World now has 10 million millionaires, report says
09:24 AM CDT on Wednesday, June 25, 2008
Associated Press NEW YORK – 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. more…
An interesting article, but the most interesting part is this:
Cash deposits and fixed-income securities accounted for 44 percent of the assets of the world’s millionaires, up from 35 percent in 2006.
What do the world’s millionaires know that we don’t? Perhaps they’re smarter and have diversified out of securities (stocks, options), or perhaps the portion of the portfolio made up of those securities have just declined in value! At any rate, seems like the world’s rich are heavily invested in savings, fixed-income, and possibly CDs at the moment. Maybe you should be too!
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