Look out, there’s millionaires about…
By Kris Schantz
They may be lurking around a bank or a yacht near you… and may even be blissfully looking back at you in the mirror. According to a report released today, there’s now an infestation of 8.9 million of them worldwide, and growing.
Who are these people? Just your friendly neighborhood High Net Worth Individuals (HNWI)… or in non-money speak, people with US$1 million or more in assets. With a current world population nearing 6.5 billion (PDF), this means your chance of being a millionaire are 0.14%, or about 14 in 10,000. You have the best chance of being a millionaire if you live in North America… there are 2.9 million HNWIs in the U.S. and Canada, more than any other region. In a total population of 332 million chances are 0.87% that you’re on your way to joining Richie Rich, or about 6 times better than the world average.
Other interesting tidbits from the report:
- 32% of millionaires in the U.S. and Canada earned their bucks from income, versus 26% from business ownership and 16% from inheritance
- 50% of HNWIs in Europe reached millionaire status through business ownership, the largest in the world
- the Middle East had the fastest growth in the number of millionaires
If you're a HNWI but don’t really feel like a million bucks, you can always set your financial goals higher. 1% of millionaires are classified as "Ultra-HNWI" with more than US$30 million in assets.