U.S. Millionaires Numbers Decline

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    While the U.S. still has the world’s largest number of millionaire households, the number went down to 5.1 million households in 2011, down by 2.5 per cent, says the Boston Consulting Group’s annual global wealth report. Those declines came as private wealth in North America declined 0.9 per cent to $38 trillion amid U.S. government debt and European debt, among other factors, says BCG, a global management consulting firm. Overall, it was a tough year for developed economies, with private financial wealth in North America, Western Europe, and Japan dropping nearly one per cent in 2011. Worldwide growth in private wealth last year climbed just 1.9 per cent to $122.8 trillion, compared with a rise of 6.8 per cent in 2010 and 9.6 per cent in 2009. The bright spot in the global economy continues to be the developing regions of the Asia-Pacific (excluding Japan), Eastern Europe, Latin America, the Middle East, and Africa. Those regions saw a combined 10 per cent growth in private wealth in 2011.