Add an extra zero to the ranks of the millionaires club. 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 new report. And their bank accounts are growing even faster.
3 Comments Comment from the forums
Have followed the Bio industry for several years now, would like to see the data they have collected and how far back it goes. But if it does not go back further then 2 years would suspect that it is not the price of food that has gone up but the cost of transporting, and growing that food. Farm equipment doesn't run on Unleaded!Reply
This news is rather pointless as the value of money keeps dropping the number of millionaires is bound to increase. Just like in the 1950's people in the U.S. made somewhere around $80 a week on average while today it is around $500 a week but still buys about the same lifestyle.Reply
Otherwise if say the 1 million millionaires mark was achieved in 1960. You would need to set the mark at $7,318,648.65 to hit monetary value today. Therefore for the millionaires list to be accurate they need to choose a base year and calculate the number of millionaires for each year adjusted for inflation.
I bet the decrease in the US$ this past year has pushed many people in other countries over the 1 million USD hurdle.Reply