Millionaire Numbers Swell to 8.7M
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
DUBAI, United Arab Emirates – The increasing ease of becoming a millionaire became clear yesterday, with the announcement that the ranks of world millionaires had swelled to 8.7 million last year – half a million more than the population of New York City.
Millionaires also invested more aggressively, pouring cash into emerging markets and pulling it out of fixed income holdings, as their wealth reached $33.3 trillion, more than double American economic output, a study by Merrill Lynch and the consultancy Capgemini found.