America’s millionaire population declined last year for the
first time since the financial crisis, according to a new report according to
CNBC. 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. 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.
To find out more, get out your hankie and turn to at http://www.cnbc.com/id/47631154/
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