Henneberg1974
Banned
Posted on Wed, Jun. 16, 2004
Population of millionaires in U.S., Canada grows 14%
Rallying stocks boost assets to $8.5 trillion
JAMES CORDAHI AND MARC WOLFENSBERGER
Bloomberg News
Millionaires in the United States and Canada increased by 14 percent last year as the stock market rallied. Today, about one of every 130 Americans has more than $1 million of shares, bonds and other financial assets, according to a report by Capgemini and Merrill Lynch & Co.
Their riches also rose 14 percent, to $8.5 trillion. That growth was stronger than in Europe, home to the greatest proportion of wealthy people, and in Asia.
"The Americans were the first to move back into equities, while in Europe and Asia there was more a focus on protecting capital," said Catherine Tillotson, head of research at Scorpio Partnership in London, which advises private banks on strategy.
Stock markets rose for the first year in four in 2003, boosting the wealth of investors. In 2003, stocks accounted for 35 percent of a millionaire's holdings compared with 20 percent a year before, said Capgemini, whose report doesn't include the value of a person's home.
In the United States, the number of millionaires last year increased to 2.27 million people out of a population of about 291 million. The figure for North America rises to 2.5 million people when including Canada, according to the 2004 World Wealth report.
The overall growth in wealth is helping private banks.
By luring investors in Asia and across Europe, Zurich-based UBS and Credit Suisse Group, Switzerland's biggest banks, took in a net $21 billion from wealthy clients in the first quarter, more than twice the amount a year earlier.
UBS AG is the world's biggest money manager for the rich, overseeing about 3 percent of the estimated $38 trillion invested by affluent people globally, according to Credit Suisse.
In 2002, the wealth of millionaires in the United States and Canada declined for the first time in at least seven years, as sinking stock prices whittled their assets. Their riches fell 2.1 percent during that year to $7.4 trillion while the number of North American millionaires shrank 1.9 percent to 2.2 million.
Here is the link to the article if you want to read it yourself:
http://www.charlotte.com/mld/observer/business/8933359.htm?1c
Dean
:nanner:
(1 out of 130???) WOW!!!
Population of millionaires in U.S., Canada grows 14%
Rallying stocks boost assets to $8.5 trillion
JAMES CORDAHI AND MARC WOLFENSBERGER
Bloomberg News
Millionaires in the United States and Canada increased by 14 percent last year as the stock market rallied. Today, about one of every 130 Americans has more than $1 million of shares, bonds and other financial assets, according to a report by Capgemini and Merrill Lynch & Co.
Their riches also rose 14 percent, to $8.5 trillion. That growth was stronger than in Europe, home to the greatest proportion of wealthy people, and in Asia.
"The Americans were the first to move back into equities, while in Europe and Asia there was more a focus on protecting capital," said Catherine Tillotson, head of research at Scorpio Partnership in London, which advises private banks on strategy.
Stock markets rose for the first year in four in 2003, boosting the wealth of investors. In 2003, stocks accounted for 35 percent of a millionaire's holdings compared with 20 percent a year before, said Capgemini, whose report doesn't include the value of a person's home.
In the United States, the number of millionaires last year increased to 2.27 million people out of a population of about 291 million. The figure for North America rises to 2.5 million people when including Canada, according to the 2004 World Wealth report.
The overall growth in wealth is helping private banks.
By luring investors in Asia and across Europe, Zurich-based UBS and Credit Suisse Group, Switzerland's biggest banks, took in a net $21 billion from wealthy clients in the first quarter, more than twice the amount a year earlier.
UBS AG is the world's biggest money manager for the rich, overseeing about 3 percent of the estimated $38 trillion invested by affluent people globally, according to Credit Suisse.
In 2002, the wealth of millionaires in the United States and Canada declined for the first time in at least seven years, as sinking stock prices whittled their assets. Their riches fell 2.1 percent during that year to $7.4 trillion while the number of North American millionaires shrank 1.9 percent to 2.2 million.
Here is the link to the article if you want to read it yourself:
http://www.charlotte.com/mld/observer/business/8933359.htm?1c
Dean
:nanner:
(1 out of 130???) WOW!!!