of prestige is associated with being a millionaire, which makes that amount of wealth a goal for some, and almost unattainable for others.
The increasing number of millionaires is partially due to prevailing economics: Increasingly, the term denotes more and more to the status of high wealth. American sociologist Leonard Beeghley classifies all households with net worth exceeding USD$1 million as "The Rich." Currently, there are over 10 million people around the globe classified as U.S. dollar millionaires.
Number of millionaires in the world
Number of millionaires and ultra-millionaires (more than $30M)The "World Wealth Report" is a report on individuals with a net worth of at least $1 million in all assets except their "primary residence". The report is compiled annually by Capgemini for Merrill Lynch.
World Wealth Report 2007 - "The 11th annual World Wealth Report from Merrill Lynch/Capgemini finds the World’s High Net Worth (HNW) population growing to 9.5 million with their assets rising to $37.2 trillion."[7]
The number of U.S. households with a net worth of $1 million or more, not including first homes, fell by 2.5 million to 6.7 million in 2008, according to the Spectrem Group report, as reported by Rueters.
After the 27 percent drop, the number of millionaires is at the lowest level since 2003, when the millionaire population stood at 6.2 million.
The S&P 500 stock index has lost over half its value since the stock market peaked in October 2007, wiping billions from savings, while wealthy households also saw declines in the value of other assets such as property.
From the housing market peak in the second quarter of 2006, home prices have plummeted 26.7 percent through December, according to Standard & Poor's/Case-Shiller home price index.
The number of U.S. households with a net worth over $5 million, again not including first homes, fell by 28 percent to 840,000.
Some growth in international wealth and the number of high net worth individuals can be attributed to the weakness of the US dollar, as stated in the report.
HNWIs (more than $1 million, in 2006)
Region Number Percentage of regional population
Global 9,500,000 0.15%
North America 3,000,000 0.62%
Europe 2,900,000 0.41%
Middle East 2,850,000 0.10%
Asia-Pacific 2,600,000 0.06%
Latin America 400,000 0.07%
Africa 100,000 0.01%
Ultra-HNWIs (Ultra-HNWIs Account for 1.0% of All HNWIs) (more than $30 million, in 2006)
UHNWIs (more than $30 million, in 2006)
Region Number Percentage of regional population
Global 95,000 0.001%
North America 38,400 0.007%
Europe 23,200 0.003%
Middle East 20,300 0.005%
Asia-Pacific 18,200 0.0004%
Latin America 9,600 0.002%
Africa 2,000 0.00002%
Scotland has more female millionaires than male.
The increasing number of millionaires is partially due to prevailing economics: Increasingly, the term denotes more and more to the status of high wealth. American sociologist Leonard Beeghley classifies all households with net worth exceeding USD$1 million as "The Rich." Currently, there are over 10 million people around the globe classified as U.S. dollar millionaires.
Number of millionaires in the world
Number of millionaires and ultra-millionaires (more than $30M)The "World Wealth Report" is a report on individuals with a net worth of at least $1 million in all assets except their "primary residence". The report is compiled annually by Capgemini for Merrill Lynch.
World Wealth Report 2007 - "The 11th annual World Wealth Report from Merrill Lynch/Capgemini finds the World’s High Net Worth (HNW) population growing to 9.5 million with their assets rising to $37.2 trillion."[7]
The number of U.S. households with a net worth of $1 million or more, not including first homes, fell by 2.5 million to 6.7 million in 2008, according to the Spectrem Group report, as reported by Rueters.
After the 27 percent drop, the number of millionaires is at the lowest level since 2003, when the millionaire population stood at 6.2 million.
The S&P 500 stock index has lost over half its value since the stock market peaked in October 2007, wiping billions from savings, while wealthy households also saw declines in the value of other assets such as property.
From the housing market peak in the second quarter of 2006, home prices have plummeted 26.7 percent through December, according to Standard & Poor's/Case-Shiller home price index.
The number of U.S. households with a net worth over $5 million, again not including first homes, fell by 28 percent to 840,000.
Some growth in international wealth and the number of high net worth individuals can be attributed to the weakness of the US dollar, as stated in the report.
HNWIs (more than $1 million, in 2006)
Region Number Percentage of regional population
Global 9,500,000 0.15%
North America 3,000,000 0.62%
Europe 2,900,000 0.41%
Middle East 2,850,000 0.10%
Asia-Pacific 2,600,000 0.06%
Latin America 400,000 0.07%
Africa 100,000 0.01%
Ultra-HNWIs (Ultra-HNWIs Account for 1.0% of All HNWIs) (more than $30 million, in 2006)
UHNWIs (more than $30 million, in 2006)
Region Number Percentage of regional population
Global 95,000 0.001%
North America 38,400 0.007%
Europe 23,200 0.003%
Middle East 20,300 0.005%
Asia-Pacific 18,200 0.0004%
Latin America 9,600 0.002%
Africa 2,000 0.00002%
Scotland has more female millionaires than male.