There are fewer millionaires than you might think!

January 27, 2011

If you live in a city like New York with everyone is seemingly richer than you, you imagine that there must be millions of millionaires in New York alone. However, many high income individuals seemingly spend to impress and don’t accumulate much wealth. It’s those who lead ordinary lives, work hard and save who end up being millionaires.

According to recent studies there are:
• 24.2 million millionaires, 0.5% of the world’s population
• 81,000 people with assets over $50 million
• 30,000 with assets over $100 million
• 2,800 with assets over $500 million
• 1,000 with assets over $1 billion

I am happy to report that the most common way to get rich is to start a business and 47% of the world’s wealthy people are entrepreneurs.

You can read more on the topic at: http://www.economist.com/node/17929057

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