Shockeroo--Rich Indeed Getting Richer

Worldwide there are 10,100,000 people who have at least $1,000,000 worth of assets (excluding housing). CNN and the Associated Press Report:

The number of people around the world with at least $1 million in assets passed 10 million for the first time last year, according to a report by Merrill Lynch & Co. and consulting firm Capgemini Group. And, surprise--their bank accounts are growing even faster.

The combined wealth of the globe's millionaires grew to nearly $41 trillion last year, an increase of 9 percent from a year before. On average, their wealth was more than $4 million, the highest ever.

"The growth of their wealth is outpacing the growth of their population, and that's a trend that's going to continue in coming years," said Ileana Van Der Linde, a principal with Capgemini.

Not too surprisingly, the ranks of the wealthy are growing fastest in places like India, China and Brazil where economies are booming. The number of millionaires in India alone grew by about 23 percent. millionaires in China grew 20.3 percent to 415,000, making it home to the fifth-largest number of millionaires in the world, displacing France in that position. Millionaires in China grew 20.3 percent to 415,000, making it the home for the fifth-largest number of millionaires in the world, replacing France in that position.

But rest assured, the United States continues to reign supreme (even on the Supreme Court): One in every three millionaires in the world lives in America. Combined, Africa, the Middle East and Latin America account for one in 10.

All told, there were about 600,000 more millionaires in the world in 2007 than in 2006, for a total of about 10.1 million. That's a 6 percent increase from the previous year.

The super rich — those with at least $30 million — grew by 8.8 percent in population while their accumulated wealth grew by 14.5 percent. This rarefied group controls about a third of the $40.7 trillion.

The wealth of the world's richest is projected to reach $59.1 trillion by 2012, advancing at a rate of 7.7 percent, according to the report.

For perspective, this projection is equivalent to 10% of the World's GDP or more than the entire GDP of Iraq.

The question is, will these same people use their financial clout to help improve the well-being of their fellow citizens?